Document_And_Entity_Informatio
Document And Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document And Entity Information [Abstract] | ' |
Document Type | '20-F |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Entity Registrant Name | 'AerCap Holdings N.V. |
Entity Central Index Key | '0001378789 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'Yes |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 113,783,799 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Assets | ' | ' | |
Cash and cash equivalents | $295,514,000 | $520,401,000 | [1],[2] |
Restricted cash | 272,787,000 | 280,653,000 | [2] |
Trade receivables | 5,203,000 | 6,636,000 | [2] |
Flight equipment held for operating leases, net | 8,085,947,000 | 7,261,899,000 | [2] |
Net investment in direct finance leases | 31,995,000 | 21,350,000 | [2] |
Notes receivable | 75,788,000 | 78,163,000 | [2] |
Prepayments on flight equipment | 223,815,000 | 53,594,000 | [2] |
Investments | 112,380,000 | 93,862,000 | [2] |
Intangibles | 9,354,000 | 18,100,000 | [2] |
Derivative assets | 32,673,000 | 9,993,000 | [2] |
Deferred income taxes | 121,663,000 | 131,296,000 | [2] |
Other assets | 184,022,000 | 157,851,000 | [2] |
Total Assets | 9,451,141,000 | 8,633,798,000 | [2] |
Liabilities and Equity | ' | ' | |
Accounts payable | 829,000 | 740,000 | [2] |
Accrued expenses and other liabilities | 108,462,000 | 92,761,000 | [2] |
Accrued maintenance liability | 466,293,000 | 421,830,000 | [2] |
Lessee deposit liability | 92,660,000 | 86,268,000 | [2] |
Debt | 6,236,892,000 | 5,803,499,000 | [2] |
Deferred revenue | 47,698,000 | 39,547,000 | [2] |
Derivative liabilities | 7,233,000 | 14,677,000 | [2] |
Deferred income taxes | 61,842,000 | 51,570,000 | [2] |
Commitments and contingencies | ' | ' | [2] |
Total Liabilities | 7,021,909,000 | 6,510,892,000 | [2] |
Ordinary share capital, 0.01 par value (250,000,000 ordinary shares authorized, 113,783,799 ordinary shares issued and outstanding at December 31, 2013 and 113,363,535 ordinary shares issued and outstanding at December 31, 2012 | 1,199,000 | 1,193,000 | [2] |
Additional paid-in capital | 934,024,000 | 927,617,000 | [2] |
Accumulated other comprehensive loss | -9,890,000 | -14,401,000 | [2] |
Accumulated retained earnings | 1,500,039,000 | 1,207,629,000 | [2] |
Total AerCap Holdings N.V. shareholders' equity | 2,425,372,000 | 2,122,038,000 | [2] |
Non-controlling interest | 3,860,000 | 868,000 | [2] |
Total Equity | 2,429,232,000 | 2,122,906,000 | [2] |
Total Liabilities and Equity | $9,451,141,000 | $8,633,798,000 | [2] |
[1] | Certain reclassifications have been made to the prior years Consolidated Statement of Cash Flows to reflect the current year presentation. | ||
[2] | Certain reclassifications have been made to the prior year Consolidated Balance Sheet to reflect the current year presentation. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (EUR €) | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Ordinary share capital, par value | € 0.01 | € 0.01 |
Ordinary share capital, shares authorized | 250,000,000 | 250,000,000 |
Ordinary share capital, shares issued | 113,783,799 | 113,363,535 |
Ordinary share capital, shares outstanding | 113,783,799 | 113,363,535 |
Consolidated_Income_Statements
Consolidated Income Statements (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues | ' | ' | ' | ||
Lease revenue | $976,147,000 | $997,147,000 | $1,050,536,000 | ||
Net gain (loss) on sale of assets | 41,873,000 | -46,421,000 | 9,284,000 | ||
Management fee revenue | 20,651,000 | 17,311,000 | 19,059,000 | ||
Interest revenue | 5,525,000 | 2,471,000 | 2,761,000 | ||
Other revenue | 5,870,000 | 2,012,000 | 12,283,000 | ||
Total Revenues | 1,050,066,000 | 972,520,000 | 1,093,923,000 | ||
Expenses | ' | ' | ' | ||
Depreciation | 337,730,000 | 357,347,000 | 361,210,000 | ||
Asset impairment | 26,155,000 | 12,625,000 | 15,594,000 | ||
Interest on debt | 226,329,000 | 286,019,000 | 292,486,000 | ||
Operating lease-in costs | 550,000 | 6,119,000 | 12,069,000 | ||
Leasing expenses | 48,473,000 | 72,122,000 | 58,432,000 | ||
Provision for doubtful accounts | ' | ' | 3,335,000 | ||
Transaction expenses | 10,959,000 | ' | ' | ||
Selling, general and administrative expenses | 89,079,000 | 83,409,000 | 120,746,000 | ||
Total Expenses | 739,275,000 | 817,641,000 | 863,872,000 | ||
Income from continuing operations before income taxes and income of investments accounted for under the equity method | 310,791,000 | 154,879,000 | 230,051,000 | ||
Provision for income taxes | -26,026,000 | -8,067,000 | -15,460,000 | ||
Net income of investments accounted for under the equity method | 10,637,000 | 11,630,000 | 10,904,000 | ||
Net Income from continuing operations | 295,402,000 | 158,442,000 | 225,495,000 | ||
Loss from discontinued operations (AeroTurbine, including loss on disposal), net of tax | ' | ' | -52,745,000 | ||
Net income | 295,402,000 | 158,442,000 | [1] | 172,750,000 | [1] |
Net (income) loss attributable to non-controlling interest | -2,992,000 | 5,213,000 | -526,000 | ||
Net income attributable to AerCap Holdings N.V. | $292,410,000 | $163,655,000 | $172,224,000 | ||
Net income per share - basic: Continuing operations | $2.58 | $1.24 | $1.53 | ||
Net income per share - basic: Discontinued operations | ' | ' | ($0.36) | ||
Net income per share - basic | $2.58 | $1.24 | $1.17 | ||
Net income per share - diluted: Continuing operations | $2.54 | $1.24 | $1.53 | ||
Net income per share - diluted: Discontinued operations | ' | ' | ($0.36) | ||
Net income per share - diluted | $2.54 | $1.24 | $1.17 | ||
Weighted average shares outstanding - basic | 113,463,813 | 131,492,057 | 146,587,752 | ||
Weighted average shares outstanding - diluted | 115,002,458 | 132,497,913 | 146,587,752 | ||
[1] | Certain reclassifications have been made to the prior years Consolidated Statement of Cash Flows to reflect the current year presentation. |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' | |||
Net income attributable to AerCap Holdings N.V. | $292,410 | $163,655 | $172,224 | $208,000 | |||
Other comprehensive income: | ' | ' | ' | ' | |||
Net change in fair value of derivatives (Note 10), net of tax of $1,931, $194 and $(711), respectively | 4,975 | [1] | -1,360 | [1] | -13,518 | [1] | 5,000 |
Net change in pension obligations (Note 17), net of tax | -464 | [2] | -4,528 | [2] | ' | ' | |
Total other comprehensive income: | 4,511 | -5,888 | -13,518 | 5,000 | |||
Total comprehensive income | $296,921 | $157,767 | $158,706 | $213,000 | |||
[1] | In 2011, 2012 and 2013 we entered into interest rate swaps for which we achieved cash flow hedge accounting treatment. During these years no amounts were reclassified from accumulated other comprehensive (loss) income to the income statement. | ||||||
[2] | We recognize the actuarial gains or losses that arise during the period as a component of other comprehensive (loss) income. |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' |
Net change in fair value of derivatives, tax | ($711) | $194 | $1,931 |
Net change in fair value of pension obligations, tax | $117 | $1,057 | $0 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Consolidated Statements Of Cash Flows [Abstract] | ' | ' | ' | |||
Net income | $295,402 | $158,442 | [1] | $172,750 | [1] | |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | |||
Depreciation | 337,730 | 357,347 | [1] | 384,855 | [1] | |
Asset impairment | 26,155 | 12,625 | [1] | 24,496 | [1] | |
Amortization of debt issuance costs and debt, discount | 47,442 | 69,651 | [1] | 53,180 | [1] | |
Amortization of intangibles | 8,746 | 11,577 | [1] | 17,319 | [1] | |
Provision for doubtful accounts | ' | ' | 4,843 | [1] | ||
Net (gain) loss on sale of assets | -41,873 | 46,421 | [1] | -12,939 | [1] | |
Loss on discontinued operations (AeroTurbine) | ' | ' | 52,745 | [1] | ||
Mark-to-market of non-hedged derivatives | -11,805 | 2,059 | [1] | 23,167 | [1] | |
Deferred taxes | 21,186 | 7,695 | [1] | 23,892 | [1] | |
Share-based compensation | 9,292 | 7,127 | [1] | 6,236 | [1] | |
Changes in assets and liabilities: | ' | ' | ' | |||
Trade receivables and notes receivable, net | 2,854 | 912 | [1] | -16,434 | [1] | |
Inventories | ' | 7,877 | [1] | -18,100 | [1] | |
Other assets | -30,551 | -2,732 | [1] | -41,056 | [1] | |
Other liabilities | 22,149 | -20,070 | [1] | -27,465 | [1] | |
Deferred revenue | 8,151 | -2,215 | [1] | -9,289 | [1] | |
Net cash provided by operating activities | 694,878 | 656,716 | [1] | 638,200 | [1] | |
Purchase of flight equipment | -1,782,839 | -1,038,657 | [1] | -763,159 | [1] | |
Proceeds from sale/disposal of assets | 664,415 | 781,278 | [1] | 140,785 | [1] | |
Prepayments on flight equipment | -213,320 | -36,124 | [1] | -47,752 | [1] | |
Capital contributions | -13,180 | ' | -2,500 | [1] | ||
Proceeds from the disposal of subsidiaries, net of cash disposed | ' | ' | 119,917 | [1] | ||
Movement in restricted cash | 7,866 | -58,131 | [1] | -11,621 | [1] | |
Net cash used in investing activities | -1,337,058 | -351,634 | [1] | -564,330 | [1] | |
Issuance of debt | 2,299,706 | 1,297,087 | [1] | 1,672,089 | [1] | |
Repayment of debt | -1,889,194 | -1,213,832 | [1] | -1,646,735 | [1] | |
Debt issuance costs paid | -45,213 | -43,177 | [1] | -37,306 | [1] | |
Maintenance payments received | 100,708 | 132,046 | [1] | 110,358 | [1] | |
Maintenance payments returned | -56,909 | -49,728 | [1] | -54,751 | [1] | |
Security deposits received | 23,364 | 25,624 | [1] | 20,135 | [1] | |
Security deposits returned | -15,032 | -21,855 | [1] | -37,190 | [1] | |
Repurchase of shares | ' | -320,093 | [1] | -100,000 | [1] | |
Net cash (used in) provided by financing activities | 417,430 | -193,928 | [1] | -73,400 | [1] | |
Net increase (decrease) in cash and cash equivalents | -224,750 | 111,154 | [1] | 470 | [1] | |
Effect of exchange rate changes | -137 | -1,834 | [1] | 6,161 | [1] | |
Cash and cash equivalents at beginning of period | 520,401 | [1],[2] | 411,081 | [1] | 404,450 | [1] |
Cash and cash equivalents at end of period | 295,514 | 520,401 | [1],[2] | 411,081 | [1] | |
Supplemental cash flow information: | ' | ' | ' | |||
Interest paid, net of amounts capitalized | 211,075 | 180,968 | [1] | 224,129 | [1] | |
Taxes paid | $4,966 | $1,518 | [1] | $135 | [1] | |
[1] | Certain reclassifications have been made to the prior years Consolidated Statement of Cash Flows to reflect the current year presentation. | |||||
[2] | Certain reclassifications have been made to the prior year Consolidated Balance Sheet to reflect the current year presentation. |
Consolidated_Statements_Of_Equ
Consolidated Statements Of Equity (USD $) | Share Capital [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | AerCap Holdings N.V. Shareholders' Equity [Member] | Non-Controlling Interest [Member] | Total | |
Balance at Dec. 31, 2010 | $1,570,000 | $1,333,025,000 | ' | $5,005,000 | $871,750,000 | $2,211,350,000 | $6,047,000 | $2,217,397,000 | |
Balance, shares at Dec. 31, 2010 | 149,232,426 | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation | ' | 7,180,000 | ' | ' | ' | 7,180,000 | ' | 7,180,000 | |
Sale of non-controlling interests | ' | ' | ' | ' | ' | ' | -492,000 | -492,000 | |
Purchase of treasury stock | ' | ' | -100,000,000 | ' | ' | -100,000,000 | ' | -100,000,000 | |
Purchase of treasury stock/share cancellation | ' | ' | ' | ' | ' | ' | ' | 9,402,663 | |
Total comprehensive income | ' | ' | ' | -13,518,000 | 172,224,000 | 158,706,000 | 526,000 | 159,232,000 | |
Balance at Dec. 31, 2011 | 1,570,000 | 1,340,205,000 | -100,000,000 | -8,513,000 | 1,043,974,000 | 2,277,236,000 | 6,081,000 | 2,283,317,000 | |
Balance, shares at Dec. 31, 2011 | 149,232,426 | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation | ' | 7,128,000 | ' | ' | ' | 7,128,000 | ' | 7,128,000 | |
Purchase of treasury stock | -377,000 | -419,716,000 | 100,000,000 | ' | ' | -320,093,000 | ' | -100,000,000 | |
Purchase of treasury stock/share cancellation | -35,868,891 | ' | ' | ' | ' | 320,093,000 | ' | 320,093,000 | |
Total comprehensive income | ' | ' | ' | -5,888,000 | 163,655,000 | 157,767,000 | -5,213,000 | 152,554,000 | |
Balance at Dec. 31, 2012 | 1,193,000 | 927,617,000 | ' | -14,401,000 | 1,207,629,000 | 2,122,038,000 | 868,000 | 2,122,906,000 | [1] |
Balance, shares at Dec. 31, 2012 | 113,363,535 | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation | ' | 6,407,000 | ' | ' | ' | 6,407,000 | ' | 6,407,000 | |
Issuance of shares to directors and employees | 6,000 | ' | ' | ' | ' | 6,000 | ' | 6,000 | |
Issuance of shares to directors and employeesl, shares | 420,264 | ' | ' | ' | ' | ' | ' | ' | |
Purchase of treasury stock | ' | ' | ' | ' | ' | ' | ' | -320,000,000 | |
Total comprehensive income | ' | ' | ' | 4,511,000 | 292,410,000 | 296,921,000 | 2,992,000 | 299,913,000 | |
Balance at Dec. 31, 2013 | $1,199,000 | $934,024,000 | ' | ($9,890,000) | $1,500,039,000 | $2,425,372,000 | $3,860,000 | $2,429,232,000 | |
Balance, shares at Dec. 31, 2013 | 113,783,799 | ' | ' | ' | ' | ' | ' | ' | |
[1] | Certain reclassifications have been made to the prior year Consolidated Balance Sheet to reflect the current year presentation. |
General
General | 12 Months Ended |
Dec. 31, 2013 | |
General [Abstract] | ' |
General | ' |
1. General | |
The Company | |
We are an independent aircraft leasing company with $9.5 billion of total assets on our balance sheet mainly consisting of 236 owned aircraft. We are a New York Stock Exchange-listed company (AER) headquartered in The Netherlands with offices in Ireland, the United States, China, Singapore and the United Arab Emirates. | |
These consolidated financial statements include the accounts of AerCap Holdings N.V. and its subsidiaries (“AerCap” or the “Company”). AerCap Holdings N.V. is a Netherlands public limited liability company (“naamloze vennootschap” or “N.V.”) formed on July 10, 2006 for the purpose of acquiring all of the assets and liabilities of AerCap Holdings C.V. AerCap Holdings C.V. is a limited partnership (“commanditaire vennootschap”) formed under the laws of The Netherlands on June 27, 2005 for the purposes of acquiring the share capital, subordinated debt and senior debt of debis AirFinance B.V. (“AerCap B.V.”), which occurred on June 30, 2005 (the “2005 Acquisition”). In anticipation of our initial public offering, we changed our corporate structure from a Netherlands partnership to a Netherlands public limited liability company. This change was effected through the acquisition of all of the assets and liabilities of AerCap Holdings C.V. by AerCap Holdings N.V. on October 27, 2006. In accordance with ASC 805, “Business Combinations”, this acquisition was a transaction under common control and accordingly, AerCap Holdings N.V. recognized the acquisition of the assets and liabilities of AerCap Holdings C.V. at their carrying values and no goodwill or other intangible assets were recognized. | |
On December 16, 2013, we entered into a definitive agreement with American International Group, Inc. (“AIG”) (NYSE: AIG) under which AerCap will acquire 100% of the common stock of International Lease Finance Corporation (“ILFC”), a wholly-owned subsidiary of AIG (the “ILFC Transaction”). Under the terms of the agreement, AIG will receive $3.0 billion in cash and 97,560,976 AerCap shares. The ILFC Transaction is expected to close in the second quarter of 2014, subject to receipt of necessary regulatory approvals and satisfaction of other customary closing conditions. | |
Variable interest entities | |
AerDragon. In May 2006, we signed a joint venture agreement with China Aviation Supplies Holding Company (“CAS”) and affiliates of Crédit Agricole Corporate and Investment Bank (“CA-CIB”) establishing AerDragon (“AerDragon”) with initial registered capital of $50.0 million. The registered capital of AerDragon was increased to $120.0 million in 2010, to $130.0 million in 2011, to $183.5 million in 2013 and to $223.5 million in early 2014. During 2013 the joint venture agreement was amended to include East Epoch Limited who agreed to become a shareholder in AerDragon. As of December 31, 2013, AerDragon was 50% owned by CAS, 20.3% owned by us, 20.3% owned by CA-CIB, and 9.4% owned by East Epoch Limited. As at the date of this report CAS owned 50% of AerDragon, with the other 50% owned equally by us, CA-CIB, and East Epoch Limited. We provide certain aircraft- and accounting-related services to the joint venture, and act as guarantor to the lenders of AerDragon, related to debt secured by the aircraft which AerDragon purchased directly from us. This joint venture enhances our presence in the increasingly important Chinese market and will enhance our ability to lease our aircraft and engines throughout the entire Asia/Pacific region. On December 30, 2013, AerDragon signed a purchase agreement with Boeing for ten new B737-800 aircraft to be delivered in the years 2014 to 2016. AerDragon had 20 aircraft on lease to 9 airlines as of December 31, 2013, including one acquired from AerCap during the first quarter of 2013. In addition to the aircraft on lease as of December 31, 2013, AerDragon had 13 aircraft yet to be delivered including one A330 that AerDragon contracted to purchase from AerCap. | |
We have reassessed our ownership and have determined that AerDragon remains a variable interest entity, in which we continue not to have control and are not to be primary beneficiary of AerDragon. Accordingly, we account for our investment in AerDragon under the equity method of accounting. With the exception of debt for which we act as guarantor, the obligations of AerDragon are non-recourse to us. | |
AerCap Partners I. In June 2008, AerCap Partners I Holding Limited (“AerCap Partners I”), a 50% joint venture entered into between us and Deucalion Aviation Funds, acquired a portfolio of 19 aircraft from TUI Travel. The aircraft acquired were leased back to TUI Travel for varying terms. As of December 31, 2013, six Boeing 757-200 aircraft have been sold, and 11 Boeing 737-800 and two Boeing 767-300ER remain in the portfolio. The initial aircraft portfolio was financed through a $425.7 million senior debt facility and $125.6 million of subordinated debt consisting of $62.8 million from us and $62.8 million from our joint venture partner. On the applicable maturity date under the senior debt facility, which for the first tranche is April 2015 and for the second tranche was April 2012, or, earlier, in case of an AerCap insolvency, if the joint venture partners do not make additional subordinated capital available to the joint venture. AerCap can be required to purchase the aircraft from the joint venture for a price equal to the outstanding senior debt facility balance plus certain expenses and taxes related to the purchase. We have also entered into agreements to provide management and marketing services to AerCap Partners I. At December 31, 2013, AerCap Partners I had $163.9 outstanding under its senior debt facility. | |
The second tranche of senior debt was refinanced in April 2012, and as part of the refinancing, AerCap Partners 767 Limited, (“AerCap Partners 767”), was incorporated. AerCap Partners 767 acquired two Boeing 767 aircraft with leases attached (from AerCap Partners I) which were financed through a $36.0 million senior debt facility and $30.9 million of subordinated debt consisting of $15.45 million from us and $15.45 million from our joint venture partner. $30.9 million of AerCap Partners I's subordinated debt was redeemed upon sale of the two Boeing 767 aircraft to AerCap Partners 767. | |
We have determined that AerCap Partners I and AerCap Partners 767 are variable interest entities in which we have control and are the primary beneficiary. As such, we have consolidated AerCap Partners I’s and AerCap Partners 767’s financial results in our consolidated financial statements. | |
Joint ventures with Waha. In 2010, we entered into two joint ventures with Waha Capital PJSC (“Waha”), with us owning 50% in AerLift Leasing Jet Ltd. ("AerLift Jet") and 40% in AerLift Leasing Ltd. ("AerLift"). AerLift Jet owned four CRJ aircraft, and AerLift owned eight aircraft as of December 31, 2013. We have determined that the joint ventures are variable interest entities. For AerLift Jet we do have control and are the primary beneficiary. As such, we consolidate the financial results of AerLift Jet in our consolidated financial statements. For AerLift we do not have control and are not the primary beneficiary and accordingly, we account for our investment in AerLift under the equity method of accounting. | |
Other joint ventures. In 2010, we entered into two 50% joint ventures with two separate joint venture partners. The two joint ventures collectively owned six aircraft, consisting of three A330 and three A320 aircraft. On June 1, 2011 we sold our 50% interest in three A330 aircraft that had been part of one of the joint ventures. We have determined that the remaining joint venture is a variable interest entity in which we have control and we are the primary beneficiary. As such, we consolidate the financial results of this joint venture in our consolidated financial statements. | |
As further discussed in Note 13, we hold equity and subordinated debt investments in ALS II and AerFunding. ALS II and AerFunding are variable interest entities in which we have control and we are the primary beneficiary. As such, we consolidate the financial results of these entities in our consolidated financial statements. | |
We also have an economic interest in AerCo. AerCo is a variable interest entity for which we determined that we do not have control and are not the primary beneficiary and, accordingly, we do not consolidate the financial results of AerCo in our consolidated financial statements. Historically the investment in AerCo has been written down to zero, because we do not expect to realize any value. | |
We also own 42.3% of AerData, an integrated software solution provider for the aircraft leasing industry, which provides and manages our main corporate management system (“CMS”). AerData’s impact to our financial results is not material. | |
We guarantee debt obligations on behalf of joint venture entities in the total amount of $308.6 million as of December 31, 2013. | |
The effect on equity attributable to us due to changes in ownership interest in subsidiaries was nil in the years ended December 31, 2011, 2012 and 2013. | |
AeroTurbine Transaction | |
On August 2, 2011, we entered into an agreement with International Lease Finance Corporation (“ILFC”) for the sale of our wholly-owned subsidiary AeroTurbine, Inc (“AeroTurbine”). The AeroTurbine Transaction was completed on October 7, 2011. The purchase price for all of the outstanding shares of AeroTurbine was $228.0 million. As a result of the sale we recognized a loss from discontinued operations of $52.8 million in the year ended December 31, 2011. The loss consisted of: (1) $22.5 million of bank fees, legal fees and contractual incentive payments to AeroTurbine management, (2) a $8.7 million deferred tax asset write-off as a result of the transfer of tax losses to the buyer and (3) a $21.6 million book loss. The sale resulted in a $119.9 million increase of our cash position, net of incentive payments and net of AeroTurbine’s cash held at the transaction date. The completion of the sale followed receipt of all necessary regulatory approvals and satisfaction of all other closing conditions. As a result of the agreement with ILFC and based on ASC 205-20, which governs financial statements for discontinued operations, we have reclassified the results of AeroTurbine into discontinued operations in Consolidated Income Statements. If we complete the ILFC Transaction, AeroTurbine will again become one of our subsidiaries. | |
ALS Transaction | |
On November 14, 2012, we signed and completed an agreement with an entity incorporated at the direction of Guggenheim Partners, LLC (“Guggenheim”) for the sale of our equity interest in Aircraft Lease Securitisation Limited (“ALS”) by transferring 100% of our interest in the E-Notes, the equity securities issued by ALS, to Guggenheim. The total proceeds comprised of the cash received and a contingent asset (the “ALS Note Receivable”), which entitles us to receive future cash flows based on the performance of ALS. The total proceeds were in excess of the fair value of the E-Notes sold and included a financing from Guggenheim to us ( the “ALS Coupon Liability”). The repayments of the ALS Coupon Liability are equal to a specified amount of $2.5 million per month until the earlier of December 2016 or the month in which the senior securities issued by ALS, the G-Notes, which were held by third parties, are fully repaid. After the repayment of the ALS Coupon Liability, the ALS Note Receivable entitles us to receive future cash up to the total amount paid under the ALS Coupon Liability. As a result of the transaction, we concluded that substantial risk of ownership is transferred to Guggenheim. The transaction thus resulted in the sale and deconsolidation of ALS, which included 50 aircraft with a net book value of approximately $1.0 billion and debt of approximately $0.5 billion prior to the sale. As of December 31, 2013, the ALS Coupon Liability was valued at $71.1 million and the ALS Note Receivable was valued at $72.8 million. | |
The ALS transaction resulted in a loss, net of tax, of $54.6 million, including transaction expenses of $13.5 million. The ALS Coupon Liability was initially recognized at fair value, at the transaction date, of $97.1 million, using a discount rate of 5.5%. The ALS Coupon Liability is recorded as debt in our Consolidated Balance Sheets. The corresponding ALS Note Receivable was initially recognized at fair value, at the transaction date, of $67.3 million, using a discount rate of 6.8%. The ALS Note Receivable is recorded as notes receivable in our Consolidated Balance Sheets. The ALS Coupon Liability and ALS Note Receivable are both subsequently measured at amortized cost using the retrospective effective interest method. | |
LATAM Transaction | |
On May 28, 2013, we entered into a $2.6 billion purchase and leaseback agreement with LATAM Airlines Group (“LATAM”) for 25 widebody aircraft, including 15 deliveries scheduled between 2014 and 2018. The aircraft consist of nine new Airbus A350-900s, four new Boeing 787-9s, and two new Boeing 787-8s from LATAM’s order backlog, and ten Airbus A330-200s with an average age of four years from LATAM’s existing fleet, which were purchased and leased back in June 2013. In accordance with ASC 805-50, we allocated the portfolio purchase price of $2.6 billion to individual aircraft acquired based on their relative fair values which were based on independent appraised values. As part of the transaction, we made payments of $659 million in June 2013, allocated $577 million to flight equipment held for operating leases relating to the ten aircraft delivered, and accounted for the other $82 million as prepayments on flight equipment for the remaining 15 aircraft to be delivered. | |
Guggenheim Transaction | |
On June 27, 2013, we completed a transaction under which we sold eight Boeing 737-800 aircraft to ACSAL HOLDCO, LLC (“ACSAL”), an affiliate of Guggenheim, in exchange for cash and in addition we made a capital contribution of 19.4% in the equity of ACSAL. The aircraft are subject to long term leases to American Airlines. We will continue to service the Boeing 737-800 portfolio. Based on ASC 840 we concluded that we did not retain a substantial risk of ownership and therefore the assets were deconsolidated and a $10.5 million gain on sale was recognized. | |
We have assessed our ownership in ACSAL, and have determined that it is a variable interest entity. We further determined that while we do not have control and are not the primary beneficiary of ACSAL, we do have significant influence and accordingly, we account for our investment in ACSAL under the equity method of accounting. | |
Risks and uncertainties | |
Aircraft leasing is a capital-intensive business and we have significant capital requirements. In order to meet our forward purchase commitments, we will need to access committed debt facilities, secure additional financing for pre-delivery payment obligations, use our existing available cash balances, cash generated from aircraft leasing and sales, and, if necessary, the proceeds from potential capital market transactions. If we cannot meet our obligations under our forward purchase commitments, we will not recover the value of prepayments on flight equipment on our balance sheets and may be subject to other contract breach damages. | |
We are dependent upon the viability of the commercial aviation industry, which determines our ability to service existing and future operating leases of our aircraft. Although the aviation market recovered significantly from late 2009, a deterioration of economic conditions and the movement in oil prices could cause our lessees to default under their leases with us, which could negatively impact our cash flows and results of operations. Furthermore, the value of the largest asset on our balance sheet—flight equipment held for operating leases—is subject to fluctuations in the values of commercial aircraft worldwide. A material decrease in aircraft values could have a downward effect on lease rentals and residual values and may require that the carrying value of our flight equipment be materially reduced. | |
The values of trade receivables, notes receivable, intangible lease premium assets and the provision for onerous contracts are dependent upon the financial viability of related lessees, which is directly tied to the health of the commercial aviation market worldwide. | |
We have significant tax losses carried forward in some of our subsidiaries, which are recognized as tax assets on our balance sheet. The recoverability of these assets is dependent upon the ability of the related entities to generate a certain level of taxable income in the future. If those entities cannot generate such taxable income, we will not realize the value of those tax assets and a corresponding valuation allowance and tax charge will be required. | |
We periodically perform reviews of the carrying values of our aircraft and customer receivables, the recoverable value of deferred tax assets and the sufficiency of accruals and provisions, substantially all of which are sensitive to the above risks and uncertainties. | |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
2. Summary of significant accounting policies | |
Basis for presentation | |
Our financial statements are presented in accordance with accounting principles generally accepted in the United States of America. | |
We consolidate all companies in which we have a direct and indirect legal or effective control and all variable interest entities for which we are deemed the primary beneficiary and have control under ASC 810. All intercompany balances and transactions with consolidated subsidiaries have been eliminated. The results of consolidated entities are included from the effective date of control or, in the case of variable interest entities, from the date that we are or become the primary beneficiary. The results of subsidiaries sold or otherwise deconsolidated are excluded from the date that we cease to control the subsidiary or, in the case of variable interest entities, when we cease to be the primary beneficiary. | |
Other investments in which we have the ability to exercise significant influence and joint ventures are accounted for under the equity method of accounting. | |
The consolidated financial statements are stated in United States dollars (“U.S. dollars”), which is our functional currency. | |
Adoption of Recent Accounting Guidance: | |
We adopted the following accounting standards during 2013: | |
In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities in U.S. GAAP and IFRSs, to improve the comparability of financial statements prepared in accordance with U.S. GAAP and IFRS. Entities are required to disclose both gross information and net information about both (1) instruments and transactions eligible for offset in the statement of financial position in accordance with either Section 210-20-45 or Section 815-10-45 or (2) instruments and transactions subject to an agreement similar to a master netting arrangement. This scope would include derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and securities lending arrangements. The amendments in this update require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. This information will enable users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments in the scope of this update. ASU 2011-11 is effective for interim and annual reporting periods beginning on or after January 1, 2013 and should be applied retrospectively. The adoption of ASU 2011-11 did not have an effect on our consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (AOCI). This new standard is intended to help entities improve the transparency of changes in OCI and items reclassified out of AOCI in their financial statements. The new standard requires entities to disclose additional information about reclassification adjustments, including (1) changes in AOCI balances by component and (2) significant items reclassified out of AOCI. The new disclosure requirements became effective for interim and annual periods beginning on January 1, 2013. The adoption of the new standard requires us to include additional disclosures for items reclassified out of AOCI when applicable. | |
Future Application of Accounting Guidance: | |
In July 2013, the FASB issued an accounting standard that requires a liability related to unrecognized tax benefits to be presented as a reduction to the related deferred tax asset for a net operating loss carry-forward or a tax credit carry-forward (the "Carry-forwards"). When the Carry-forwards are not available at the reporting date under the tax law of the jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit will be presented in the financial statements as a liability and will not be combined | |
with the related deferred tax assets. This standard is effective for fiscal years and interim periods beginning after December 15, 2013, but earlier adoption is permitted. Upon adoption, the standard must be applied prospectively to unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. We plan to adopt the standard prospectively on its required effective date of January 1, 2014 and do not expect the adoption of the standard to have a material effect on our consolidated financial condition, results of operations or cash flows. | |
Use of estimates | |
The preparation of consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. For us, the use of estimates is or could be a significant factor affecting the reported carrying values of flight equipment, intangibles, investments, trade and notes receivable, deferred tax assets and accruals and reserves. Management considers information available from professional appraisers, where possible, to support estimates, particularly with respect to flight equipment. Despite management’s best efforts to accurately estimate such amounts, actual results could materially differ from those estimates. | |
The Company reviews estimated useful life and residual value of aircraft periodically based on its knowledge and external factors coupled with market conditions to determine if they are appropriate and record adjustments on an aircraft by aircraft basis as necessary. In the years ended December 31, 2011, December 31, 2012 and December 31, 2013, we changed our estimates of useful lives and residual values of certain older aircraft. The change in estimates is a result of the current market conditions that have negatively affected the useful lives and residual values for such aircraft. The effect on net income from continuing operations for the year ended December 31, 2013 was to reduce net income by $8.0 million, or $0.07 basic and diluted earnings per share. | |
Reclassifications | |
Amortization of debt issuance costs and debt discount— The Consolidated Statements of Cashflows for the years ended December 31, 2012 and December 31, 2011, includes a reclassification, as compared to the 2012 20-F, of $18.7 million and $20.2 million respectively from net cash provided by financing activities to net cash provided by operating activities with respect to the amortization of fair value adjustments on some of our debt which were previously netted against debt repayments. There were no changes to the Consolidated Balance Sheets, Net Income or Total Equity as a result of these reclassifications in the respective periods. | |
Deferred tax—The Consolidated Balance Sheet for the year ended December 31, 2012 includes a reclassification, as compared to the 2012 20-F, of $51.6 million from deferred income tax asset to deferred income tax liability which were previously presented on a net basis as part of the deferred tax asset. There were no changes to Net Income or Total Equity as a result of this reclassification in the respective period. | |
Restricted cash—The Consolidated Balance Sheet for the year ended December 31, 2012 includes a reclassification, as compared to the 2012 20-F, of $0.8 million from restricted cash to other liabilities. The Consolidated Statement of Cash Flows was changed accordingly for the respective period. There were no changes to Net Income or Total Equity as a result of this reclassification in the respective period. | |
Cash and cash equivalents | |
Cash and cash equivalents include cash and highly liquid investments with an original maturity of three months or less. | |
Restricted cash | |
Restricted cash includes cash held by banks that is subject to withdrawal restrictions. | |
Trade receivables | |
Trade receivables represent unpaid, current lease obligations of lessees under existing lease contracts. Allowances are made for doubtful accounts where it is considered that there is a significant risk of non-recovery. The assessment of risk of non-recovery is primarily based on the extent to which amounts outstanding exceed the value of security held, together with an assessment of the financial strength and condition of a debtor and the economic conditions persisting in the debtor’s operating environment. | |
Flight equipment held for operating leases, net | |
Flight equipment held for operating leases, including aircraft, is stated at cost less accumulated depreciation and impairment. Costs incurred in the acquisition of aircraft or related leases are included in the cost of the flight equipment and depreciated over the useful life of the equipment or term of the related lease. In instances where the purchase price includes additional consideration which can be allocated to the value of an acquired lease containing above market terms, such allocated cost is recognized as an intangible lease premium which is amortized over the term of the related lease in lease revenue. Similarly, we recognize a lease deficiency liability as part of accrued expenses and other liabilities for lease contracts where the terms of the lease contract are unfavorable to market terms and amortize the liability over the term of the related lease as an addition to lease revenue. The cost of improvements to flight equipment are normally expensed unless the improvement materially increases the long-term value of the flight equipment or extends the useful life of the flight equipment. In instances where the increased value benefits the existing lease, such capitalized cost is depreciated over the life of the lease. Otherwise, the capitalized cost is depreciated over the remaining useful life of the aircraft. Flight equipment acquired is depreciated over the assets’ useful life, based on 25 years from the date of manufacture, using the straight-line method to the estimated residual value. The current estimates for residual (salvage) values for most aircraft types are 15% of original manufacture cost, in line with industry standards, except where more recent industry information indicates a different value is appropriate. Differences between our estimates of useful lives and residual values and actual experience may result in future impairments of aircraft and/or additional gains or losses upon disposal. We review estimated useful life and residual value of aircraft periodically based on our knowledge to determine if they are appropriate and record adjustments on an aircraft by aircraft basis as necessary. | |
We apply ASC 360, which addresses financial accounting and reporting for the impairment of long-lived assets and requires that all long-lived assets be evaluated for impairment where circumstances indicate that the carrying amounts of such assets may not be recoverable. We regularly, at least on a quarterly basis, evaluate these events and circumstances. The review for recoverability includes an assessment of the estimated future cash flows associated with the use of an asset and its eventual disposal. The assets are grouped at the lowest level for which identifiable cash flows are largely independent of other groups of assets. In relation to flight equipment on operating lease, the impairment assessment is performed on each individual aircraft. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized. The loss is measured as the excess of the carrying amount of the impaired asset over its fair value. | |
Fair value reflects the present value of cash expected to be received from the aircraft in the future, including its expected residual value discounted at a rate commensurate with the associated risk. Future cash flows are assumed to occur under then current market conditions and assume adequate time for a sale between a willing buyer and a willing seller. Expected future lease rates are based on all relevant information available, including current contracted rates for similar aircraft, appraisal data and industry trends. Residual (salvage) value assumptions generally reflect 15% of the original manufacture costs, in line with industry standards, except where more recent industry information indicates a different value is appropriate. We generally focus our impairment assessment on older aircraft as the cash flows supporting the carrying value of such older aircraft are more dependent upon current lease contracts, which leases are more sensitive to weaknesses in the global economic environment. Further deterioration of the global economic environment and a further decrease of aircraft values might have a negative effect on the undiscounted cash flows of older aircraft and might trigger further impairments. | |
Notes receivable | |
Notes receivable arise from the restructuring and deferring of trade receivables from lessees experiencing financial difficulties. Allowances are made for doubtful accounts where there is a significant risk of non-recovery of the note receivable. The assessment of the risk of non-recovery is primarily based on the extent to which amounts outstanding exceed the value of security held, together with an assessment of the financial strength and condition of a debtor and the economic conditions persisting in the debtor’s operating environment. The ALS Note Receivable (described in Note 1) is recorded at fair value and subsequently measured at amortized cost using the retrospective effective interest method. | |
Capitalization of interest | |
We capitalize interest related to progress payments made in respect of flight equipment on forward order and add such amount to prepayments on flight equipment. The amount of interest capitalized is the actual interest costs incurred on funding specific to the progress payments or the amount of interest costs which could have been avoided in the absence of such progress payments. | |
Investments | |
We may hold debt and equity interests in third parties, including interests in asset securitization vehicles. In instances where those interests are in the form of debt securities or equity securities that have readily determinable fair values, we apply the provisions of ASC 320 and designate each security as either held to maturity or available for sale securities. | |
We report equity investments where the fair value is not readily determinable at cost, reduced for any other than temporary impairment. | |
We evaluate our investments in all debt and equity instruments regularly for other than temporary impairments in their carrying value and record a write-down to estimated fair market value as appropriate. | |
Definite‑lived intangible assets | |
We recognize intangible assets acquired in a business combination in accordance with the principles of ASC 805. The identified intangible assets are recorded at fair value on the date of acquisition. The rate of amortization of definite‑lived intangible assets is calculated with reference to the period over which we expect to derive economic benefits from such assets. In instances where the purchase of flight equipment or the allocated fair value in a business combination includes consideration which can be allocated to the value of an acquired lease containing above market terms, such allocated costs are recognized as an intangible lease premium asset and amortized on a straight-line basis over the term of the related lease as a reduction of lease revenue. Similarly, we recognize a lease deficiency liability as part of accrued expenses and other liabilities for lease contracts where the terms of the lease contract are unfavorable to market terms and amortize the liability over the term of the related lease as an addition to lease revenue. We consider lease renewals on a lease by lease basis. We do not assume lease renewals in the determination of the lease premiums or deficiencies given a market participant would expect the lessee to renegotiate the lease on market terms. We evaluate all definite‑lived intangible assets for impairment in accordance with ASC 360. | |
Inventory | |
Inventory consists primarily of engine and airframe parts when we have aircraft for part out. It is valued at the lower of cost or market value. | |
Derivative financial instruments | |
We use derivative financial instruments to manage our exposure to interest rate risks and foreign currency risks. Derivatives are accounted for in accordance with ASC 815. All derivatives are recognized on the balance sheet at their fair value which includes a consideration of the credit rating and risk attaching to the counterparty of the derivative contract. We have considered both the quantitative and qualitative factors when determining our counterparty credit risk. | |
When cash flow hedge accounting treatment is achieved under ASC 815, the changes in fair values related to the effective portion of the derivatives are recorded in accumulated other comprehensive income, and the ineffective portion is recognized immediately in income. Amounts reflected in accumulated other comprehensive income related to the effective portion are reclassified into earnings in the same period or periods during which the hedged transactions affects earnings. | |
We discontinue hedge accounting prospectively when (i) we determine that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (ii) the derivative expires or is sold, terminated, or exercised; or (iii) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, we carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings. The remaining balance in accumulated other comprehensive income at the time we discontinue hedge accounting is not recognized in the income statement unless it is probable that the forecasted transaction will not occur. Such amounts are recognized in earnings when earnings are affected by the hedged transaction. | |
When cash flow hedge accounting treatment is not achieved under ASC 815, the changes in fair values related to interest derivatives between periods are recognized as a reduction or increase of interest expense and changes to fair value relating to currency derivatives are recognized as a reduction or increase of selling, general and administrative expenses on the income statement . | |
Net cash received or paid under derivative contracts in any reporting period is classified as operating cash flow in our consolidated cash flow statements. | |
Deferred income taxes (assets and liabilities) | |
We report deferred taxes of our taxable subsidiaries resulting from the temporary differences between the book values and the tax values of assets and liabilities using the liability method. The differences are calculated at nominal value using the enacted tax rate applicable at the time the temporary difference is expected to reverse. Deferred tax assets attributable to unutilized losses carried forward or other timing differences are reduced by a valuation allowance if it is more likely than not that such losses will not be utilized to offset future taxable income. | |
Other assets | |
Other assets consist of receivables from aircraft manufacturers, prepayments, debt issuance costs, interest and other receivables and other tangible fixed assets. Other tangible fixed assets consist of computer equipment, motor vehicles and office furniture and are valued at acquisition cost and depreciated at various rates between 16% to 33% per annum over the assets’ useful lives using the straight-line method. We capitalize costs incurred in arranging financing as debt issuance costs. Debt issuance costs are amortized to interest expense over the term of the related financing. | |
Accrued maintenance liability | |
In all of our aircraft leases, the lessees are responsible for maintenance and repairs of our flight equipment and related expenses during the term of the lease. In some instances, we may incur maintenance and repair expenses for our aircraft. We recognize leasing expenses in our income statement for all such expenditures. In many operating lease and finance lease contracts, the lessee has the obligation to make a periodic payment of supplemental maintenance rent which is calculated with reference to the utilization of airframes, engines and other major life-limited components during the lease. AerCap records as revenue all maintenance rent receipts not expected to be repaid to lessees. We estimate the total amount of maintenance reimbursements for the entire lease and only record revenue after we have received enough maintenance rent under a particular lease to cover the estimated total amount of revenue reimbursements. In these leases, upon lessee presentation of invoices evidencing the completion of qualifying maintenance on the aircraft, we make a payment to the lessee to compensate for the cost of the maintenance, up to the maximum of the supplemental maintenance rental payments made with respect to the lease contract. | |
In most lease contracts not requiring the payment of supplemental rents, the lessee is required to re-deliver the aircraft in a similar maintenance condition (normal wear and tear excepted) as when accepted under the lease, with reference to major life-limited components of the aircraft. To the extent that such components are redelivered in a different condition than at acceptance, there is an end-of-lease compensation adjustment for the difference at redelivery. We recognize receipts of end-of-lease compensation adjustments as lease revenue when received and payments of end-of-lease adjustments as leasing expenses when paid. | |
In addition, we may be obligated to make additional payments to the lessee for maintenance related expenses (lessor maintenance contributions or top-ups) primarily related to usage of major life-limited components occurring prior to entering into the lease. We account for planned major maintenance activities such as lessor contributions and top-ups based on the expense as incurred method in accordance with the Airline Audit and Accounting Guide. We record a charge to leasing expenses at the time of the occurrence of a lessor contribution or top-up payment, except in instances where we have established an accrual as an assumed liability for such payment in connection with the purchase of an aircraft with a lease attached, in which case such payments are charged against the existing accrual. | |
For all of our lease contracts, any amounts of accrued maintenance liability existing at the end of a lease are released and recognized as lease revenue at lease termination. When flight equipment is sold, the portion of the accrued maintenance liability which is not specifically assigned to the buyer is released from the balance sheet and recognized as net gain on sale of assets as part of the sale of the flight equipment. | |
Accrual for onerous contracts | |
We make an accrual for onerous contracts where the undiscounted costs of performing under a contract or series of related contracts exceed the undiscounted benefits expected to be derived from such contracts. In connection with a purchase business combination, accruals are recorded at the present value of such differences. | |
Revenue recognition | |
As lessor, we lease flight equipment principally under operating leases and report rental income ratably over the life of the lease as it is earned. At lease inception we review all necessary criteria under ASC 840-10-25 to determine proper lease classification including the criteria set forth in ASC 840-10-25-14. Our lease contracts normally include default covenants, and the effect of a default by a lessee is generally to oblige the lessee to pay damages to the lessor to put the lessor in the position one would have been had the lessee performed under the lease in full. There are no additional payments required which would increase the minimum lease payments under ASC 840-10-25-1. We account for lease agreements that include step rent clauses on a straight line basis. Lease agreements for which base rent is based on floating interest rates are included in minimum lease payments based on the floating interest rate existing at the inception of the lease; any increases or decreases in lease payments that result from subsequent changes in the floating interest rate are contingent rentals and are recorded as increases or decreases in lease revenue in the period of the interest rate change. In certain cases, leases provide for rentals based on usage. The usage may be calculated based on hourly usage or on the number of cycles operated, depending on the lease contract. We cease revenue recognition on a lease contract when the collectability of such rentals is no longer reasonably assured. For past-due rentals which have been recognized as revenue, provisions are established on the basis of management’s assessment of collectability and to the extent such rentals exceed related security deposits held, and are recorded as expenses on the income statement. | |
Most of our lease contracts require payment in advance. Rentals received, but unearned under these lease agreements are recorded as deferred revenue on the balance sheet. | |
Net gain (loss) on sale of assets originate primarily from the sale of aircraft and engines and are recognized when the delivery of the relevant asset is complete and the risk of loss has transferred to the buyer. | |
Revenues from direct finance leases are recognized on the interest method to produce a level yield over the life of the finance lease. Expected unguaranteed residual values of leased assets are based on our assessment of residual values and independent appraisals of the values of leased assets remaining at expiration of the lease terms. | |
Revenue from secured loans, notes receivables and other interest bearing instruments is recognized on an effective yield basis as interest accrues under the associated contracts. Revenue from lease management fees is recognized as income as it accrues over the life of the contract. Revenue from the receipt of lease termination penalties is recorded at the time cash is received or when the lease is terminated, if collection is reasonably assured. Other revenue includes any net gains we generate from the sale of aircraft related investments, such as our subordinated interests in securitization vehicles and notes, warrants or convertible securities issued by our lessees, which we receive from lessees as compensation for amounts owed to us in connection with lease restructurings. | |
Pension | |
We operate a defined benefit pension plan for our Dutch employees and some of our Irish employees. As of June 30, 2009, the Irish defined benefit plan was closed to new participants, but will continue to accrue benefits for existing participants. As required by ASC715, we recognize net periodic pension costs associated with this plan in income from continuing operations and recognize the unfunded status of the plan, if any, as a liability. The change in fair value of the funded pension liability that is not related to the net periodic pension cost is recorded as other comprehensive income. The projection of benefit obligation and fair value of plan assets requires the use of assumptions and estimates, including discount rates. Actual results could differ from those estimates. Furthermore, we also operate a defined contribution plan for the Irish employees that do not fall under the defined benefit pension plan. We expense these contributions in the period the contribution is made. | |
Share‑based compensation | |
We account for share‑based compensation in accordance with ASC 718. The amount of such expense is determined by reference to the fair value of the restricted share units or options on the grant date. The share-based compensation expenses are recognized over the vesting period using the straight-line method. We estimate the fair value of options using the Black Scholes option pricing model. | |
Foreign currencies | |
Foreign currency transactions are translated into U.S. dollars at the exchange rate prevailing at the time the transaction took place or at the rates of exchange under related forward contracts where such contracts exist. Subsequent receivables or payables resulting from such foreign currency transactions are translated into U.S. dollars at the exchange rate prevailing at each balance sheet date. All resulting exchange gains and losses are taken to the income statement under selling, general and administrative expenses. | |
Variable interest entities | |
We account for investments in variable interest entities in accordance with ASC 810. | |
Earnings Per Share | |
Earnings per share is presented in accordance with ASC 260 which requires the presentation of “basic” earnings per share and “diluted” earnings per share. Basic earnings per share is computed by dividing income available to ordinary shareholders by the weighted‑average number of ordinary shares outstanding during the period. For the purposes of calculating diluted earnings per share, the denominator includes both the weighted average number of ordinary shares outstanding during the period and the weighted average number of potentially dilutive ordinary shares, such as restricted share units, restricted shares and share options . | |
Restricted_Cash
Restricted Cash | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Restricted Cash [Abstract] | ' | |||||
Restricted Cash | ' | |||||
3. Restricted cash | ||||||
Restricted cash consists of the following at December 31: | ||||||
2012 | 2013 | |||||
Cash securing our obligations under ECA-guaranteed financings | $ | 41,895 | $ | 59,609 | ||
Cash securing our obligations under ALS II debt | 15,712 | 15,004 | ||||
Cash securing our obligations under AerFunding revolving credit facility | 82,070 | 71,379 | ||||
Cash securing our obligations under Genesis securitization debt | 28,955 | 35,836 | ||||
Cash securing our obligations under TUI portfolio acquisition facility | 25,656 | 26,509 | ||||
Cash securing our obligations under other debt | 82,043 | 52,800 | ||||
Cash securing our obligations under SkyFunding I and II facilities | 2,740 | 7,472 | ||||
Other | 1,582 | 4,178 | ||||
$ | 280,653 | $ | 272,787 | |||
The cash securing our obligations under all our debt facilities is restricted and can only be used to pay for operating expenses incurred by the respective financing vehicle and to pay for interest and repayment of the respective debt. The majority of the restricted cash represents collections of these structures in the previous period, which will be paid as interest and debt amortization at the next payment date. | ||||||
Trade_Receivables_Net_Of_Provi
Trade Receivables, Net Of Provisions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Trade Receivables, Net Of Provisions [Abstract] | ' | ||||||||
Trade Receivables, Net Of Provisions | ' | ||||||||
4. Trade receivables, net of provisions | |||||||||
Trade receivables include amounts invoiced to lessees in respect of lease rentals and maintenance reserves. As of December 31, 2013, we did not have any trade receivables recorded in relation to lessee defaults. Furthermore we did not have any provisions for doubtful accounts as of December 31, 2012 and 2013. | |||||||||
The change in the provision for doubtful accounts is set forth below: | |||||||||
Year ended December 31, | |||||||||
2011 | 2012 | 2013 | |||||||
Provision at beginning of period | $ | 2,606 | $ | 3,530 | $ | - | |||
Expense for doubtful accounts | 3,335 | - | - | ||||||
Discontinued operations | -2,567 | - | - | ||||||
Other(1) | 156 | -3,530 | - | ||||||
Provision at the end of period | $ | 3,530 | $ | - | $ | - | |||
(1)Includes direct write-offs and cash accounting for certain trade receivables. | |||||||||
Flight_Equipment_Held_For_Oper
Flight Equipment Held For Operating Leases, Net | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Flight Equipment Held For Operating Leases, Net [Abstract] | ' | ||||||||||||||
Flight Equipment Held For Operating Leases, Net | ' | ||||||||||||||
5. Flight equipment held for operating leases, net | |||||||||||||||
Movements in flight equipment held for operating leases during the periods presented were as follows: | |||||||||||||||
Year ended December 31, | |||||||||||||||
2011 | 2012 | 2013 | |||||||||||||
Net book value at beginning of period | $ | 8,061,260 | $ | 7,895,874 | $ | 7,261,899 | |||||||||
Additions | 882,625 | 1,116,808 | 1,825,937 | ||||||||||||
Depreciation | -383,148 | -355,697 | -336,888 | ||||||||||||
Impairment (Note 22) | -23,323 | -12,625 | -25,616 | ||||||||||||
Disposals | -333,140 | -1,376,461 | -606,495 | ||||||||||||
Transfers to direct finance leases/flight equipment held for sale | -11,430 | -6,000 | -32,890 | ||||||||||||
Sale of AeroTurbine | -296,970 | - | - | ||||||||||||
Net book value at end of period | $ | 7,895,874 | $ | 7,261,899 | $ | 8,085,947 | |||||||||
Accumulated depreciation/impairment at December 31, 2011, 2012 and 2013 | $ | -1,060,416 | $ | -992,528 | $ | -1,337,675 | |||||||||
At December 31, 2013, 232 out of our 236 owned aircraft and each of our seven owned engines were on lease under operating leases to 74 lessees in 42 countries. The four aircraft off-lease as of December 31, 2013 were subject to lease agreements at December 31, 2013. Two of these aircraft have been delivered since December 31, 2013 and the remaining two are scheduled for delivery in the first and second quarters of 2014. The geographic concentrations of leasing revenues are set out in Note 18. | |||||||||||||||
Prepayments on flight equipment (including related capitalized interest) of $151,550, $78,149 and $43,099 have been applied against the purchase of aircraft during the years ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||||||
The following table indicates our contractual commitments for the prepayment and purchase of flight equipment in the periods indicated as of December 31, 2013, excluding any potential capitalized interest: | |||||||||||||||
2014 | 2015 | 2016 | Thereafter | Total | |||||||||||
Capital expenditures | $ | 657,392 | $ | 281,907 | $ | 969,184 | $ | 947,291 | $ | 2,855,774 | |||||
Pre-delivery payments | 128,509 | 26,034 | - | - | 154,543 | ||||||||||
$ | 785,901 | $ | 307,941 | $ | 969,184 | $ | 947,291 | $ | 3,010,317 | ||||||
As of December 31, 2013, excluding five purchase rights, we expected to make capital expenditures related to 39 new aircraft on order in 2014 and thereafter, comprised of three A330 aircraft, five A320neo aircraft, nine A350 aircraft, 15 Boeing 737 aircraft and seven Boeing 787 aircraft. As we implement our growth strategy, currently focused on the mid- to long-term, and expand our aircraft portfolio, we expect our capital expenditures to increase in the future. We anticipate that we will fund these capital expenditures through internally generated cash flows, draw downs on our committed revolving credit facilities, the incurrence of bank debt and capital market issuances. | |||||||||||||||
Our current operating lease agreements expire up to and over the next 14 years. The contracted minimum future lease payments receivable from lessees for equipment on non-cancelable operating leases at December 31, 2013 are as follows: | |||||||||||||||
Contracted minimum | |||||||||||||||
future lease | |||||||||||||||
receivables | |||||||||||||||
2014 | $ | ||||||||||||||
931,801 | |||||||||||||||
2015 | 878,948 | ||||||||||||||
2016 | 772,706 | ||||||||||||||
2017 | 591,965 | ||||||||||||||
2018 | 526,397 | ||||||||||||||
Thereafter | 1,643,197 | ||||||||||||||
$ | |||||||||||||||
5,345,014 | |||||||||||||||
The titles to certain aircraft leased in the United States are held by a U.S. trust company as required by U.S. law. We are the beneficial owner of these aircraft and the aircraft are recorded under flight equipment held for operating lease on the consolidated balance sheets. The trust company is administered by a bank. The aircraft are segregated from the bank’s assets and will not be considered part of the bank’s bankruptcy estate in the event of a trustee bankruptcy. | |||||||||||||||
Notes_Receivable
Notes Receivable | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Notes Receivable [Abstract] | ' | |||||
Notes Receivable | ' | |||||
6. Notes receivable | ||||||
Notes receivable consist of the following at December 31: | ||||||
2012 | 2013 | |||||
Secured notes receivable | $ | 10,135 | $ | 2,987 | ||
ALS Note Receivable (1) | 68,028 | 72,801 | ||||
$ | 78,163 | $ | 75,788 | |||
(1)In 2012 we obtained the ALS Note Receivable as part of the ALS transaction with an effective interest of 6.8% per year. After the repayment of the ALS Coupon Liability, the ALS Note Receivable entitles us to receive future cash up to the total amount paid under the ALS Coupon Liability. For further details refer to the ALS Transaction as described in Note 1. | ||||||
Prepayments_On_Flight_Equipmen
Prepayments On Flight Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Prepayments On Flight Equipment [Abstract] | ' | ||||||||
Prepayments On Flight Equipment | ' | ||||||||
7. Prepayments on flight equipment | |||||||||
In December 2005, we placed an order with Airbus for the forward purchase of 70 aircraft, including eight aircraft subject to reconfirmation rights. During 2008 and the first two months of 2009, we notified Airbus that we would not take delivery of the eight aircraft subject to reconfirmation rights. In 2009 four additional aircraft were added to the forward order. As of December 31, 2013, all 66 aircraft had been delivered of which 12 aircraft were sold. | |||||||||
In December 2006, we placed an order with Airbus to acquire 20 new A330 wide-body aircraft. In May 2007, we added an additional ten A330 aircraft to this order. In 2009, two additional A330 aircraft were added to the forward order. As of December 31, 2013 all 32 aircraft had been delivered of which 13 aircraft were sold. | |||||||||
In 2010, we signed an agreement with Boeing covering the purchase of up to 15 Boeing 737-800 aircraft, consisting of ten firm aircraft to be delivered in 2015 and five purchase rights. | |||||||||
On May 28, 2013, we entered into a $2.6 billion purchase and leaseback agreement with LATAM for 25 widebody aircraft, including 15 with deliveries scheduled between 2014 and 2018. As part of the transaction, we made payments of $659 million in June 2013, and allocated $577 million to flight equipment held for operating leases relating to the ten A330 aircraft purchased and leased back and accounted for the other $82 million as prepayments on flight equipment for the remaining 15 aircraft to be delivered. | |||||||||
In connection with the current forward order contract, we are required to make scheduled prepayments toward these future deliveries (Note 5). In addition, we capitalize interest related to progress payments made in respect of flight equipment on forward order and add such amount to prepayments on flight equipment. | |||||||||
The following table presents a summary of the movements in prepayments on flight equipment and capitalized interest during the years ended December 31, 2011, 2012 and 2013: | |||||||||
Year ended December 31, | |||||||||
2011 | 2012 | 2013 | |||||||
Net book value at beginning of period | $ | 199,417 | $ | 95,619 | $ | 53,594 | |||
Prepayments made during the period | 43,313 | 33,508 | 205,865 | ||||||
Interest capitalized during the period | 4,439 | 2,616 | 7,455 | ||||||
Prepayments and capitalized interest applied against the purchase of flight equipment | -151,550 | -78,149 | -43,099 | ||||||
Net book value at end of period | $ | 95,619 | $ | 53,594 | $ | 223,815 | |||
Investments
Investments | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Investments [Abstract] | ' | |||||
Investments | ' | |||||
8. Investments | ||||||
Investments consist of the following at December 31: | ||||||
2012 | 2013 | |||||
20.3% equity investment in unconsolidated joint venture (AerDragon) | $ | 41,161 | $ | 47,672 | ||
39.6% equity investment in unconsolidated joint venture (AerLift) | 51,721 | 54,457 | ||||
42.3% equity investment in unconsolidated joint venture (AerData) | 980 | 882 | ||||
19.4% equity investment in unconsolidated joint venture (ACSAL) | - | 9,175 | ||||
Other investments at cost | - | 194 | ||||
$ | 93,862 | $ | 112,380 | |||
The undistributed earnings of investments in which our ownership interest is less than 50 percent were $31.4 million, $25.0 million and $15.3 million at December 31, 2013, 2012, and 2011, respectively. Our equity investment in our unconsolidated joint ventures, AerDragon, AerLift, AerData and ACSAL, are accounted for under the equity method. | ||||||
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Intangible Assets [Abstract] | ' | ||||||||
Intangible Assets | ' | ||||||||
9. Intangible assets | |||||||||
The following table presents details of amortizable intangible assets and related accumulated amortization: | |||||||||
As of December 31, 2012 | |||||||||
Gross | Accumulated | Net | |||||||
amortization | |||||||||
Lease premiums | $ | 54,945 | $ | -36,845 | $ | 18,100 | |||
As of December 31, 2013 | |||||||||
Gross | Accumulated | Net | |||||||
amortization | |||||||||
Lease premiums | $ | 35,461 | $ | -26,107 | $ | 9,354 | |||
Lease premiums that are fully amortized are removed from the gross and accumulated amortization column in the table above. The following table presents the changes to amortizable intangible assets during the periods indicated: | |||||||||
Year ending December 31, | |||||||||
2012 | 2013 | ||||||||
Net carrying value at beginning of period | $ | 29,677 | $ | 18,100 | |||||
Amortization | -11,577 | -8,746 | |||||||
Net carrying value at end of period | $ | 18,100 | $ | 9,354 | |||||
Future amortization of the intangible assets over the terms of their useful lives is as follows: | |||||||||
Amortization | |||||||||
of intangible | |||||||||
assets | |||||||||
2014 | $ | ||||||||
5,844 | |||||||||
2015 | 3,085 | ||||||||
2016 | 425 | ||||||||
$ | |||||||||
9,354 | |||||||||
The remaining weighted average amortization period for the amortizable intangible assets is 21 months In 2012, the weighted average amortization period for amortizable intangible assets was 29 months. Please refer to Note 20 for the impairment analysis of intangible assets. | |||||||||
Derivative_Assets_And_Liabilit
Derivative Assets And Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Derivative Assets And Liabilities [Abstract] | ' | ||||||||
Derivative Assets And Liabilities | ' | ||||||||
10. Derivative assets and liabilities | |||||||||
The objective of our hedging policy is to adopt a risk adverse position with respect to changes in interest rates and foreign currencies. We have entered into a number of interest rate derivatives to hedge the current and future interest rate payments on our variable rate debt. Furthermore from time to time we enter into foreign currency derivatives to hedge the current and future Euro /U.S. dollar exposure to our business. These derivative products can include interest rate swaps, caps, floors, options and forward contracts. As of December 31, 2013, we had interest rate swaps, caps and floors, with a combined notional amount of $1.9 billion and a combined positive fair value of $25.5 million. The positive fair value as of December 31, 2013, is recorded in the balance sheet as derivative assets of $32.7 million and derivative liabilities of $7.2 million. As of December 31, 2012, we had interest rate swaps and floors with a combined notional amount of $2.4 billion and a combined negative fair value of $4.7 million. The negative fair value as of December 31, 2012 is recorded in the balance sheet as derivative asset of $10.0 million and derivative liabilities of $ 14.7 million. The variable benchmark interest rates associated with these instruments ranged from one to three-month U.S. dollar LIBOR. | |||||||||
We have not applied hedge accounting under ASC 815 to any of the above mentioned caps and floors and to two interest rate swaps. The two interest rate swaps expired in the year ending December 31, 2012. The change in fair value of these derivatives, therefore, is recorded in the income statement as interest expense (income) as specified below: | |||||||||
Year ended December 31, | |||||||||
2011 | 2012 | 2013 | |||||||
Change in fair value of interest rate caps and floors | $ | 59,312 | $ | 14,388 | $ | -11,709 | |||
Change in fair value of interest rate swaps | -39,536 | -3,713 | - | ||||||
$ | 19,776 | $ | 10,675 | $ | -11,709 | ||||
As of December 31, 2013, we had five interest rate swaps to hedge forecasted monthly LIBOR-based interest payments, for which we achieved cash flow hedge accounting treatment. The five interest rate swaps had a combined notional amount of $0.5 billion and a combined negative fair value of $5.6 million which has been recorded as part of derivative liabilities in the consolidated balance sheet as of December 31, 2013. As of December 31, 2012, we had six interest rate swaps for which we achieved cash flow hedge accounting treatment. The six interest rate swaps had a combined notional amount of $0.7 billion and a combined negative fair value of $11.3 million which has been recorded as part of derivative liabilities in the consolidated balance sheet as of December 31, 2012. The change in fair value related to the effective portion of these six interest rate swaps is recorded, net of tax, in accumulated other comprehensive income. We do not expect to reclassify amounts from accumulated other comprehensive income to net interest over the next 12 months. Some of our agreements with derivative counterparties require a two-way cash collateralization of derivative fair values. As of December 31, 2013 and 2012, the Company had received cash collateral of $4.9 and $0.8 million, respectively, from various counterparties and the obligation to return such collateral is recorded in Accrued expenses and other liabilities. The Company had not advanced any cash collateral to counterparties as of December 31, 2013 or 2012. | |||||||||
Counterparties to currency exchange and interest rate derivatives consist of major international financial institutions. The Company continually monitors its positions and the credit ratings of the counterparties involved and limits the amount of credit exposure to any one party. While the Company may be exposed to potential losses due to the credit risk of non-performance by these counterparties, losses are not anticipated. The Company closely monitors the credit risk associated with its counterparties and customers and to date has not experienced material losses. | |||||||||
Other_Assets
Other Assets | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Other Assets [Abstract] | ' | |||||
Other Assets | ' | |||||
11. Other assets | ||||||
Other assets consist of the following at December 31: | ||||||
2012 | 2013 | |||||
Debt issuance costs | $ | 133,352 | $ | 148,315 | ||
Other tangible fixed assets | 2,482 | 2,427 | ||||
Receivables from aircraft manufacturer | 8,203 | 5,800 | ||||
Prepaid expenses | 4,690 | 6,057 | ||||
Other receivables | 9,124 | 21,423 | ||||
$ | 157,851 | $ | 184,022 | |||
Amortization of debt issuance costs was $33,001, $50,989 and $29,633 for the years ended December 31, 2011, 2012 and 2013 respectively. The higher amortization in 2012 was due mostly to the early repayment of secured loans during the year. The unamortized debt issuance costs at December 31, 2013 amortize from 2014 through 2024. | ||||||
Accrued_Expenses_And_Other_Lia
Accrued Expenses And Other Liabilities | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Accrued Expenses And Other Liabilities [Abstract] | ' | |||||
Accrued Expenses And Other Liabilities | ' | |||||
12. Accrued expenses and other liabilities | ||||||
Accrued expenses and other liabilities consist of the following at December 31: | ||||||
2012 | 2013 | |||||
Accrued expenses | $ | 33,077 | $ | 50,087 | ||
Accrued interest | 44,257 | 44,916 | ||||
Lease deficiency | 15,427 | 13,459 | ||||
$ | 92,761 | $ | 108,462 | |||
Lease deficiency—Lease deficiency represents lease rates for current lease contracts which are below current market rentals for the applicable aircraft at the time of purchase. The lease deficiency amortizes over the remaining term of the related lease agreements as a non-cash increase in lease revenue. The remaining weighted average amortization period for the lease deficiency is 92 months as of December 31, 2013, compared with an average 102 months as of December 31, 2012. | ||||||
Debt
Debt | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Debt [Abstract] | ' | ||||||||||
Debt | ' | ||||||||||
13. Debt | |||||||||||
Debt consists of the following as of December 31: | |||||||||||
2012 (1) | 2013 (1) | Weighted average | Maturity | ||||||||
interest rate | |||||||||||
December 31, 2013 (2) | |||||||||||
Secured | |||||||||||
ECA-guaranteed financings | $ | 1,675,387 | $ | 1,504,429 | 2.48 | % | 2024 | ||||
ALS II debt | 572,270 | 450,045 | 2.02 | % | 2038 | ||||||
AerFunding revolving credit facility | 538,024 | 967,094 | 2.92 | % | 2018 | ||||||
Genesis securitization debt | 549,288 | 452,233 | 0.41 | % | 2032 | ||||||
TUI portfolio acquisition facility | 188,393 | 163,943 | 1.92 | % | 2015 | ||||||
SkyFunding I and II facilities | 507,475 | 623,785 | 3.74 | % | 2023 | ||||||
Other debt | 1,179,169 | 1,390,521 | 3.12 | % | 2023 | ||||||
Unsecured | |||||||||||
Senior unsecured notes due 2017 | 300,000 | 300,000 | 6.38 | % | 2017 | ||||||
DBS revolving credit facility | - | 150,000 | 2.50 | % | 2018 | ||||||
Other | |||||||||||
Subordinated debt joint ventures partners(3) | 64,280 | 64,280 | 1.96 | % | 2022 | ||||||
DBS B737-800 PDP Facility | - | 47,458 | 3.00 | % | 2015 | ||||||
Other debt | 229,213 | 123,104 | 5.67 | % | 2020 | ||||||
$ | 5,803,499 | $ | 6,236,892 | ||||||||
(1)As of December 31, 2013, we remain in compliance with the respective financial covenants across the Company’s various debt obligations. | |||||||||||
(2)The weighted average interest rate is calculated based on the U.S. dollar LIBOR rate as of December 31, 2013, and excludes the impact of related derivative instruments which we hold to hedge our exposure to interest rates as well as any amortization of the debt issuance costs. | |||||||||||
(3)Subordinated debt issued to two of our joint venture partners in 2008 and 2010. | |||||||||||
Aggregate maturities of debt and capital lease obligations (included in other debt), excluding $90.3 million debt discount, during the next five years and thereafter are as follows: | |||||||||||
Debt | |||||||||||
maturing | |||||||||||
2014 | $ | ||||||||||
787,022 | |||||||||||
2015 | 997,097 | ||||||||||
2016 | 672,855 | ||||||||||
2017 | 992,821 | ||||||||||
2018 | 1,256,585 | ||||||||||
Thereafter | 1,620,789 | ||||||||||
$ | |||||||||||
6,327,169 | |||||||||||
ECA-guaranteed financings—Airbus A320 aircraft | |||||||||||
General. In April 2003, we entered into an $840.0 million export credit facility for the financing of up to 20 Airbus A320 aircraft. Funding under the facility is provided by commercial banks, but the repayment is guaranteed by the ECA. In January 2006, the export credit facility was amended and extended to cover an additional nine aircraft and its size increased to a maximum of $1.2 billion. | |||||||||||
In November 2008, the export credit facility was further amended to cover one additional aircraft and the maximum amount of the facility remained unchanged. The terms of the lending commitment in the export credit facility are such that the export credit agencies only approve funding for aircraft that are due for delivery on a six-month rolling basis and have no obligation to fund deliveries beyond that period. No additional new aircraft are expected to be financed in this 2003 facility. | |||||||||||
As of December 31, 2013, we had 18 aircraft financed under this facility and $323.4 million of loans outstanding. | |||||||||||
Interest Rate. Set forth below are the interest rates for our export credit facilities. | |||||||||||
Amount outstanding | |||||||||||
31-Dec-13 | Interest rate | ||||||||||
(U.S. dollars in thousands) | |||||||||||
Floating Rate Tranches | $ | Three-month LIBOR plus 0.33% | |||||||||
323,420 | |||||||||||
Purchase accounting fair value adjustments | -955 | ||||||||||
$ | |||||||||||
322,465 | |||||||||||
Maturity Date. The principal of the export credit facility amortizes over a 12-year term, with a final maturity on November 9, 2020. | |||||||||||
Collateral. The export credit facilities require legal title to the aircraft be transferred to and held by a special purpose company controlled by the respective lenders. We have entered into lease agreements on these aircraft which transfer the risk and rewards of ownership of the aircraft to AerCap. The obligations outstanding under the export credit facilities are secured by, among other things, a pledge of the shares of the company which holds legal title to the aircraft financed under the facility. Each subsidiary’s obligations under the financings are guaranteed by AerCap Holdings N.V. | |||||||||||
Certain Covenants. The export credit facilities contain affirmative covenants customary for secured financings. The facilities also contain net worth financial covenants. In addition, loans under the 2003 export credit facilities contain change of control provisions that grant the lenders the right to prepayment of their loans in the event of a change of control, unless the lenders consent to the change of control, which was obtained in connection with the 2005 Acquisition. A change of control occurs under our April 2003 export credit facility if our shares cease to be listed on the New York Stock Exchange unless, at the time our shares cease to be listed on the New York Stock Exchange, at least 66.66% of our ordinary shares are owned and controlled by one or more shareholders rated at least BBB- by Standard & Poor’s Ratings Services and Baa3 or more by Moody’s Investors Service, Inc. | |||||||||||
ECA-guaranteed financings—Airbus A330 and A320 family aircraft | |||||||||||
General. In December 2008, we entered into a $1.4 billion export credit facility for the financing of up to 15 Airbus A330 aircraft. Funding under the facility is provided by commercial banks, but the repayment is guaranteed by the ECA. From time to time since 2008, the export credit facility has been further amended to cover certain additional Airbus A330 and A320 family aircraft and an ECA capital markets transaction in relation to three A330 aircraft. The maximum size of the facility was increased to $1.6 billion. The terms of the lending commitment in the export credit facility are such that the export credit agencies only approve funding for aircraft that are due for delivery on a six-months rolling basis and have no obligation to fund deliveries beyond that period. No additional new aircraft are expected to be financed in this 2008 facility. | |||||||||||
As of December 31, 2013, seven A330 aircraft and 10 A320 family under this 2008 facility have been delivered from the manufacturer. We had $657.7 million of loans outstanding under this facility as of December 31, 2013. | |||||||||||
In March 2009, we entered into a $846.0 million export credit facility for the financing of up to 20 Airbus A320 aircraft. Funding under the facility is provided by commercial banks, but the repayment is guaranteed by the ECA. As of December 31, 2013, five A320 family aircraft under this facility have been delivered from the manufacturer and financed in this facility. We had $134.7 million of loans outstanding under this facility as of December 31, 2013. Following the redemption of shares issued by AerVenture such that AerCap AerVenture Holding B.V. became the 100% owner of the issued share capital in AerVenture, this facility will no longer be utilized. No additional new aircraft are expected to be financed in this 2009 facility. | |||||||||||
In June 2010 and September 2010, we completed the refinancing of three A330-300 aircraft that were previously financed under our 2008 facility to an ECA capital markets transaction. We had $167.5 million of loans outstanding under the ECA capital markets facilities as of December 31, 2013. | |||||||||||
During 2012, we entered into three additional separate ECA facility agreements in order to finance three A330-300 aircraft which delivered during the year pursuant to a purchase and lease-back transaction with one airline. These facilities carry similar commercial terms to the 2008 facility agreement. We had $222.1 million of loans outstanding under this facility as of December 31, 2013. | |||||||||||
Interest Rate. Set forth below are the interest rates for the first and subsequent export credit facilities. The interest rates for the remaining loans will be agreed on a rolling basis. | |||||||||||
Amount outstanding | |||||||||||
31-Dec-13 | Interest rate | ||||||||||
(U.S. dollars in thousands) | |||||||||||
2008 A330 & A320 Facility | Floating rate tranches | $ | Three-month LIBOR plus 1.47% | ||||||||
58,175 | |||||||||||
Fixed rate tranches | 599,536 | 3.20% | |||||||||
2009 A320 Facility | Floating rate tranches | 53,348 | Three-month LIBOR plus 1.11% | ||||||||
Fixed rate tranches | 81,336 | 4.23% | |||||||||
ECA A330 Capital Market facilities | Fixed rate tranches | 167,462 | 3.60% | ||||||||
2012 Facilities | Fixed rate tranches | 222,107 | 2.29% | ||||||||
Total | $ | ||||||||||
1,181,964 | |||||||||||
Maturity Date. We are obligated to repay principal on the export credit facility over a 12-year term from April 23, 2009. | |||||||||||
Collateral. The export credit facilities require legal title to the aircraft be transferred to and held by a special purpose company controlled by the respective lenders. We will enter into lease agreements on these aircraft which transfer the risk and rewards of ownership of the aircraft to AerCap. The obligations outstanding under the export credit facilities are secured by, among other things, a pledge of the shares of the company which holds legal title to the aircraft financed under the facility. Each subsidiary’s obligations under the financings are guaranteed by AerCap Holdings N.V. | |||||||||||
Certain Covenants. The export credit facilities contain affirmative covenants customary for secured financings. The facilities also contain net worth financial covenants. In addition, loans under these export credit facilities contain change of control provisions that grant the lenders the right to prepayment of their loans in the event of a change of control, unless the lenders consent to the change of control. A change of control occurs under our December 2008 export credit facility if: | |||||||||||
(i)AerCap Holdings N.V.’s shares cease to be listed on the New York Stock Exchange unless, at the time our shares cease to be listed on the New York Stock Exchange, at least 66.66% of our issued shares and voting rights are owned and controlled by one or more shareholders rated at least BBB- by Standard & Poor’s Ratings Services and Baa3 or more by Moody’s Investors Service, Inc.; | |||||||||||
(ii)AerCap Holdings N.V. ceases to own and control 100% of the shares in AerCap A330 Holdings B.V., AerCap B.V. or AerCap Ireland Limited; or | |||||||||||
(iii)AerCap A330 Holdings B.V. ceases to own and control at least 51% of the shares in AerCap A330 Holdings Limited. | |||||||||||
Additional covenants related to the 2009 AerVenture facility are as follows: | |||||||||||
(i) | AerCap Holdings N.V. ceases to own and control 100% of the shares in AerCap AerVenture Holding B.V; or | ||||||||||
(ii) | AerCap AerVenture Holding B.V. ceases to own and control at least 50% of the shares in AerVenture; or | ||||||||||
(iii)AerVenture ceases to own and control (directly or indirectly) 100% of the export lessees. | |||||||||||
As of December 31, 2013, we had financed 46 aircraft under ECA-guaranteed financings. The net book value of aircraft pledged to the ECA lenders was $2.1 billion at December 31, 2013. | |||||||||||
ALS II debt | |||||||||||
General. On June 26, 2008, we completed a securitization in which ALS II issued securitized class A-1 notes and class A-2 notes, rated A+ by Standard & Poor’s (“S&P”) and A1 by Moody’s. The class A-1 notes each had an outstanding principal balance of zero, and were issued to commitment holders. The commitment holders committed to advance funds, subject to certain conditions, including that ALS II shall have acquired at least 15 aircraft, up to an aggregate amount of $1.0 billion in connection with the purchase of 30 A320 family aircraft by ALS II. Funded class A-1 notes may be exchanged for class A-2 notes subject to certain conditions. The class A-1 notes are ranked pari passu with the class A-2 notes. | |||||||||||
The advances made by the commitment holders were used to purchase 30 aircraft from AerVenture Leasing 1 Limited, a subsidiary of AerVenture, all 30 of which have been delivered. The final aircraft was delivered in May 2010. The 30 aircraft are among the aircraft delivered by Airbus to AerVenture between 2007 and 2011. During 2011, a portion of A-1 notes were exchanged for A-2 notes. | |||||||||||
ALS II also issued class E-1 notes (the most junior class of notes) to AerVenture Leasing 1 Limited on June 26, 2008, the proceeds of which were applied to pay expenses of ALS II during the period between June 26, 2008 and the first delivery of aircraft. Additional class E-1 notes were issued to AerVenture Leasing 1 Limited in connection with the sale of aircraft to ALS II, and will be issued to AerVenture Leasing 1 Limited, AerVenture and AerCap Holdings N.V. in certain other circumstances. ALS II’s financial results are consolidated in our financial statements. | |||||||||||
Liquidity. Crédit Agricole provided a liquidity facility in the amount of $55 million, which may be drawn upon to pay expenses of ALS II and its subsidiaries, commitment fees owed to the commitment holders, senior hedge payments and interest on the class A-1 notes and class A-2 notes. | |||||||||||
Interest Rate. Set forth below is the interest rate for the subclasses of notes not held by us. LIBOR is the London interbank offered rate for one-month U.S. dollar deposits or, under certain circumstances, an interpolated LIBOR rate. | |||||||||||
Amount outstanding | |||||||||||
31-Dec-13 | Interest rate | ||||||||||
(U.S. dollars in thousands) | |||||||||||
Class A-1 Notes | $ | One-month LIBOR plus 1.85% | |||||||||
433,249 | |||||||||||
Class A-2 Notes | 16,796 | One-month LIBOR plus 1.85% | |||||||||
Total | $ | ||||||||||
450,045 | |||||||||||
Maturity Date. The final maturity date of the notes will be June 15, 2038. | |||||||||||
Collateral. The notes are secured by security interests in and pledges or assignments of equity ownership and beneficial interests in the subsidiaries of ALS II, as well as by ALS II’s subsidiaries’ interests in leases of the aircraft they own, by cash held by or for them and by their rights under agreements with the service providers. Rentals and reserves paid under leases of the ALS II aircraft will be placed in a collection account and paid out according to a priority of payments. | |||||||||||
As of December 31, 2013, 30 aircraft were financed in ALS II. The net book value of 30 aircraft pledged as collateral for the securitization debt was $1.0 billion as of December 31, 2013. | |||||||||||
AerFunding revolving credit facility | |||||||||||
General. AerFunding 1 Limited (“AerFunding”) is a special purpose company incorporated with limited liability in Bermuda. The share capital of AerFunding is owned 95% by a charitable trust and 5% by AerCap Ireland. AerFunding is a consolidated subsidiary formed for the purpose of acquiring new and used aircraft assets. On April 26, 2006, AerFunding 1 Limited entered into a non-recourse senior secured revolving credit facility in the aggregate amount of up to $1.0 billion. The facility was subsequently amended in 2010, 2011 and 2013. | |||||||||||
On June 10, 2010, the facility was amended and the revolving loans under the AerFunding revolving credit facility, which are divided into two classes, were amended. The maximum advance limit on class A loans was amended to $705.5 million from $830.0 million and the maximum advance limit on class B loans was amended to $144.5 million from $170.0 million. | |||||||||||
On June 9, 2011, the facility was amended to allow for an additional two year revolving period to June 2013, and a three year term-out period to June 2016. The maximum facility size was amended to $775.0 million and the commitment and borrowings amended to a single class of loans. In addition to UBS Securities LLC, lenders to the transaction are Credit Suisse AG, Citibank N.A., Nomura Global Financial Products Inc. and Scotiabank Europe plc. In April, 2012, the facility size was increased to $800.0 million with an additional commitment provided by Everbank. | |||||||||||
On May 10, 2013, the AerFunding facility was amended to allow for an additional two year revolving period to June 2015, and a three year term-out period to June 2018. The maximum facility size was amended from $800.0 million to $1.1 billion. Credit Suisse AG acted as lead arranger and structuring agent on the transaction, and in addition, lenders to the transaction included Bank of America Merrill Lynch and RBC Capital Markets who acted as joint lead arrangers. Nomura and Citi acted as documentation agents, with the syndicate also including Scotiabank, BNP Paribas, ING Bank and Everbank Commercial Finance. Following initial closing, the facility size was increased to $1.3 billion with additional commitments provided by Royal Bank of Scotland, who also acted as a joint lead arranger, and HSBC. | |||||||||||
As of December 31, 2013, we had $967.1 million of loans outstanding under the AerFunding revolving credit facility, relating to 33 aircraft. The net book value of aircraft pledged to lenders under the credit facility was $1.2 billion as of December 31, 2013. | |||||||||||
Borrowings under the AerFunding revolving credit facility can be used to finance between 73.5% and 80.0% of the lower of the purchase price and the appraised value of the eligible aircraft. Eligible aircraft include A320 family aircraft, Boeing 737-700, -800 and 900ER aircraft, Boeing 777, Boeing 787 aircraft and A330 aircraft. In addition, value enhancing expenditures and required liquidity reserves are also funded by the lenders. | |||||||||||
All borrowings under the AerFunding revolving credit facility are subject to the satisfaction of customary conditions and restrictions on the purchase of aircraft that would result in our portfolio becoming too highly concentrated, with regard to both aircraft type and geographical location. The borrowing period during which new advances may be made under the facility will expire on June 9, 2015. | |||||||||||
Interest Rate. Borrowings under the AerFunding revolving credit facility bear interest based on the Eurodollar rate plus the applicable margin. The following table sets forth the applicable margin for the borrowings under the AerFunding revolving credit facility during the periods specified: | |||||||||||
Applicable | |||||||||||
Margin | |||||||||||
Borrowing period (1) | 2.75% | ||||||||||
Period from June 10, 2015 to June 9, 2016 | 3.75% | ||||||||||
Period from June 10, 2016 to June 9, 2017 | 4.25% | ||||||||||
Period from June 10, 2017 to June 9, 2018 | 4.75% | ||||||||||
(1)The borrowing period is until June 9, 2015, after which the loan converts to a term loan. | |||||||||||
Additionally, we are subject to (a) a 0.50% fee on any portion of the unused loan commitment if the average facility utilization is greater than 50% during a period or (b) a 0.75% fee on any unused portion of the unused loan commitment if the average facility utilization is less than 50% during a period. | |||||||||||
Payment Terms. Interest on the loans is due on a monthly basis. Principal on the loans amortizes on a monthly basis to the extent funds are available. All outstanding principal not paid during the term is due on the maturity date. | |||||||||||
Prepayment. Advances under the AerFunding revolving credit facility may be prepaid without penalty upon notice, subject to certain conditions. Mandatory partial prepayments of borrowings under the AerFunding revolving credit facility are required: | |||||||||||
•upon the sale of certain assets by a borrower, including any aircraft or aircraft engines financed or refinanced with proceeds from the AerFunding revolving credit facility; | |||||||||||
•upon the occurrence of an event of loss with respect to an aircraft or aircraft engine financed with proceeds from the AerFunding revolving credit facility from the proceeds of insurance claims; and | |||||||||||
•upon the securitization of any interests or leases with respect to aircraft or aircraft engines financed with proceeds from the AerFunding revolving credit facility. | |||||||||||
Maturity Date. The maturity date of the AerFunding revolving credit facility is June 9, 2018. | |||||||||||
Cash Reserve. AerFunding is required to maintain up to 5.0% of the borrowing value of the aircraft in reserve for the benefit of the lenders. Amounts held in reserve for the benefit of the lenders are available to the extent that there are insufficient funds to pay required expenses, hedge payments or principal of or interest on the loans on any payment date. The amounts on reserve are funded by the lenders. | |||||||||||
Collateral. Borrowings under the AerFunding revolving credit facility are secured by, among other things, security interests in and pledges or assignments of equity ownership and beneficial interests in all of the subsidiaries of AerFunding, as well as by AerFunding’s interests in the leases of its assets. | |||||||||||
Certain Covenants. The AerFunding revolving credit facility contains covenants that, among other things, restrict, subject to certain exceptions, the ability of AerFunding and its subsidiaries to: | |||||||||||
•sell assets; | |||||||||||
•incur additional indebtedness; | |||||||||||
•create liens on assets, including assets financed with proceeds from the AerFunding revolving credit facility; | |||||||||||
•make investments, loans, guarantees or advances; | |||||||||||
•declare any dividends or other asset distributions other than to distribute funds paid to us out of the flow of funds under the AerFunding revolving credit facility; | |||||||||||
•make certain acquisitions; | |||||||||||
•engage in mergers or consolidations; | |||||||||||
•change the business conducted by the borrowers and their respective subsidiaries; | |||||||||||
•make specified capital expenditures, other than those related to the purchase, maintenance or conversion of assets financed with proceeds from the AerFunding revolving credit facility; | |||||||||||
•own, operate or lease assets financed with proceeds from the AerFunding revolving credit facility; and | |||||||||||
•enter into a securitization transaction involving assets financed with proceeds from the AerFunding revolving credit facility unless certain conditions are met. | |||||||||||
Genesis securitization debt | |||||||||||
General. On December 19, 2006, Genesis Funding Limited, or GFL, completed a securitization and issued a single class of AAA-rated G-1 floating rate notes. The proceeds of the transaction were used by GFL to finance the acquisition of a portfolio of 41 aircraft. Following a number of sales, there are 37 aircraft in the GFL portfolio as of December 31, 2013. The primary source of payments on the notes is the lease payments on the aircraft owned by the subsidiaries of GFL. The notes have the benefit of a financial guaranty insurance policy issued by Financial Guaranty Insurance Company, or FGIC, which has issued a financial guaranty insurance policy to support the payment of interest when due on the notes and the payment of the outstanding principal balance of the notes on the final maturity date of the notes and, under certain other circumstances, prior thereto. | |||||||||||
The notes initially were rated Aaa and AAA by Moody’s and S&P, respectively. This rating was based on FGIC’s corporate rating. FGIC has suffered significant downgrades of its ratings since the issuance of the notes and is currently unrated by Moody’s and S&P. As a result, Moody’s and S&P have published stand‑alone ratings of the G-1 notes of A3 and A-, respectively. | |||||||||||
Liquidity. Credit Agricole provides a liquidity facility in the amount of $60.0 million, which may be drawn upon to pay expenses of GFL and its subsidiaries, senior hedge payments and interest on the notes. | |||||||||||
Interest Rate. Set forth below is the interest rate for the Class G-1 note: | |||||||||||
Amount outstanding | |||||||||||
31-Dec-13 | Interest rate | ||||||||||
(U.S. dollars in thousands) | |||||||||||
Class G-1 Notes | $ | One-month LIBOR plus 0.24% | |||||||||
452,233 | |||||||||||
Maturity Date. The final maturity date of the notes is December 22, 2032. | |||||||||||
Payment Terms. Interest on the notes is due and payable on a monthly basis. Scheduled monthly principal payments on the notes commenced in December 2009 and continued until December 2011. Since December 19, 2011, all revenues collected during each monthly period are applied to repay the outstanding principal balance of the notes, after the payment of certain expenses and other liabilities, including the fees of the servicer, the liquidity facility provider and the policy provider, interest on the notes and interest rate swap payments, all in accordance with the priority of payments set forth in the indenture. | |||||||||||
GFL may voluntarily redeem the new notes for a redemption price of the notes equal to the outstanding principal balance of the notes. In addition, GFL must pay any accrued but unpaid interest on the notes and any premium due to FGIC upon redemption of the notes. GFL may redeem the notes in whole or in part, provided that if a default notice has been given under the trust indenture or the maturity of any notes has been accelerated then GFL may only redeem the notes in whole. | |||||||||||
Aircraft Management Services. As of June 30, 2011, AerCap, through its Irish subsidiary, AerCap Ireland Limited, replaced GECAS as servicer to the Genesis aircraft portfolio, for a consideration paid to GECAS of $24.5 million. This includes most services related to leasing the fleet of aircraft, including marketing aircraft for lease and re-lease, collecting rents and other payments from lessees, monitoring maintenance, insurance and other obligations under leases and enforcing rights against lessees. | |||||||||||
Collateral. The notes are secured by first priority, perfected security interests in and pledges or assignments of equity ownership and beneficial interests in the subsidiaries of GFL, their interests in the leases of the aircraft they own, cash held by or for them and by their rights under agreements with GECAS, the initial liquidity facility provider, hedge counterparties and the policy provider. The notes are also secured by a lien or similar interest in any of the aircraft in the portfolio that are registered in the United States or Ireland. | |||||||||||
As of December 31, 2013, 37 aircraft were financed in the GFL securitization. The net book value of 37 aircraft pledged as collateral for the securitization debt was $0.7 billion as of December 31, 2013. | |||||||||||
TUI portfolio acquisition facility | |||||||||||
General. In June 2008, AerCap Partners I, a 50% joint venture established between us and Deucalion Aviation Funds, entered into a sale and leaseback transaction pursuant to which it agreed to purchase 11 Boeing 737-800, six Boeing 757-200 and two Boeing 767-300 aircraft from the TUI Travel Group, or TUI, and lease the aircraft back to TUI. | |||||||||||
To finance the purchase of the 19 aircraft, a subsidiary of AerCap Partners I, AerCap Partners I Limited, entered into a senior facility in an amount of up to $448.6 million with Crédit Agricole, KfW IPEX-Bank GmbH, Deutsche Bank AG London Branch and HSH Nordbank AG which was arranged by Crédit Agricole and KfW IPEX-Bank GmbH. The senior facility was divided into two tranches, the first being used to finance the purchase of the 11 Boeing 737-800 aircraft and the second to finance the purchase of the other eight aircraft. During 2012, the second tranche was repaid. AerCap Partners I pay the lenders for the amounts drawn on the senior facility in monthly installments. The principal amount outstanding under the loan in relation to the first tranche must be repaid in full on April 1, 2015 and the principal amount outstanding under the loan in relation to the second tranche was refinanced prior to the maturity date on April 1, 2012. | |||||||||||
Following drawdown of the amounts in relation to the 19 aircraft, the remaining commitment under the facility was cancelled subsequent to June 30, 2008. | |||||||||||
As of December 31, 2013, the joint venture owned 11 Boeing 737-800 aircraft. Two Boeing 767-300ER aircraft that had been originally part of AerCap Partners I have been refinanced through AerCap Partners 767 Ltd, and six Boeing 757-200 aircraft have been sold. The aggregate principal amount of the loans outstanding under the senior facility as of December 31, 2013 was $163.9 million, and the net book value of the 11 aircraft pledged to lenders under the credit facility was $0.3 billion as of December 31, 2013. | |||||||||||
Interest Rate. Borrowings under the first tranche of the senior facility bear interest at a floating interest rate of one month U.S. dollar LIBOR plus a margin of 1.575% until April 1, 2013 and a margin of 1.75% thereafter. Interest under the senior facility is payable monthly in arrears on each repayment date. | |||||||||||
Amount outstanding | |||||||||||
31-Dec-13 | Interest rate | ||||||||||
(U.S. dollars in thousands) | |||||||||||
Senior Facility | $ | One-month LIBOR plus 1.75% | |||||||||
163,943 | |||||||||||
Prepayment. Borrowings under the facilities may be prepaid (subject to minimum payment amounts and notice provisions) without penalty, except for break funding costs if payment is made on a day other than a repayment date. However, a prepayment fee of 1% of the amount prepaid is payable to the lenders if such prepayment exceeds $15.0 million in aggregate in each of the first and second years following the signing date. | |||||||||||
Put Option. If AerCap Partners I Limited is the owner of the aircraft on April 1, 2015 and amounts under the facility remain outstanding with respect to those aircraft on that maturity date of the senior facility (put option), Crédit Agricole can require AerCap Holdings N.V. (i) to purchase that aircraft, (ii) to purchase that aircraft and the shares of the relevant lessor of that aircraft or (iii) to purchase the beneficial interest that AerCap Partners I Limited has in that aircraft. Crédit Agricole can, subject to certain provisions including cure rights of Deucalion Aviation Funds, also exercise the put option on an AerCap Holdings N.V. insolvency event. | |||||||||||
Maturity Date. The maturity date of the remaining tranche of the senior facility is April 1, 2015. | |||||||||||
Collateral. Borrowings under the senior facility are secured by, among other things, charges over the shares in AerCap Partners I, AerCap Partners I Limited and Lantana Aircraft Leasing Limited, charges over various bank accounts, mortgages over the financed aircraft and security assignments of, inter alia, the lease agreements and letters of credit provided to AerCap Partners I by Royal Bank of Scotland plc. | |||||||||||
Certain Covenants. The senior facility contains customary covenants for secured financings through special purpose companies. AerCap Partners I also covenants in the senior facility (a) to provide loan-to-value ratio appraisals to the agent on agreed dates and (b) that the ratio of tranche 1 aircraft to all financed aircraft must be at least 43%. | |||||||||||
SkyFunding I and SkyFunding II facilities | |||||||||||
General. On October 24, 2011, SkyFunding Limited (“SkyFunding I”), a wholly owned subsidiary of AerCap Ireland Limited, entered into a $402.0 million credit facility, which was co-arranged by Crédit Agricole Corporate and Investment Bank, Norddeutsche Landesbank Girozentrale, Commonwealth Bank of Australia, Landesbank Hessen-Thüringen Girozentrale and DVB Bank SE. Crédit Agricole Corporate and Investment Bank acted as coordinating bank and senior agent. | |||||||||||
On September 28, 2012, SkyFunding II Limited, a wholly owned indirect subsidiary of AerCap Ireland Limited, entered into a $128.0 million credit facility, which was co-arranged by Norddeutsche Landesbank Girozentrale, Commonwealth Bank of Australia and DVB Bank SE. DVB Bank SE acted as coordinating bank and Crédit Agricole Corporate and Investment Bank acted as senior agent. | |||||||||||
Subsequent to the initial closing of the SkyFunding II facility, Landesbank Hessen-Thüringen Girozentrale, Natixis and BNP Paribas have joined the SkyFunding II facility under this feature, increasing the total facility size to $288.0 million. | |||||||||||
These ten-year credit facilities provide long term committed financing for 21 Boeing 737-800 aircraft subject to leases with American Airlines Inc. | |||||||||||
The loans under the SkyFunding facilities are divided into senior loans and subordinated loans. Each senior lender will participate in senior loans with respect to the aircraft allocated to such senior lender in an amount equal to its senior commitment. AerCap Ireland Limited, as subordinated lender, would participate in each subordinated loan in an amount to be agreed between the respective SkyFunding borrower and AerCap Ireland Limited from time to time. | |||||||||||
As of December 31, 2013, all of the 12 aircraft have been delivered and financed under the SkyFunding I facility; the aggregate principal amount of the senior loans outstanding under the facility was $350.3 million. | |||||||||||
As of December 31, 2013, nine aircraft have been delivered and financed under the SkyFunding II facility, the aggregate principal amount of the senior loans outstanding under the facility was $273.5 million. | |||||||||||
All borrowings under the SkyFunding facilities are subject to the satisfaction of customary conditions precedent. | |||||||||||
Interest Rate. The SkyFunding I senior loans bear interest at a floating interest rate of one-month LIBOR plus a margin of 2.85%, payable quarterly in arrears on each repayment date. The SkyFunding II senior loans bear interest at a floating interest rate of one-month LIBOR plus a margin of 3.15%, payable quarterly in arrears on each repayment date. Both SkyFunding Limited and SkyFunding II Limited have fixed the debt on a number of aircraft, and have also entered into certain interest rate caps. Set forth below are the amounts of fixed and floating rate debt outstanding as of December 31, 2013: | |||||||||||
Amount outstanding | |||||||||||
31-Dec-13 | Interest rate | ||||||||||
(U.S. dollars in thousands) | |||||||||||
SkyFunding I | Floating rate tranche | $ | Three-month LIBOR plus 2.85% | ||||||||
175,774 | |||||||||||
Fixed rate tranche | 174,560 | 4.43% | |||||||||
SkyFunding II | Floating rate tranche | 184,362 | Three-month LIBOR plus 3.15% | ||||||||
Fixed rate tranche | 89,089 | 4.43% | |||||||||
Total | $ | ||||||||||
623,785 | |||||||||||
Prepayment. All borrowings under the SkyFunding facilities may be voluntarily prepaid, subject to minimum payment amounts and notice provisions, and subject to a prepayment fee of 2.00% of the amount prepaid if the voluntary prepayment is made before the first anniversary of the drawdown, a prepayment fee of 1.50% of the amount prepaid if the voluntary prepayment is made on or after the first and before the second anniversary of the drawdown and a prepayment fee of 1.00% of the amount prepaid if the voluntary prepayment is made on or after the second and before the third anniversary of the drawdown. There are no prepayment penalties for any voluntary prepayments made on or after the third anniversary of the drawdown. | |||||||||||
Mandatory prepayments of borrowings under the SkyFunding facilities are required under a number of circumstances, including: (a) upon the occurrence of a total loss with respect to a financed aircraft (in which case mandatory prepayment shall apply to such affected aircraft), (b) if, as a result of a change in law, any of the security documents ceases to be valid or enforceable, (c) in respect of any loan, any of the insurances relating to the applicable aircraft are not obtained or maintained in accordance with the requirements of the respective facility or such aircraft is operated in a place excluded from the insurance coverage (unless such aircraft is covered by contingent insurance policies taken out by the AerCap group) and (d) in respect of any loan, the borrower enters into a replacement lease in respect of the related aircraft which does not comply with the requirements of the respective facility. | |||||||||||
Maturity Date. We are obligated to repay principal over a ten year term from the initial drawdown date of each loan. | |||||||||||
Collateral. Borrowings under the SkyFunding facilities are secured by, among other things, mortgages on the aircraft, assignments of the respective borrower’s beneficial interest in the owner trust relating to each aircraft and the respective borrower’s and the relevant owner trustee's interests in the lease documentation relating to each aircraft. | |||||||||||
Certain Covenants. The facility contains customary covenants for secured financings, including general and operating covenants. | |||||||||||
As of December 31, 2013, we had financed 21 aircraft under the SkyFunding facilities. The net book value of aircraft pledged to lenders under the facility was $0.8 billion as of December 31, 2013. | |||||||||||
Senior unsecured notes due 2017 | |||||||||||
General. In May 2012, AerCap Aviation Solutions B.V. (“AerCap Aviation”), a 100%- owned finance subsidiary of AerCap Holdings N.V. (“AerCap”), issued $300.0 million of 6.375% senior unsecured notes due 2017 (the “AerCap Aviation Notes”). The AerCap Aviation Notes are fully and unconditionally guaranteed by AerCap Holding N.V. and AerCap Ireland Ltd. The AerCap Aviation Notes were issued at a price of 100%, plus accrued and unpaid interest, if any from and including May 22, 2012. AerCap Aviation subsequently lent the net proceeds from the offering to us to enable us to acquire, invest in, finance or refinance aircraft assets and for other general corporate purposes. | |||||||||||
Maturity Date. The final maturity date of the senior unsecured notes will be May 30, 2017. | |||||||||||
Collateral. None. | |||||||||||
Optional Redemption. We may redeem the notes, in whole or in part, at any time at a price equal to 100% of the aggregate principal amount of the notes plus the applicable “make whole” premium. The “make whole” premium is the excess of: | |||||||||||
-1 | the sum of the present value at such redemption date of all remaining scheduled payments of principal and interest on such note through the stated maturity date of the notes, discounted to the date of redemption using a discount rate equal to the Treasury Rate plus 50 basis points; over | ||||||||||
-2 | the principal amount of the notes to be redeemed. | ||||||||||
Certain Covenants. The AerCap Aviation Notes do not have any financial condition covenants that require AerCap Aviation to maintain compliance with any financial ratios or measurements on a periodic basis. The AerCap Aviation Notes do contain non-financial covenants that, among other things, limit our ability to incur additional indebtedness, enter into certain mergers or consolidations, incur certain liens and engage in certain transactions with our affiliates. In addition, the indenture governing the AerCap Aviation Notes (the “AerCap Aviation Indenture”) restricts our ability to pay dividends or make other Restricted Payments (as defined in the AerCap Aviation Indenture), subject to certain exceptions, unless certain conditions are met, including the following: | |||||||||||
(1) no default under the AerCap Aviation Indenture shall have occurred and be continuing; | |||||||||||
(2) we meet a financial ratio; and | |||||||||||
(3) the amount of distributions may not exceed a certain amount based on, among other things, our consolidated net income. | |||||||||||
Such restrictions are not expected to affect our ability to meet our cash obligations for the next 12 months.The AerCap Aviation Indenture does not restrict the ability of AerCap Aviation to pay dividends or provide loans to us. | |||||||||||
There are certain restrictions on the ability of AerCap and AerCap Aviation to obtain funds from its subsidiaries by dividend and loan. For example, the provisions of AerCap’s aircraft securitization vehicles, ALS II and Genesis Funding Limited, prohibit distributions on the subordinated notes issued pursuant to those facilities to AerCap until such time as the senior classes of notes issued pursuant to those facilities are repaid in full. | |||||||||||
Additionally, AerCap’s revolving warehouse credit facility with a syndicate of banks led by affiliates of UBS Real Estate Securities Inc., or the “warehouse facility,” permits limited distributions to AerCap by the relevant subsidiary borrower during the first two years provided specified principal payments are made. Furthermore, most of AerCap’s commercial bank loans and export credit facility financings restrict the payment of dividends in the event that the borrower is in default under the applicable loan, which can include the failure to meet financial ratios or tests. As a result, AerCap Aviation and AerCap’s ability to receive dividends and loans from its subsidiaries may be impacted by any event of default which restricts the ability of AerCap’s subsidiaries to distribute cash to AerCap as dividends and in the form of other distributions, including in the form of interest and principal payments and the return of subordinated investments. | |||||||||||
Unsecured revolving credit facilities | |||||||||||
General. | |||||||||||
Citi revolving credit facility: On November 9, 2012, we entered into a $285.0 million unsecured revolving credit facility, which was co-arranged by Citigroup Global Markets Inc., Crédit Agricole Corporate and Investment Bank and RBS Securities Inc. Crédit Agricole Corporate and Investment Bank and The Royal Bank of Scotland acted as syndication agents. Citibank, N.A. acts as administrative agent. The three-year credit facility may be used for our general corporate purposes. | |||||||||||
As of December 31, 2013, there were no loans outstanding under the facility and the undrawn commitment available for drawdown under the facility was increased to $290.0 million. | |||||||||||
All borrowings under the facility are subject to the satisfaction of customary conditions precedent. We have the right, no more than once a year, to increase the commitment amount by a minimum amount of $5.0 million or any multiple of $1.0 million in excess thereof, up to a maximum commitment amount of $385.0 million, provided that no default or mandatory prepayment event has occurred and is continuing. In addition, we have the right to terminate or cancel, in whole or in part, the unused portion of the commitment amount, provided that any partial reduction shall be in a minimum amount of $5.0 million or any multiple of $1.0 million in excess thereof. | |||||||||||
We are obligated to repay the outstanding principal amount of the loans on November 9, 2015. | |||||||||||
DBS revolving credit facility In October 2013, we entered into a $180.0 million unsecured revolving credit facility, with an accordion feature to permit other lenders to enter to a maximum of size of $250.0 million. DBS Bank is Lead Arranger and Facility Agent. The facility is a five year facility, split between a three year revolving period followed by a two year term loan, and may be used for general corporate purposes. | |||||||||||
As of December 31, 2013, there was $150.0 million outstanding under the facility and the undrawn commitment available for drawdown under the facility was $30.0 million. | |||||||||||
All borrowings under the facility are subject to the satisfaction of customary conditions precedent. We have the right, no more than once a year, to increase the commitment amount up to a maximum commitment amount of $250.0 million, provided that no default or mandatory prepayment event has occurred and is continuing. In addition, we have the right to terminate or cancel, in whole or in part, the unused portion of the commitment amount. | |||||||||||
The outstanding principal amount of the loan at the end of the revolving period will be amortized over the remaining two year term out period of the facility. One third of the balance is to be repaid on October 20, 2017, and the remaining two thirds on October 20, 2018. | |||||||||||
Unsecured AIG revolving credit facility | |||||||||||
General. On December 16, 2013, AerCap Ireland Capital Limited, one of our wholly-owned subsidiaries, entered into a $1.0 billion five-year senior unsecured revolving credit facility with American International Group, Inc. as lender and administrative agent. The facility is fully and unconditionally guaranteed by AerCap and AerCap Ireland Ltd. The facility may be used for our general corporate purposes. | |||||||||||
As of December 31, 2013, there were no loans outstanding under the facility. No drawdowns under the facility are permitted until we complete the ILFC Transaction, which we expect to close in the second quarter of 2014. | |||||||||||
All borrowings under the facility are subject to the satisfaction of customary conditions precedent. AerCap Ireland Capital Limited has the right to terminate or cancel, in whole or in part, the unused portion of the commitment amount, provided that any partial reduction shall be in a minimum amount of $5.0 million or any multiple of $1.0 million excess thereof. | |||||||||||
Interest Rate. The interest rate for borrowings under the facility is, at AerCap Ireland Capital Limited’s option, either (i) LIBOR plus 3.75% or (ii) 2.75% plus the greatest of (x) the U.S. federal funds rate plus 0.5%, (y) the rate of interest publicly announced from time to time by Citibank, N.A. as its “base rate” and (z) one-month LIBOR plus 1%. | |||||||||||
Certain Covenants. The facility contains covenants customary for unsecured financings, including financial covenants that require us to maintain compliance with a maximum ratio of consolidated indebtedness to shareholder’s equity, a minimum interest coverage ratio and a maximum ratio of unencumbered assets to consolidated unsecured financial indebtedness. The facility also contains covenants that, among other things, restrict, subject to certain exceptions, the ability of AerCap and its subsidiaries to sell assets, make certain restricted payments and incur certain liens. | |||||||||||
Maturity. The facility matures on the date that is the fifth anniversary of the date the facility becomes available for drawdowns. | |||||||||||
$2.75 Billion Unsecured bridge credit facility | |||||||||||
General. On December 16, 2013, AerCap Ireland Capital Limited, one of our wholly-owned subsidiaries, entered into a $2.75 billion 364-day senior unsecured bridge credit facility. The bridge credit facility is fully and unconditionally guaranteed by AerCap and AerCap Ireland Ltd.. The bridge credit facility is available to finance the ILFC Transaction. | |||||||||||
As of December 31, 2013, there were no loans outstanding under the bridge credit facility. In addition to the satisfaction of other customary conditions precedent, the availability of loans under the bridge credit facility is subject to the substantially concurrent consummation of the ILFC Transaction. | |||||||||||
Interest Rate and Duration Fees. The interest rate for borrowings under the bridge credit facility is, at AerCap Ireland Capital Limited’s option, either (i) adjusted LIBOR plus an applicable margin, or (ii) an alternative base rate, equal to the greatest of (x) the rate of interest publicly announced from time to time by UBS AG as its prime commercial lending rate, (y) the U.S. federal funds rate plus 0.5% and (z) one-month adjusted LIBOR plus 1%, in each case plus an applicable margin. The following table sets forth the applicable margin for the borrowings under the bridge credit facility during the periods specified | |||||||||||
Applicable Margin | |||||||||||
Borrowing Period | Libor Loans | Alternative Base Rate Loans | |||||||||
From initial funding to 89 days after initial funding | 1.75% | 0.750% | |||||||||
90 days after initial funding to 179 days after initial funding | 2.25% | 1.250% | |||||||||
180 days after initial funding to 269 days after initial funding | 2.63% | 1.625% | |||||||||
270 days after initial funding to maturity date | 3.13% | 2.125% | |||||||||
The interest rate spreads set forth in the table above for the period from the initial funding of the bridge credit facility through the 89th day thereafter will each increase by 25 basis points per annum if the ratings of our senior unsecured long-term debt by each of Standard & Poor’s Rating Services and Fitch Ratings, Inc. are not BB (stable or positive outlook) or better. | |||||||||||
If all loans under the bridge credit facility have not been prepaid in full prior to the applicable dates set forth below, duration fees will be payable under the bridge credit facility in the amounts of (i) 0.50% of the aggregate principal amount of the loans outstanding on the 90th day following the initial funding of the bridge credit facility, (ii) 0.75% of the aggregate principal amount of the loans outstanding on the 180th day following the initial funding of the bridge credit facility and (iii) 1.25% of the aggregate principal amount of the loans outstanding on the 270th day following the initial funding of the bridge credit facility. If a Demand Failure Event (as defined in the bridge credit agreement) occurs, all such duration fees will become immediately due and payable. | |||||||||||
Certain Covenants. The bridge credit facility does not have any financial covenants that require us to maintain compliance with any financial ratios or measurements on a periodic basis. The bridge credit facility does contain non-financial covenants that, among other things, limit our ability to incur additional indebtedness, enter into certain mergers or consolidations, incur certain liens and engage in certain transactions with our affiliates. In addition, the bridge credit facility restricts our ability to pay dividends or make other Restricted Payments (as defined in the bridge credit agreement), subject to certain exceptions, unless certain conditions are met, including the following: | |||||||||||
(1) no default under the bridge credit agreement shall have occurred and be continuing; | |||||||||||
(2) we meet a financial ratio; and | |||||||||||
(3) the amount of distributions may not exceed a certain amount based on, among other things, our consolidated net income. | |||||||||||
Such restrictions are not expected to affect our ability to meet our cash obligations for the next 12 months. | |||||||||||
Mandatory Prepayments. We are required to prepay the bridge credit facility and reduce commitments outstanding thereunder with the net cash proceeds of certain asset sales, certain issuances of debt, certain issuances of equity and upon the occurrence of a Change of Control Triggering Event (as defined in the bridge credit agreement). | |||||||||||
Maturity. The bridge credit facility matures on the date that is the 364th day after the initial funding of loans under the bridge credit facility. | |||||||||||
Boeing 737-800 pre-delivery payment facility | |||||||||||
General. In December 2010, we signed a purchase agreement to purchase up to fifteen (15) Boeing 737-800 aircraft, consisting of ten firm aircraft to be delivered in 2015 and five purchase rights. | |||||||||||
Under the purchase agreement, we agreed to make scheduled pre-delivery payments to Boeing prior to the physical delivery of each aircraft. In connection with the scheduled delivery of the ten firm aircraft, we entered into a facility in December 2012 with DBS Bank Ltd, as lender, to finance up to $200.3 million of the pre-delivery payments to Boeing. | |||||||||||
As of December 31, 2013, we had $47.5 million loans outstanding under the facility and the undrawn commitment available for drawdown under the facility was $152.9 million. | |||||||||||
We must repay the lender(s) for the amounts drawn for the pre-delivery payment for each aircraft at the delivery date of that aircraft or, if the aircraft is not delivered on the scheduled delivery date, within nine months of the scheduled delivery date. | |||||||||||
The maturity date for each advance will be the earlier of (a) the delivery date for each aircraft to be delivered and (b), the date falling nine months after the scheduled delivery date for each aircraft. The last aircraft is scheduled for delivery in November 2015. | |||||||||||
Borrowings under the facility are secured by, among other things, the partial assignment of the airframe and engine purchase agreements in respect of the aircraft, including the right to take delivery of the aircraft where the lender(s) have provided the pre-delivery payments and the aircraft remains undelivered. | |||||||||||
Subordinated debt joint venture partners | |||||||||||
General. In 2008 and 2010, AerCap and our joint venture partners each subscribed a total of $64.3 million of subordinated loan notes bearing fixed rates of between 15% and 20%. The subordinated debt held by AerCap is eliminated in consolidation of the joint ventures. The subordinated loan notes are fully subordinated in all respects including in priority of payment to, amongst other debts of the joint ventures, the senior facility. As is the case in respect of the senior facility, the obligation of the joint ventures to make payments in respect of the subordinated loan notes is limited in recourse to certain amounts actually received by the joint ventures. In June 2013, we entered into amendments in respect of the 2008 joint venture subordinated debt reducing the interest rate from 20% to 0% effective from January 1, 2013. | |||||||||||
Interest Rate. Interest accrues on the subordinated loan notes at a rate of 15% per annum in the case of the 2010 joint venture, and 0% in the case of the 2008 joint venture, effective as of January 1, 2013 as described above. Subject to certain exceptions on AerCap subordinated loan notes, interest is payable quarterly in arrears on the tenth business day after March 31, June 30, September 30 and December 31. Where (i) the amount which, pursuant to the terms of the senior facility, is available to the joint ventures to make payments in respect of, amongst other things, the subordinated loan notes is insufficient to meet the interest payments or (ii) the terms of the senior facility prohibit the payment in full of interest on the relevant payment date, then the joint venture partners must pay the maximum amount of interest that can properly be paid to the note holders on the relevant interest payment date and the unpaid interest carries interest at a rate of 19.5% per annum until paid. | |||||||||||
Voluntary Redemption. Subject to certain conditions, including (while the senior facility security remains outstanding) the consent of the collateral trustee, the joint venture partners may at any time redeem all or any of the outstanding subordinated loan notes. | |||||||||||
Collateral. The collateral granted in respect of the senior facility also secures the debt constituted by the subordinated loan notes. However, the rights of the holders of subordinated loan notes in respect of this security are subordinated to the rights of the senior facility lenders, amongst others. | |||||||||||
As of December 31, 2013, the total of subordinated debt in joint ventures amounted to $64.3 million. | |||||||||||
Other | |||||||||||
We have entered into various other commercial bank financings to fund the purchase of aircraft and for general corporate purposes in respect of which the aggregate principal outstanding as of December 31, 2013 was $1.5 billion. These financings include: | |||||||||||
Amount outstanding | Amount outstanding | ||||||||||
December 31, 2012 | December 31, 2013 | ||||||||||
(U.S. dollars in thousands) | (U.S. dollars in thousands) | ||||||||||
Secured | |||||||||||
Secured aircraft transactions (1) | $ | 1,110,202 | $ | 1,327,987 | |||||||
Japanese operating lease | 68,967 | 62,534 | |||||||||
$ | 1,179,169 | $ | 1,390,521 | ||||||||
Unsecured | |||||||||||
ALS Coupon Liability (2) | $ | 96,070 | $ | 71,131 | |||||||
Subordinated debt facilities | 72,000 | 30,000 | |||||||||
Other financings | 61,143 | 21,973 | |||||||||
$ | 229,213 | $ | 123,104 | ||||||||
-1 | Secured aircraft transactions comprise financing transactions for portfolios and single aircraft. These financings are secured by 58 aircraft and seven engines. The net book value of the aircraft pledged was $2.0 billion at December 31, 2013. | ||||||||||
-2 | In 2012 we obtained the ALS Coupon Liability as part of the ALS transaction, with an effective interest of 5.5% per year. The repayments of the ALS Coupon Liability are equal to a specified amount of $2.5 million until the earlier of December 2016 or the month in which the senior securities issued by ALS, the G-Notes, are fully repaid. For further details refer to the ALS Transaction as described in Note 1. | ||||||||||
The financings mature at various dates through 2023. The interest rates are based on fixed or floating U.S. dollar LIBOR rates, with spreads on the floating rate transactions ranging up between 0.24% and 6.00% or fixed rate between 2.80% and 7.28%. The majority of the financings are secured by, among other things, a pledge of the shares of the subsidiaries owning the related aircraft, a guarantee from us and, in certain cases, a mortgage on the applicable aircraft. All of our financings contain affirmative covenants customary for secured financings. | |||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||||
Income Taxes | ' | ||||||||||||||
14. Income taxes | |||||||||||||||
Our subsidiaries are subject to taxation in a number of tax jurisdictions, principally, The Netherlands, Ireland, the United States of America and Sweden. Income tax expense (benefit) by tax jurisdiction is summarized below for the periods indicated. | |||||||||||||||
Year ended December 31, | |||||||||||||||
2011 | 2012 | 2013 | |||||||||||||
Deferred tax expense (benefit) | |||||||||||||||
The Netherlands | $ | 4,322 | $ | 1,952 | $ | 686 | |||||||||
Ireland | 6,668 | 3,685 | 17,158 | ||||||||||||
United States of America | 4,317 | 2,022 | 3,686 | ||||||||||||
Sweden | 633 | -789 | -344 | ||||||||||||
15,940 | 6,870 | 21,186 | |||||||||||||
Current tax expense (benefit) | |||||||||||||||
United States of America | -1,730 | - | - | ||||||||||||
The Netherlands | 1,250 | 1,197 | 4,840 | ||||||||||||
-480 | 1,197 | 4,840 | |||||||||||||
Income tax expense | $ | 15,460 | $ | 8,067 | $ | 26,026 | |||||||||
Reconciliation of statutory income tax expense to actual income tax expense is as follows: | |||||||||||||||
Year ended December 31, | |||||||||||||||
2011 | 2012 | 2013 | |||||||||||||
Income tax expense at statutory income tax rate | $ | $ | $ | ||||||||||||
57,513 | 38,719 | 77,698 | |||||||||||||
Valuation allowance (1) | 9,661 | - | - | ||||||||||||
Income arising from non-taxable items (permanent differences) (2) | -8,089 | -58,604 | -128 | ||||||||||||
Tax on global activities | -43,625 | 27,952 | -51,544 | ||||||||||||
-42,053 | -30,652 | -51,672 | |||||||||||||
Actual income tax expense | $ | $ | $ | ||||||||||||
15,460 | 8,067 | 26,026 | |||||||||||||
(1)Valuation allowance in 2011 related to losses and credit forwards in our Dutch tax jurisdiction. | |||||||||||||||
(2)Relates to non-taxable income arising from aircraft with a higher tax basis in general. The 2012 non- taxable income also included an imputed gain for tax purposes that offsets all remaining taxable losses for the period 2006 through 2012 in The Netherlands. This offset of the taxable losses was already foreseen in the Dutch tax filing position and included in the valuation allowance of previous years. The imputed gain results from a revaluation of the tax asset base as well as the retrospective revisions of certain intercompany obligations between the Netherlands and Isle of Man jurisdictions. | |||||||||||||||
The following tables summarize our global tax activities into each specific tax jurisdiction for each of the years presented: | |||||||||||||||
Year ended December 31, 2011 | |||||||||||||||
Pre-tax income (loss) | Local statutory tax rate (1) | Variance to Dutch statutory tax rate of 25.0% | Tax variance as a result of global activities (2) | ||||||||||||
Tax jurisdiction | |||||||||||||||
The Netherlands | $ | -33,149 | 25.0 | % | 0.0 | % | $ | - | |||||||
Ireland | 91,973 | 12.5 | % | -12.5 | % | -11,497 | |||||||||
United States of America | 5,204 | 37.6 | % | 12.6 | % | 656 | |||||||||
Sweden | 3,384 | 18.6 | % | -6.4 | % | -213 | |||||||||
Isle of Man | 130,284 | 0.0 | % | -25 | % | -32,571 | |||||||||
$ | 197,696 | $ | -43,625 | ||||||||||||
Income arising from non-taxable items | 32,355 | ||||||||||||||
Income from continuing operations | $ | 230,051 | |||||||||||||
before income tax | |||||||||||||||
Year ended December 31, 2012 | |||||||||||||||
Pre-tax income (loss) | Local statutory tax rate (1) | Variance to Dutch statutory tax rate of 25.0% | Tax variance as a result of global activities (2) | ||||||||||||
Tax jurisdiction | |||||||||||||||
The Netherlands | $ | 12,596 | 25.0 | % | 0.0 | % | $ | - | |||||||
Ireland | 29,486 | 12.5 | % | -12.5 | % | -3,686 | |||||||||
United States of America | 5,586 | 36.2 | % | 11.2 | % | 626 | |||||||||
Sweden | -4,220 | 18.6 | % | -6.4 | % | 266 | |||||||||
Isle of Man | -122,983 | 0.0 | % | -25 | % | 30,746 | |||||||||
$ | -79,535 | $ | 27,952 | ||||||||||||
Income arising from non-taxable items (3) | 234,414 | ||||||||||||||
Income from continuing operations | $ | 154,879 | |||||||||||||
before income tax | |||||||||||||||
Year ended December 31, 2013 | |||||||||||||||
Pre-tax income (loss) | Local statutory tax rate (1) | Variance to Dutch statutory tax rate of 25.0% | Tax variance as a result of global activities (2) | ||||||||||||
Tax jurisdiction | |||||||||||||||
The Netherlands | $ | 22,106 | 25.0 | % | 0.0 | % | $ | - | |||||||
Ireland | 135,424 | 12.5 | % | -12.5 | % | -16,928 | |||||||||
United States of America | 10,354 | 35.6 | % | 10.6 | % | 1,098 | |||||||||
Sweden | -1,848 | 18.6 | % | -6.4 | % | 118 | |||||||||
Isle of Man | 143,327 | 0.0 | % | -25 | % | -35,832 | |||||||||
$ | 309,363 | $ | -51,544 | ||||||||||||
Income arising from non-taxable items | 1,428 | ||||||||||||||
Income from continuing operations | $ | 310,791 | |||||||||||||
before income tax | |||||||||||||||
(1)The local statutory income tax expense for our significant tax jurisdictions (The Netherlands, Ireland and Isle of Man) does not differ from the actual income tax expense. | |||||||||||||||
(2)The tax variance as a result of global activities is mainly caused by our operations in countries with a lower statutory tax rate than the statutory tax rate in The Netherlands. | |||||||||||||||
(3)The 2012 non- taxable income included an imputed gain for tax purposes that offsets all remaining taxable losses for the period 2006 through 2012 in The Netherlands. This offset of the taxable losses was already foreseen in the Dutch filing position and included in the valuation allowance of previous years. The imputed gain results from a revaluation of the tax asset base as well as the retrospective revisions of certain intercompany obligations between the Netherlands and Isle of Man jurisdictions. | |||||||||||||||
The calculation of income for tax purposes differs significantly from book income. Deferred income tax is provided to reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and such amounts as measured under tax law in the various jurisdictions. Tax loss carry forwards and accelerated tax depreciation on flight equipment held for operating leases give rise to the most significant timing differences. | |||||||||||||||
The following tables describe the principal components of our deferred tax assets and (liabilities) by jurisdiction at December 31, 2012 and 2013. | |||||||||||||||
December 31, 2012 | |||||||||||||||
The | Ireland | U.S. | Sweden | Total | |||||||||||
Netherlands | |||||||||||||||
Depreciation/Impairment | $ | 15,142 | $ | -212,706 | $ | - | $ | - | $ | -197,564 | |||||
Debt | - | -13,807 | - | - | -13,807 | ||||||||||
Intangibles | - | -1,564 | - | - | -1,564 | ||||||||||
Interest expense | - | - | 7,401 | - | 7,401 | ||||||||||
Accrued maintenance liability | - | 5,265 | - | - | 5,265 | ||||||||||
Obligations under capital leases and debt obligations | - | 8,493 | - | - | 8,493 | ||||||||||
Investments | - | 2,500 | - | - | 2,500 | ||||||||||
Losses and credits forward | - | 254,477 | 6,894 | 8,050 | 269,421 | ||||||||||
Other | 2,492 | -3,945 | 1,034 | - | -419 | ||||||||||
Net deferred tax asset | $ | 17,634 | $ | 38,713 | $ | 15,329 | $ | 8,050 | $ | 79,726 | |||||
December 31, 2013 | |||||||||||||||
The | Ireland | U.S. | Sweden | Total | |||||||||||
Netherlands | |||||||||||||||
Depreciation/Impairment | $ | 13,994 | $ | -286,027 | $ | -36 | $ | - | $ | -272,069 | |||||
Debt | - | -11,580 | - | - | -11,580 | ||||||||||
Intangibles | - | -838 | - | - | -838 | ||||||||||
Interest expense | - | - | 7,147 | - | 7,147 | ||||||||||
Accrued maintenance liability | - | 3,729 | - | - | 3,729 | ||||||||||
Obligations under capital leases and debt obligations | - | 1,170 | - | - | 1,170 | ||||||||||
Investments | - | 2,500 | -2,128 | - | 372 | ||||||||||
Losses and credits forward | - | 308,696 | 6,941 | 8,394 | 324,031 | ||||||||||
Other | 3,705 | 4,110 | 44 | - | 7,859 | ||||||||||
Net deferred tax asset | $ | 17,699 | $ | 21,760 | $ | 11,968 | $ | 8,394 | $ | 59,821 | |||||
The net deferred tax asset as of December 31, 2013, of $59.8 million is recognized in the Consolidated Balance Sheet as a deferred income tax asset of $121.7 million and as a deferred income tax liability of $61.8 million. The net deferred tax asset as of December 31, 2012, of $79.7 million is recognized in the Consolidated Balance Sheet as a deferred income tax asset of $131.3 million and as a deferred income tax liability of $51.6 million. | |||||||||||||||
The change in the valuation allowance for the deferred tax asset has been as follows: | |||||||||||||||
Year ended December 31, | |||||||||||||||
2011 | 2012 | 2013 | |||||||||||||
Valuation allowance at beginning of period | $ | 44,696 | $ | 54,357 | $ | - | |||||||||
Increase (decrease) of allowance to income tax provision | 9,661 | -54,357 | - | ||||||||||||
Valuation allowance at end of period | $ | 54,357 | $ | - | $ | - | |||||||||
Valuation allowance in prior years related to losses and credit forwards in our Dutch tax jurisdiction, the cumulative amount of which was cancelled at the end of 2012. | |||||||||||||||
We did not have any unrecognized tax benefits as of December 31, 2011, 2012 and 2013. | |||||||||||||||
Our primary tax jurisdictions are the Netherlands, United States, Ireland and Sweden. Our tax returns in The Netherlands are open for examination from 2008 forward, in Ireland from 2009 forward, in Sweden from 2008 forward and in the United States from 2010 forward. None of our tax returns are currently subject to examination. | |||||||||||||||
Our policy is that we recognize accrued interest on the underpayment of income taxes as a component of interest expense and penalties associated with tax liabilities as a component of income tax expense. | |||||||||||||||
The Netherlands | |||||||||||||||
The majority of our Netherlands subsidiaries are part of a single Netherlands fiscal unity and are included in a consolidated tax filing. Due to the existence of interest bearing intercompany liabilities with different jurisdictions, current tax expenses are limited with respect to the Netherlands subsidiaries. Deferred income tax is calculated using the Netherlands corporate income tax rate (25.0%). We expect to recover the full value of our Dutch tax assets and have not recognized a valuation allowance against such assets as of December 31, 2013. | |||||||||||||||
Ireland | |||||||||||||||
Since 2006, the enacted Irish tax rate is 12.5%. Our principal Irish tax-resident operating subsidiary has significant losses carry forward at December 31, 2013 which give rise to deferred tax assets. The availability of these losses does not expire with time. In addition, the vast majority of all of our Irish tax-resident subsidiaries are entitled to accelerated aircraft depreciation for tax purposes and shelter net taxable income with the surrender of losses on a current year basis within the Irish tax group. Accordingly, no Irish tax charge arose during the year. Based on projected taxable profits in our Irish subsidiaries, including our principal Irish tax-resident operating subsidiary where we hold significant Irish tax losses, we expect to recover the full value of our Irish tax assets and have not recognized a valuation allowance against such assets as of December 31, 2013. | |||||||||||||||
United States of America | |||||||||||||||
Our U.S. subsidiaries are assessable to federal and state U.S. taxes. Beginning with the tax year ending December 31, 2006, we filed a consolidated federal income tax return in the U.S. which includes the accounts of AeroTurbine until the date the shares of AeroTurbine were sold (October 7, 2011). The blended federal and state tax rate applicable to our consolidated U.S. group is 35.6% for the year ended December 31, 2013. Due to the existence of tax losses, which expire over time, no current tax expense arose in the U.S. in 2013. Based on projected taxable profits in our U.S. subsidiaries, we expect to recover the full value of our U.S. tax asset and have not recognized a valuation allowance against such assets as of December 31, 2013. | |||||||||||||||
Sweden | |||||||||||||||
The Swedish entity has significant losses carry forward at December 31, 2013, which give rise to deferred tax assets. The availability of these losses does not expire with time. Accordingly, no Swedish current tax charge arose during the year. Based on projected taxable profits in our Swedish subsidiaries we expect to recover the full value of our Swedish tax assets and have not recognized a valuation allowance as of December 31, 2013. | |||||||||||||||
Share_Capital
Share Capital | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Share Capital [Abstract] | ' | ||||||||
Share Capital | ' | ||||||||
15. Share capital | |||||||||
During 2011 and 2012 the Company executed a share repurchase program. During 2011, we acquired 9,402,663 ordinary shares for a consideration of $100 million, with an average share price of $10.64. During 2012 we acquired a total number of 26,535,939 ordinary shares for a consideration of $320 million with an average share price of $12.06. All repurchased shares have been cancelled by the Board of Directors in accordance with the authorizations obtained from the Company’s shareholders. | |||||||||
As of December 31, 2013, our authorized share capital consists of 250,000,000 ordinary shares with a par value of €0.01. Our outstanding ordinary share capital as per December 31, 2013, included 113,783,799 ordinary shares. | |||||||||
The changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2013 are: | |||||||||
Net change in fair value of derivatives | Net change in fair value of pension obligations | Total | |||||||
(U.S. dollars in thousands) | |||||||||
Beginning balance | $ | -9,873 | $ | -4,528 | $ | -14,401 | |||
Current-period other comprehensive income (loss) | 4,975 | -464 | 4,511 | ||||||
Ending balance | $ | -4,898 | $ | -4,992 | $ | -9,890 | |||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Share-Based Compensation [Abstract] | ' | |||
Share-Based Compensation | ' | |||
16. Share‑based compensation | ||||
Cerberus Funds Equity Grants | ||||
Effective June 30, 2005, companies controlled by Cerberus (“Cerberus Funds”) which, at the time, indirectly owned 100% of our equity interests put into place an Equity Incentive Plan (“Cerberus Funds Equity Plan”) under which members of our senior management, Board of Directors and an employee of Cerberus (the “participants”) were granted certain direct or indirect rights (share options) to the Company’s shares held by the Cerberus Funds. | ||||
A summary of activity during the year ended December 31, 2013 is set forth below. | ||||
Number of Options | ||||
Beginning outstanding January 1, 2013 | 110,768 | |||
Exercised | -83,034 | |||
Ending outstanding December 31, 2013 | 27,734 | |||
There are no remaining share options which are still subject to future vesting criteria. | ||||
AerCap Holdings NV Equity Grants | ||||
In October 2006, we implemented an equity incentive plan that is designed to promote our interests by enabling us to attract, retain and motivate directors, employees, consultants and advisors and align their interests with ours (“Equity Incentive Plan 2006”). The Equity Incentive Plan 2006 provides for the grant of nonqualified share options, incentive share options, share appreciation rights, restricted shares, restricted share units and other share awards (“NV Equity Grants”) to participants of the plan selected by the Nomination and Compensation Committee of our Board of Directors. Subject to certain adjustments, the maximum number of equity awards available to be granted under the plan is equivalent to 4,251,848 Company’s shares. | ||||
In March 2012, we implemented an additional equity incentive plan (“Equity Incentive Plan 2012”) that is designed to promote our interests by enabling us to attract, retain and motivate employees, consultants and advisors, or those who may become employees, consultants or advisors, and align their interests with ours. The Equity Incentive Plan 2012 provides for the grant of stock options, nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights and other stock awards to participants of the plan selected by the Nomination and Compensation Committee of our Board of Directors. Subject to certain adjustments, the maximum number of equity awards available to be granted under the plan is equivalent to 2,000,000 of our shares. Unlike the Equity Incentive Plan 2006, the Equity Incentive Plan 2012 is not open for equity awards to our Directors. | ||||
The terms and conditions, including the vesting conditions, of the equity awards granted under the Company’s equity incentive plans, are determined by the Nomination and Compensation Committee and, for our Directors, by the Board of Directors in line with the remuneration policy approved by the General Meeting of Shareholders. Equity awards granted to our officers are partly subject to long term performance-based vesting criteria with challenging targets in order to promote and encourage superior performance over a prolonged period of time. Some of our officers receive annual equity awards as part of their compensation package. Annual equity awards are granted in arrears and the number of granted awards is dependent on the performance of the Company and the individual involved during the previous financial year, to ensure that the Company retains and motivates its senior staff. The annual equity awards have a three year time-based vesting period, subject to limited exceptions. Equity awards to our other employees (below officer level) are, at a minimum, subject to time based vesting criteria. | ||||
In 2013, a total of 302,433 restricted share units and 220,000 restricted shares were granted under the Equity Incentive Plans, of which 139,920 restricted shares were issued with the remaining restricted shares being withheld and applied to pay the wage taxes involved. During the same period, 200,000 share options, which were previously granted under the Equity Incentive Plans, were exercised. In connection with the exercise of the share options, the Company issued, in full satisfaction of its obligations, 107,353 ordinary shares to the holder of these share options. During the same period, 200,000 restricted share units, which were previously granted under the Equity Incentive Plans, vested. In connection with the vesting of the restricted share units, the Company issued, in full satisfaction of its obligations, 109,834 ordinary shares to the holder of these restricted share units. | ||||
At December 31, 2013, a total of 1,162,500 share options were outstanding at an exercise price of $24.63 per share, 350,000 share options were outstanding at an exercise price of $2.95 per share, 21,287 share options outstanding at an exercise price of $14.12 per share, 23,662 share options outstanding at an exercise price of $11.29 per share and 19,833 share options outstanding at an exercise price of $13.72 per share. At December 31, 2013, 1,512,500 outstanding options were vested (excluding 131,475 remaining AER options rolled-over from Genesis) and 64,782 options were subject to future vesting criteria. At December 31, 2013, a total of 2,502,661 restricted share units and 139,920 restricted shares were outstanding and were all subject to future time and/or performance-based vesting criteria or restrictions, as applicable. | ||||
Following is a summary of option issuances to-date under the Equity Incentive Plan 2006 (no options were granted under the Equity Incentive Plan 2012): | ||||
Number of Options | Weighted Average Exercise Price | |||
Options outstanding at January 1, 2013 (1) | 2,077,036 | NA | ||
Forfeitures | - | NA | ||
Options exercised during year (2) | -368,279 | 26.57 | ||
Options issued during year | - | NA | ||
Options outstanding at December 31, 2013 | 1,708,757 | NA | ||
-1 | Including 299,754 AER options granted to former Genesis directors and employees at the closing of the amalgamation with Genesis on March 25, 2010; these options were issued pursuant to a separate board resolution, so not under any of AerCap Equity Incentive Plans. | |||
-2 | Including 168,279 AER options granted to former Genesis directors and employees; refer to footnote 1. | |||
The weighted average remaining contractual term of the 1.7 million options outstanding at December 31, 2013 is 4.1 years. The weighted average grant date fair value for options issued in 2008 is $1.52 per option. There were no options granted subsequent to 2008. Total share-based compensation recognized for the above options was $1,431, nil and nil for the years ending December 31, 2011, 2012 and 2013, respectively. As of December 31, 2011, we have completely recognized the share‑based compensation expenses related to NV Equity Grants. There are no remaining share options which are still subject to future vesting criteria. | ||||
In February 2014, the General Meeting of Shareholders approved a new equity incentive plan for the directors, officers and employees of the Company (the " Equity Incentive Plan 2014") with a capacity of 4,500,000 shares, as replacement for the Equity Incentive Plan 2006, subject to and with effect from the closing effective time of the ILFC Transaction. The purpose of the Equity Incentive Plan 2014 is to retain senior management to successfully implement the ILFC Transaction and for general compensation and retention purposes in the years ahead. The terms and conditions of the Equity Incentive Plan 2014 are substantially the same as those of the Equity Incentive Plan 2006. | ||||
Assuming that established performance criteria are met and that no forfeitures occur, we expect to recognize share‑based compensation related to AerCap Holdings N.V. restricted share units of approximately $9.5 million during 2014, $5.6 million in 2015, $2.1 million in 2016 and $0.6 million in 2017. | ||||
Pension_Plans
Pension Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension Plans | ' |
17. Pension plans | |
We operate defined benefit plans and a defined contribution pension plan for our employees. These plans do not have a material impact on our Consolidated Balance Sheets and Consolidated Income Statements. | |
Defined benefit plans: | |
We provide an insured defined benefit pension plan covering our Dutch employees ("Dutch Plan") based on years of service and career average pay. The Dutch plan is funded through a guaranteed insurance contract, and we determine the funded status of this plan with the assistance of an actuary. In the year ended December 31, 2013 we recognized a $0.3 million, net of tax, actuarial loss in Accumulated Other Comprehensive Income. Based on ASC 715, this was calculated assuming a discount rate of 4.0% (2012: 4.0% ), and various assumptions regarding the future funding and pay out. At December 31, 2013, we recorded a liability in Accrued expenses and other liabilities of $4.6 million which covers our projected benefit obligation exceeding the plan assets. | |
We provide a defined benefit pension plan covering some of our Irish employees ("Irish Plan") based on years of service and final pensionable pay. The Irish plan is funded through contributions by the Company and invested in trustee administered funds, which was closed to new participants, as of June 30, 2009, but will continue to accrue benefits for existing participants. We determine the funded status of this plan with the assistance of an actuary. In the year ended December 31, 2013 we recognized a $0.2 million, net of tax, actuarial loss in Accumulated Other Comprehensive Income. Based on ASC 715, this was calculated assuming a discount rate of 3.9% (2012: 4.2%), and various assumptions regarding the future funding and pay out. At December 31, 2013, we recorded a liability in Accrued expenses and other liabilities of $3.3 million which covers our projected benefit obligation exceeding the plan assets. | |
Defined contribution plan: | |
We provide a defined contribution pension plan for the Irish employees that are not covered by the defined benefit plan. In the year ended December 31, 2013 we contributed $0.2 million (2012: $0.2 million). No amounts were outstanding in respect of pension contributions at December 31, 2013. | |
Segment_Information
Segment Information | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Segment Information [Abstract] | ' | ||||||||
Segment Information | ' | ||||||||
18. Segment information | |||||||||
Reportable Segments | |||||||||
We manage our business, analyze and report our results of operations on the basis of one business segment—leasing, financing, sales and management of commercial aircraft and engines. | |||||||||
The following table sets forth the percentage of lease revenue attributable to individual countries representing at least 10% of total lease revenue in any year based on each airline’s principal place of business for the years indicated: | |||||||||
2011 | 2012 | 2013 | |||||||
United States of America | 8.8 | % | 12.1 | % | 17.3 | % | |||
Russia | 10.3 | % | 9.4 | % | 9.6 | % | |||
The following table sets forth the percentage of long-lived assets attributable to individual countries representing at least 10% of total long-lived assets in 2013 based on each airline’s principal place of business for the years indicated: | |||||||||
2012 | 2013 | ||||||||
United States of America | 16.6 | % | 22.2 | % | |||||
Russia | 11.4 | % | 10.4 | % | |||||
We lease and sell aircraft to airlines and others throughout the world and our trade and notes receivables are from entities located throughout the world. We generally obtain deposits on leases and obtain collateral in flight equipment on notes receivable. During the year ended December 31, 2013 we had one lessee, American Airlines, that represented 10.9% of total lease revenue. During the years ended December 31, 2012 and 2011 we had no lessees that represented more than 10 % of total lease revenue. | |||||||||
During the years ended December 31, 2011, 2012 and 2013, no lease revenue and no long-lived assets were attributable to The Netherlands, our country of domicile. | |||||||||
Selling_General_And_Administra
Selling, General And Administrative Expenses | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Selling, General And Administrative Expenses [Abstract] | ' | ||||||||
Selling, General And Administrative Expenses | ' | ||||||||
19. Selling, general and administrative expenses | |||||||||
We had 153, 159 and 163 persons in employment as of December 31, 2011, 2012 and 2013, respectively. Selling, general and administrative expenses include the following expenses: | |||||||||
Year ended December 31, | |||||||||
2011 | 2012 | 2013 | |||||||
Personnel expenses (1) (3) | $ | 52,262 | $ | 44,645 | $ | 55,654 | |||
Travel expenses | 5,862 | 7,098 | 6,728 | ||||||
Professional services | 13,159 | 17,906 | 13,253 | ||||||
Office expenses | 3,943 | 3,506 | 3,443 | ||||||
Directors expenses | 5,582 | 4,786 | 3,393 | ||||||
Aircraft management fee (2) | 26,841 | 641 | -477 | ||||||
Mark-to-market on derivative instruments and | 2,811 | -2,914 | 115 | ||||||
foreign currency results | |||||||||
Other expenses | 10,286 | 7,741 | 6,970 | ||||||
$ | 120,746 | $ | 83,409 | $ | 89,079 | ||||
(1)Includes share-based compensation of $6,159, $7,128 and $9,292 in the years ended December 31, 2011, 2012 and | |||||||||
2013, respectively. | |||||||||
(2)Includes a charge of $24,500 relating to the buy-out of the Genesis portfolio servicing rights in the year ended December 31, 2011. | |||||||||
(3)Includes termination and severance payments of $5,151 in the year ended December 31, 2011. | |||||||||
Asset_Impairment
Asset Impairment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Asset Impairment [Abstract] | ' | ||||||||
Asset Impairment | ' | ||||||||
20. Asset impairment | |||||||||
Asset impairment includes the following expenses: | |||||||||
2011 | 2012 | 2013 | |||||||
Flight equipment (Note 5) | $ | 23,323 | $ | 12,625 | $ | 25,616 | |||
Discontinued operations | -8,902 | - | - | ||||||
Notes receivable (Note 6) | - | - | 539 | ||||||
Intangible lease premium (Note 9) | 1,173 | - | - | ||||||
$ | 15,594 | $ | 12,625 | $ | 26,155 | ||||
Our long-lived assets, include: flight equipment, inventory and finite-lived intangible assets. We test long-lived assets for impairment whenever events or changes in circumstances indicate that the assets’ carrying amount is not recoverable from its undiscounted cash flows. | |||||||||
We performed an impairment analysis of our long-lived assets during the year 2013 and as of December 31, 2013. In this impairment analysis, we focused on aircraft older than 15 years, since the cash flows supporting our carrying values of those aircraft are more dependent upon current lease contracts, which leases are more sensitive. In addition, we believe that residual values of older aircraft are more exposed to non-recoverable declines in value in the current economic environment. If conditions again worsen significant uncertainties may cause a potential adverse impact on our business. In particular, our estimates and assumptions regarding forecasted cash flows from our long-lived assets would need to be reassessed. This includes the duration of the economic downturn along with the timing and strength of the pending recovery, both of which are important variables for purposes of our long-lived asset impairment tests. Any of our assumptions may prove to be inaccurate which could adversely impact forecasted cash flows of certain long-lived assets, especially for aircraft older than 15 years. | |||||||||
In the year ended December 31, 2013, we recognized an impairment charge of $26.2 million in income from continuing operations. The impairment recognized related to two older A319 aircraft, two Boeing 737-700 and two older Boeing 747 freighters. The impairment on the Boeing 737-700 aircraft was triggered by the release of $9.9 million of maintenance reserve upon redelivery and the impairment of the two Boeing 747 freighters was triggered by $17.7 million end-of-lease payments upon redeliveries. The impairment on the two older A319 aircraft was the result of our annual assessment whereby we concluded that the net book values were no longer supportable based on the latest cash flow estimates including residual value proceeds. Also a note receivable for an aircraft which has been sold last year has been impaired. | |||||||||
As of December 31, 2013, we owned 236 aircraft, 13 of which were older than 15 years. These 13 aircraft had a net book value of $206.8 million which represented 2.6% of our total flight equipment held for operating lease. The undiscounted cash flows of the 13 aircraft older than 15 years were estimated at $234.6 million, which represents 13.5% excess above net book value. After the impairments earlier in the year as of December 31, 2013 all 13 aircraft passed the recoverability test, including two aircraft that were impaired after the leases were terminated following a contractual redelivery during the year. The 13 aircraft passed the recoverability test with undiscounted cash flows exceeding the carrying value of aircraft between 1% and 90%. The following assumptions drive the undiscounted cash flows: contracted lease rents per aircraft through current lease expiry, subsequent re-lease rates based on current marketing information and residual values based on current market transactions. We review and stress test our key assumptions to reflect any observed weakness in the global economic environment. Further deterioration of the global economic environment and a further decrease of aircraft values might have a negative effect on the undiscounted cash flows of older aircraft and might trigger further impairments. | |||||||||
We have nine aircraft whose undiscounted cash flows do not substantially exceed their carrying value as of December 31, 2013. We have defined 10% as substantial. The aggregated carrying value of the nine aircraft on December 31, 2013, amounted to $257.2 million, and their aggregated net book value was $261.8 million, which represented 3.2% of our total flight equipment held for operating lease. | |||||||||
There can be no assurance that the Company’s estimates and assumptions regarding the economic environment, or the period or strength of recovery, made for purposes of the long-lived asset impairment tests will prove to be accurate predictions of the future. A deterioration in the global economic environment and a decrease of appraised values will have a negative effect on the undiscounted cash flow, which might then trigger impairment on some of the 13 aircraft which are older than 15 years or other aircraft in our portfolio. | |||||||||
Earnings_Per_Ordinary_Share
Earnings Per Ordinary Share | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Ordinary Share [Abstract] | ' | ||||||||
Earnings Per Ordinary Share | ' | ||||||||
21. Earnings per ordinary share | |||||||||
Basic earnings per share (EPS) is calculated by dividing net income by the weighted average of our ordinary shares outstanding. For the calculation of diluted EPS, net income attributable to common stockholders for basic EPS is adjusted by the effect of dilutive securities, including awards under our equity compensation plans. The number of shares excluded from diluted shares outstanding were 1.3 million, 1.5 million and 1.6 million for the years ended December 31, 2013, 2012 and 2011, respectively, because the effect of including those shares in the calculation would have been anti-dilutive. The computations of basic and diluted earnings per ordinary share for the periods indicated below are shown in the following table: | |||||||||
Year ended | Year ended | Year ended | |||||||
December 31, 2011 | December 31, 2012 | December 31, 2013 | |||||||
Net income for the computation of basic earnings per share | $ | 172,224 | $ | 163,655 | $ | 292,410 | |||
Weighted average ordinary shares outstanding - basic | 146,587,752 | 131,492,057 | 113,463,813 | ||||||
Basic earnings per ordinary share | $ | 1.17 | $ | 1.24 | $ | 2.58 | |||
Year ended | Year ended | Year ended | |||||||
December 31, 2011 | December 31, 2012 | December 31, 2013 | |||||||
Net income for the computation of diluted earnings per share | $ | 172,224 | $ | 163,655 | $ | 292,410 | |||
Weighted average ordinary shares outstanding - diluted | 146,587,752 | 132,497,913 | 115,002,458 | ||||||
Diluted earnings per ordinary share | $ | 1.17 | $ | 1.24 | $ | 2.54 | |||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
22. Related party transactions | |
As at December 31, 2013, AerDragon was owned 50.0% by China Aviation Supplies Holding Company, 20.3% by an affiliate of Crédit Agricole, 20.3% by AerCap and 9.4% by East Epoch Limited. As at the date of this report, CAS owned 50% of AerDragon, with the other 50% owned equally by us, CA-CIB, and East Epoch Limited. In 2007 AerCap sold an A320 aircraft that was subject to a lease with an airline to AerDragon and guaranteed AerDragon’s performance under the debt which was assumed by AerDragon from AerCap in the transaction. During 2013 AerCap sold one B737-800 aircraft and contracted to sell one A330 aircraft to AerDragon. The A330 aircraft is due to be delivered in the second quarter of 2014. AerCap provides lease management, insurance management and aircraft asset management services to AerDragon. All of these transactions were executed at terms, which we believe reflected market conditions at the time. AerCap charged AerDragon a total of $0.5 million as a guarantee fee and for these management services during 2013. We apply equity accounting for our investment in this joint venture company. Accordingly, the income statement effect of all sale transactions with either of the joint venture companies is eliminated in our financial statements. | |
AerCo is an aircraft securitization vehicle from which we hold all of the most junior class of subordinated notes and some notes immediately senior to those junior notes. Historically, the investment in AerCo has been written down to zero, because we do not expect to realize any value. We consolidated AerCo through March 2003, but we deconsolidated the vehicle in accordance with ASC 810 at that time. Subsequent to the deconsolidation of AerCo, we received interest from AerCo on its D note investment of $1.7 million and $0.4 million for the years ended December 31, 2006 and December 31, 2007, respectively. In addition, we provide a variety of management services to AerCo for which we received fees of $3.3 million, $3.0 million and $1.9 million in the years ended December 31, 2011, 2012 and 2013, respectively. | |
On November 11, 2010 we issued approximately 29.8 million new shares to Waha. In exchange, we received $105 million in cash, Waha’s 50% interest in the joint venture company AerVenture, a 40% interest in AerLift and a 50% interest in AerLift Jet. We provide a variety of management services to AerLift for which we received a fee of $6.9 million in the year ended December 31, 2013. | |
On June 10, 2012, we purchased 5,000,000 of our ordinary shares from Fern S.a.r.l., an indirect subsidiary of Cerberus, which was an affiliate of AerCap. The aggregate price of the shares was $55.9 million. On August 20, 2012, we purchased 10,000,000 of our ordinary shares from Fern S.a.r.l. The aggregate price of the shares was $120.0 million. Additionally, on December 6, 2012, we purchased 5,040,000 of our ordinary shares from Fern S.a.r.l. The aggregate price of the shares was $64.1 million. These repurchases were done under the $320 million share repurchase program, and undertaken on an arm’s-length basis at fair market value overseen by the management and disinterested directors. | |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments And Contingencies [Abstract] | ' | ||
Commitments And Contingencies | ' | ||
23. Commitments and contingencies | |||
Property and other rental commitments | |||
We have entered into property rental commitments with third parties and have lease arrangements with respect to company cars and office equipment. Minimum payments under the property rental agreements are as follows: | |||
2014 | $ | 2,227 | |
2015 | 2,080 | ||
2016 | 1,638 | ||
2017 | 1,608 | ||
2018 | 388 | ||
Thereafter | - | ||
$ | 7,941 | ||
Legal proceedings | |||
Litigation | |||
In the ordinary course of our business, we are a party to various legal actions, which we believe are incidental to the operation of our business. We believe that the outcome of the proceedings to which we are currently a party will not have a material adverse effect on our financial position, results of operations and cash flows. | |||
VASP Litigation | |||
We leased 13 aircraft and three spare engines to Viação Aerea de São Paulo (“VASP”), a Brazilian airline. In 1992, VASP defaulted on its lease obligations and we commenced litigation against VASP to repossess our equipment. In 1992, we obtained a preliminary injunction for the repossession and export of 13 aircraft and three spare engines from VASP. We repossessed and exported the aircraft and engines in 1992. VASP appealed this decision. In 1996, the High Court of the State of São Paulo ruled in favor of VASP on its appeal. We were instructed to return the aircraft and engines to VASP for lease under the terms of the original lease agreements. The High Court also granted VASP the right to seek damages in lieu of the return of the aircraft and engines. Since 1996 we have defended this case in the Brazilian courts through various motions and appeals. On March 1, 2006, the Superior Tribunal of Justice (the “STJ”) dismissed our then-pending appeal and on April 5, 2006, a special panel of the STJ confirmed this decision. On May 15, 2006 we filed an extraordinary appeal with the Federal Supreme Court. In September 2009 the Federal Supreme Court requested an opinion on our appeal from the office of the Attorney General. This opinion was provided in October 2009. The Attorney General recommended that AerCap’s extraordinary appeal be accepted for trial and that the case be subject to a new judgment before the STJ. The Federal Supreme Court is not bound by the opinion of the Attorney General. While our external legal counsel informed us that it would be normal practice to take such an opinion into consideration, there are no assurances that the Federal Supreme Court will rule in accordance with the Attorney General opinion or, if it did, what the outcome of the judgment of the STJ would be. | |||
On February 23, 2006, VASP commenced a procedure to calculate its alleged damages and since then both we and VASP have appointed experts to assist the court in calculating damages. Our external legal counsel has advised us that even if VASP prevails on the issue of liability, they do not believe that VASP will be able to demonstrate any damages. We continue to actively pursue all courses of action that may be available to us and intend to defend our position vigorously. | |||
In July 2006, we brought a claim for damages against VASP in the English courts, seeking damages incurred by AerCap as a result of VASP's default under seven leases that were governed by English law. VASP was served with process in Brazil in October 2007 and in response filed an application challenging the jurisdiction of the English court, which we opposed. VASP also applied to the court to adjourn the hearing on its jurisdictional challenge pending the sale of some of its assets in Brazil. We opposed this application and by an order dated March 6, 2008 the English court dismissed VASP’s applications. | |||
In September 2008, the bankruptcy court in Brazil ordered the bankruptcy of VASP. VASP appealed this decision. In December 2008, we filed with the English court an application for default judgment, seeking damages plus accrued interest pursuant to seven lease agreements. On March 16, 2009, we obtained a default judgment in which we were awarded approximately $40.0 million in damages plus accrued interest. We subsequently applied to the STJ for an order ratifying the English judgment, so that it might be enforced in Brazil. The STJ granted AerCap's application and entered an order ratifying the English judgment. Although VASP appealed that order; the order is fully effective pending a resolution of VASP's appeal of the order ratifying the English judgment. | |||
On November 6, 2012, the STJ ruled in favor of VASP on its appeal from the order placing it in bankruptcy. Acting alone, the reporting justice of the appellate panel ordered the bankruptcy revoked and the matter converted to a judicial reorganization. Several creditors of VASP appealed that ruling to the full panel of the STJ. On December 17, 2012, the Special Court of the STJ reversed the ruling of the reporting justice and upheld the order placing VASP in bankruptcy. The decision was published on February 1, 2013. On February 25, 2013, the lapse of time for appeal (res judicata) was certified. | |||
In addition to its claim in the English courts, AerCap has also brought an action against VASP in the Irish courts to recover damages incurred as a result of VASP's default under nine leases governed by Irish law. The Irish courts granted an order for service of process, and although VASP opposed service in Brazil, the STJ ruled that service of process had been properly completed. After some additional delay due to procedural issues related to VASP’s bankruptcy, the Irish action is now moving forward. | |||
Our management, based on the advice of external legal counsel, does not believe the outcome of this case will have a material effect on our consolidated financial condition, results of operations or cash flows. | |||
Transbrasil litigation | |||
In the early 1990s, two AerCap-related companies (the "AerCap Lessors") leased an aircraft and two engines to Transbrasil S/A Linhas Areas (“Transbrasil”), a now-defunct Brazilian airline. By 1998, Transbrasil had defaulted on various obligations under its leases with AerCap, along with other leases it had entered into with General Electric Capital Corporation (“GECC”) and certain of its affiliates (collectively with GECC, the "GE Lessors"). GECAS was the servicer for all these leases at the time. Subsequently, Transbrasil issued promissory notes (the "Notes") to the AerCap lessors and GE Lessors (collectively the "Lessors") in connection with restructurings of the leases. Transbrasil defaulted on the Notes and GECC brought an enforcement action on behalf of the Lessors in 2001. Concurrently, GECC filed an action for the involuntary bankruptcy of Transbrasil. | |||
Transbrasil brought a lawsuit against the Lessors in February 2001, claiming that the Notes had in fact been paid at the time GECC brought the enforcement action. In 2007, the trial judge ruled in favor of Transbrasil. That decision was appealed. In April 2010, the appellate court published a judgment (the “2010 Judgment”) rejecting the Lessors' appeal, ordering them to pay Transbrasil statutory penalties equal to double the face amount of the Notes (plus interest and monetary adjustments), and awarding Transbrasil damages for any losses incurred as a result of the attempts to collect on the Notes. The 2010 Judgment provided that the amount of such losses would be calculated in separate proceedings in the trial court (the “Indemnity Claim”). In June 2010, the AerCap Lessors and GE Lessors separately filed special appeals before the STJ in Brazil. These special appeals were subsequently admitted for hearing. | |||
In July 2011, Transbrasil brought three actions for provisional enforcement of the 2010 Judgment (the “Provisional Enforcement Actions”): one to enforce the award of statutory penalties; a second to recover attorneys’ fees related to that award and a third to enforce the Indemnity Claim. Transbrasil submitted its alleged calculation of statutory penalties, which, according to Transbrasil, amounted to approximately $210 million in the aggregate against all defendants, including interest and monetary adjustments. AerCap and its co-defendants opposed provisional enforcement of the 2010 judgment, arguing, among other things, that Transbrasils’ calculations were greatly exaggerated. | |||
Transbrasil also initiated proceedings to determine the amount of its alleged Indemnity Claim. The court appointed an expert to determine the measure of damages and the defendants appointed an assistant expert. We believe we have strong arguments to convince the expert and the court that Transbrasil suffered no damage as a result of the defendants' attempts to collect on the Notes. | |||
In February 2012, AerCap brought a civil complaint against GECAS and GECC in the State of New York (the “New York Action”), alleging, among other things, that GECAS and GECC had violated certain duties to AerCap in connection with their attempts to enforce the Notes and the defense of Transbrasils’ lawsuit. In November 2012, AerCap, GECAS, and the GE Lessors entered into a settlement agreement resolving all of the claims raised in the New York Action. The terms of the settlement agreement are confidential. | |||
In October 2013, the STJ granted the special appeals filed by GECAS and its related parties, effectively reversing the 2010 Judgment in most respects as to all of the Lessors. Transbrasil has appealed this ruling to another panel of the STJ. | |||
Our management, based on the facts and the advice of external legal counsel, does not believe the outcome of this case will have a material effect on our consolidated financial condition, results of operations or cash flows. | |||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||
Fair Value Measurements | ' | |||||||||||
24. Fair value measurements | ||||||||||||
Under ASC 820, the Company determines fair value based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It is the Company’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy as described below. Where limited or no observable market data exists, fair value measurements for assets and liabilities are based primarily on management’s own estimates and are calculated based upon the Company’s pricing policy, the economic and competitive environment, the characteristics of the asset or liability and other such factors. Therefore, the results may not be realized in actual sale or immediate settlement of the asset or liability. | ||||||||||||
Under ASC 820, there is a hierarchal disclosure framework associated with the level of pricing observability utilized in measuring assets and liabilities at fair value. | ||||||||||||
The three broad levels defined by the ASC 820 hierarchy are as follows: | ||||||||||||
Level 1 — Quoted prices available in active markets for identical assets or liabilities as of the reported date. | ||||||||||||
Level 2 — Observable market data. Inputs include quoted prices for similar assets, liabilities (risk adjusted) and market-corroborated inputs, such as market comparables, interest rates, yield curves and other items that allow value to be determined. | ||||||||||||
Level 3 — Unobservable inputs from the Company’s own assumptions about market risk developed based on the best information available, subject to cost benefit analysis. Inputs may include the Company’s own data. | ||||||||||||
When there are no observable comparables, inputs used to determine value are derived through extrapolation and interpolation and other Company-specific inputs such as projected financial data and the Company’s own views about the assumptions that market participants would use. | ||||||||||||
The following table summarizes our financial assets and liabilities as of December 31, 2013 and December 31, 2012, that we measured at fair value on a recurring basis by level within the fair value hierarchy. As required by ASC 820, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. | ||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | |||||||||
Cash and cash equivalents | $ 520,401 | $ 520,401 | $ - | $ - | ||||||||
Restricted cash | 280,653 | 280,653 | - | - | ||||||||
Derivative assets | 9,993 | - | 9,993 | - | ||||||||
Derivative liabilities | -14,677 | - | -14,677 | - | ||||||||
$ 796,370 | $ 801,054 | $ (4,684) | $ - | |||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | |||||||||
Cash and cash equivalents | $ 295,514 | $ 295,514 | $ - | $ - | ||||||||
Restricted cash | 272,787 | 272,787 | - | - | ||||||||
Derivative assets | 32,673 | - | 32,673 | - | ||||||||
Derivative liabilities | -7,233 | - | -7,233 | - | ||||||||
$ 593,741 | $ 568,301 | $ 25,440 | $ - | |||||||||
Our cash and cash equivalents, along with our restricted cash and cash equivalents balances, consist largely of money market securities that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities and are therefore classified as level 1 within our fair value hierarchy. Our derivative assets and liabilities included in level 2 consist of United States dollar denominated interest rate derivatives comprising caps, swaps and floors. Their fair values are determined by applying standard modeling techniques under the income approach to value the transactions, taking into account the actual contractual terms of the derivatives, market interest rates and volatilities in effect at the period close to determine appropriate reset and discount rates. | ||||||||||||
We also measure the fair value of certain assets and liabilities on a non-recurring basis, when GAAP requires the application of fair value, including events or changes in circumstances that indicate that the carrying amounts of assets may not be recoverable. Assets subject to these measurements include aircraft. We record aircraft at fair value when we determine the carrying value may not be recoverable, in accordance with ASC 360 and other accounting pronouncements requiring re-measurements at fair value. Fair value measurements for aircraft in impairment tests are based on level 3 inputs, which include the Company’s assumptions as to future cash proceeds from leasing and selling aircraft and third party aircraft valuations. In the year ended December 31, 2013, we recognized an impairment of $26.2 million. The impairment recognized related to two older A319 aircraft, two Boeing 737-700 aircraft and two older Boeing 747 freighters. The impairment on the Boeing 737-700 aircraft was triggered by the release of $9.9 million of maintenance reserve upon redelivery and the impairment of the two Boeing 747 freighters was triggered by $17.7 million end-of-lease payments upon redeliveries. The impairment on the two older A319 aircraft was the result of our annual assessment whereby we concluded that the net book values were no longer supportable based on the latest cash flow estimates including residual value proceeds. Also a note receivable for an aircraft which has been sold last year has been impaired. | ||||||||||||
For level 3 assets that were measured at fair value on a non-recurring basis during the year ended December 31, 2013, the following tables present the fair value of those assets as of the measurement date, valuation techniques and related unobservable input of those assets: | ||||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range for Quantitative Inputs Used | |||||||||
Flight equipment held for operating leases | $57.5 million | Market | Third party | $55.0 million | ||||||||
approach | valuations | - | ||||||||||
$67.2 million | ||||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range | |||||||||
Flight equipment held for operating leases | $40.6 million | Income | Discount | 5.40% | ||||||||
approach | ||||||||||||
Remaining Holding Period | 52 months | |||||||||||
Present value of non-contractual cash flows | 39% | |||||||||||
In 2012, as a result of the ALS Transaction, we also recorded the ALS Coupon Liability under debt and the ALS Note Receivable, under notes receivable, both initially recognized at fair value. Due to the lack of comparable market transactions we determined the fair value of the ALS Coupon Liability based on the income method using the Company’s own assumptions about the market risk of similar financial instruments, as well as an estimate of future cash flow projections (level 3 inputs). The ALS Coupon Liability was valued at $97.1 million based on a 5.5% discount rate, which was comparable to the traded yield of the Company’s senior unsecured notes with a similar duration on the date of completing the ALS Transaction. The ALS Note Receivable was valued at $67.3 million based on a 6.8% discount rate, which was derived from the overall components of the ALS Transaction and considered its longer duration and higher risk (level 2). The ALS Coupon Liability and ALS Note Receivable are both subsequently measured at amortized cost using the retrospective effective interest method. | ||||||||||||
Our financial instruments consist principally of restricted cash, derivatives, notes receivable, trade receivables, accounts payable and cash equivalents. The fair value of restricted cash, trade receivables, accounts payable and cash and cash equivalents approximates the carrying value of these financial instruments because of their short term nature (level 1). The fair value of fixed rate notes is estimated using discounted cash flow analysis using interest rates offered on loans with similar terms to borrowers of similar credit quality (level 2). The fair values of our debt are estimated using a discounted cash flow analysis, based on our current incremental borrowing rates for similar types of borrowing arrangements (level 2). | ||||||||||||
The carrying amounts and fair values of our most significant financial instruments at December 31, 2012 and 2013 are as follows: | ||||||||||||
December 31, 2012 | December 31, 2013 | |||||||||||
Book value | Fair value | Book value | Fair value | |||||||||
Assets | ||||||||||||
Restricted cash | $ | 280,653 | $ | 280,653 | $ | 272,787 | $ | 272,787 | ||||
Derivative assets | 9,993 | 9,993 | 32,673 | 32,673 | ||||||||
Notes receivable | 78,163 | 78,163 | 75,788 | 75,788 | ||||||||
Cash and cash equivalents | 520,401 | 520,401 | 295,514 | 295,514 | ||||||||
$ | 889,210 | $ | 889,210 | $ | 676,762 | $ | 676,762 | |||||
Liabilities | ||||||||||||
Debt | $ | 5,803,499 | $ | 5,756,519 | $ | 6,236,892 | $ | 6,333,906 | ||||
Derivative liabilities | 14,677 | 14,677 | 7,233 | 7,233 | ||||||||
$ | 5,818,176 | $ | 5,771,196 | $ | 6,244,125 | $ | 6,341,139 | |||||
Supplemental_Guarantor_Financi
Supplemental Guarantor Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||
Supplemental Guarantor Financial Information | ' | ||||||||||||
25. Supplemental Guarantor Financial Information | |||||||||||||
The following guarantor financial information is presented to comply with U.S. SEC disclosure requirements of Rule 3-10 of Regulation S-X. | |||||||||||||
The issuances or exchanges of securities described below are related to securities fully and unconditionally guaranteed by AerCap Holdings N.V. (the “Parent Guarantor SEC registered”) and also jointly and severally guaranteed by AerCap Ireland Limited (the“Subsidiary Guarantor”). | |||||||||||||
In May 2012, AerCap Aviation Solutions B.V., a 100%- owned finance subsidiary of AerCap Holdings N.V., issued $300.0 million of 6.375% senior unsecured notes due 2017 (the “AerCap Aviation Notes”). The AerCap Aviation Notes were initially fully and unconditionally guaranteed by AerCap Holding N.V. | |||||||||||||
On November 9, 2012, we entered into a $285.0 million unsecured revolving credit facility which was guaranteed by AerCap Holdings N.V. and AerCap Ireland Ltd. The guarantee by AerCap Ireland Ltd under this facility triggered a springing guarantee under the AerCap Aviation Notes indenture. | |||||||||||||
The following condensed consolidating financial information presents the Condensed Consolidating Balance Sheet as of December 31, 2013, 2012 and 2011, the Condensed Consolidating Income Statement, Condensed Consolidating Statements of Cash Flows and Condensed Consolidating Statement of Comprehensive Income for the years ended December 31, 2013, 2012, 2011 and 2010 of (a) AerCap Holdings N.V. (the “Parent Guarantor”), (b) AerCap Aviation Solutions B.V. (the “Issuer”), (c) AerCap Ireland Ltd (the “Subsidiary Guarantor”), (d) the non-guarantor subsidiaries, (e) elimination entries necessary to consolidate the Parent with the issuer, the guarantor subsidiaries and the non-guarantor subsidiaries and (f) the Company on a consolidated basis. Investments in consolidated subsidiaries are presented under the equity method of accounting. Separate financial statements and other disclosures with respect to the guarantor subsidiaries have not been provided as management believes the following information is sufficient as the guarantor subsidiaries are 100% owned by the Parent and all guarantees are full and unconditional. A portion of our cash and cash equivalents is held by subsidiaries and access to such cash by us for group purposes is limited. | |||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||
December 31, 2013 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Assets | |||||||||||||
Cash and cash equivalents | - | - | 140 | 156 | - | 296 | |||||||
Restricted cash | - | - | 5 | 268 | - | 273 | |||||||
Flight equipment held for operating leases, net | - | - | 77 | 8,009 | - | 8,086 | |||||||
Notes receivables | - | - | 73 | 3 | - | 76 | |||||||
Prepayments on flight equipment | - | - | 29 | 195 | - | 224 | |||||||
Investments including investments in subsidiaries | 2,408 | - | 1,479 | 112 | -3,887 | 112 | |||||||
Intercompany receivables and other assets | 743 | 284 | 1,201 | 2,631 | -4,475 | 384 | |||||||
Total Assets | 3,151 | 284 | 3,004 | 11,374 | -8,362 | 9,451 | |||||||
Liabilities and Equity | |||||||||||||
Debt | 151 | 300 | 120 | 5,666 | - | 6,237 | |||||||
Intercompany payables and other liabilities | 575 | 2 | 1,753 | 3,227 | -4,772 | 785 | |||||||
Total liabilities | 726 | 302 | 1,873 | 8,893 | -4,772 | 7,022 | |||||||
Total AerCap Holdings N.V. Shareholders' equity | 2,425 | -18 | 1,131 | 2,477 | -3,590 | 2,425 | |||||||
Non-controlling interest | - | - | - | 4 | - | 4 | |||||||
Total Equity | 2,425 | -18 | 1,131 | 2,481 | -3,590 | 2,429 | |||||||
Total Liabilities and Equity | 3,151 | 284 | 3,004 | 11,374 | -8,362 | 9,451 | |||||||
December 31, 2012 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Assets | |||||||||||||
Cash and cash equivalents | 1 | - | 163 | 356 | - | 520 | |||||||
Restricted cash | - | - | 4 | 276 | - | 280 | |||||||
Flight equipment held for operating leases, net | - | - | 80 | 7,182 | - | 7,262 | |||||||
Notes receivables | - | - | 72 | 6 | - | 78 | |||||||
Prepayments on flight equipment | - | - | 8 | 46 | - | 54 | |||||||
Investments including investments in subsidiaries | 2,093 | - | 1,177 | 99 | -3,275 | 94 | |||||||
Intercompany receivables and other assets | 327 | 296 | 825 | 1,535 | -2,638 | 345 | |||||||
Total Assets | 2,421 | 296 | 2,329 | 9,500 | -5,913 | 8,633 | |||||||
Liabilities and Equity | |||||||||||||
Debt | 1 | 300 | 156 | 5,346 | - | 5,803 | |||||||
Intercompany payables and other liabilities | 298 | 2 | 1,181 | 1,864 | -2,638 | 707 | |||||||
Total liabilities | 299 | 302 | 1,337 | 7,210 | -2,638 | 6,510 | |||||||
Total AerCap Holdings N.V. Shareholders' equity | 2,122 | -6 | 992 | 2,289 | -3,275 | 2,122 | |||||||
Non-controlling interest | - | - | - | 1 | - | 1 | |||||||
Total Equity | 2,122 | -6 | 992 | 2,290 | -3,275 | 2,123 | |||||||
Total Liabilities and Equity | 2,421 | 296 | 2,329 | 9,500 | -5,913 | 8,633 | |||||||
December 31, 2011 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Assets | |||||||||||||
Cash and cash equivalents | 175 | - | 158 | 79 | - | 412 | |||||||
Restricted cash | - | - | 4 | 240 | - | 244 | |||||||
Flight equipment held for operating leases, net | - | - | 91 | 7,805 | - | 7,896 | |||||||
Notes receivables | - | - | - | 5 | - | 5 | |||||||
Prepayments on flight equipment | - | - | 69 | 27 | - | 96 | |||||||
Investments including investments in subsidiaries | 1,917 | - | 1,710 | 84 | -3,627 | 84 | |||||||
Intercompany receivables and other assets | 492 | - | 762 | 2,252 | -3,128 | 378 | |||||||
Total Assets | 2,584 | - | 2,794 | 10,492 | -6,755 | 9,115 | |||||||
Liabilities and Equity | |||||||||||||
Debt | 1 | - | 107 | 6,003 | - | 6,111 | |||||||
Intercompany payables and other liabilities | 306 | - | 1,646 | 2,426 | -3,657 | 721 | |||||||
Total liabilities | 307 | - | 1,753 | 8,429 | -3,657 | 6,832 | |||||||
Total AerCap Holdings N.V. shareholders' equity | 2,277 | - | 1,041 | 2,057 | -3,098 | 2,277 | |||||||
Non-controlling interest | - | - | - | 6 | - | 6 | |||||||
Total Equity | 2,277 | - | 1,041 | 2,063 | -3,098 | 2,283 | |||||||
Total Liabilities and Equity | 2,584 | - | 2,794 | 10,492 | -6,755 | 9,115 | |||||||
Condensed Consolidating Income Statement | |||||||||||||
Year ended December 31, 2013 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Revenues | |||||||||||||
Lease revenue | - | - | 7 | 969 | - | 976 | |||||||
Net (loss) gain on sale of assets | - | - | -12 | 42 | 12 | 42 | |||||||
Management fee revenue | 2 | - | 35 | 5 | -21 | 21 | |||||||
Interest revenue | 2 | 8 | 122 | - | -127 | 5 | |||||||
Other revenue | 1 | - | - | 5 | - | 6 | |||||||
Total Revenues | 5 | 8 | 152 | 1,021 | -136 | 1,050 | |||||||
Expenses | |||||||||||||
Depreciation | - | - | 3 | 335 | - | 338 | |||||||
Asset impairment | - | - | - | 26 | - | 26 | |||||||
Interest on debt | 10 | 20 | 152 | 171 | -127 | 226 | |||||||
Other expenses | - | - | - | 49 | - | 49 | |||||||
Transaction expenses | 11 | - | 11 | ||||||||||
Selling, general and administrative expenses | 18 | - | 53 | 40 | -21 | 90 | |||||||
Total Expenses | 28 | 20 | 208 | 632 | -148 | 740 | |||||||
Income from continuing operations before income taxes and income of investments accounted for under the equity method | -23 | -12 | -56 | 389 | 12 | 310 | |||||||
Provision for income taxes | - | - | -6 | -20 | - | -26 | |||||||
Net income of investments accounted for under the equity method | - | - | - | 11 | - | 11 | |||||||
Net income before income from subsidiaries | -23 | -12 | -62 | 380 | 12 | 295 | |||||||
Income from subsidiaries | 315 | - | 202 | -62 | -455 | - | |||||||
Net income | 292 | -12 | 140 | 318 | -443 | 295 | |||||||
Net loss (income) attributable to non-controlling interest | - | - | - | -3 | - | -3 | |||||||
Net income attributable to AerCap Holdings N.V. | 292 | -12 | 140 | 315 | -443 | 292 | |||||||
Year ended December 31, 2012 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Revenues | |||||||||||||
Lease revenue | - | - | 7 | 990 | - | 997 | |||||||
Net (loss) gain on sale of assets | - | - | -132 | 79 | 7 | -46 | |||||||
Management fee revenue | 2 | - | 33 | 4 | -22 | 17 | |||||||
Interest revenue | 3 | 7 | 76 | - | -84 | 2 | |||||||
Other revenue | 1 | - | - | 2 | - | 3 | |||||||
Total Revenues | 6 | 7 | -16 | 1,075 | -99 | 973 | |||||||
- | |||||||||||||
Expenses | - | ||||||||||||
Depreciation | - | - | 3 | 354 | - | 357 | |||||||
Asset impairment | - | - | - | 13 | - | 13 | |||||||
Interest on debt | 5 | 12 | 177 | 176 | -84 | 286 | |||||||
Other expenses | - | - | 3 | 76 | - | 79 | |||||||
Selling, general and administrative expenses | 12 | - | 51 | 42 | -22 | 83 | |||||||
Total Expenses | 17 | 12 | 234 | 661 | -106 | 818 | |||||||
- | |||||||||||||
Income from continuing operations before income taxes and income of investments accounted for under the equity method | -11 | -5 | -250 | 414 | 7 | 155 | |||||||
- | |||||||||||||
Provision for income taxes | -1 | - | -8 | 1 | - | -8 | |||||||
Net income of investments accounted for under the equity method | - | - | - | 12 | - | 12 | |||||||
- | |||||||||||||
Net income before income from subsidiaries | -12 | -5 | -258 | 427 | 7 | 159 | |||||||
- | |||||||||||||
Income from subsidiaries | 176 | - | 209 | -258 | -127 | - | |||||||
- | |||||||||||||
Net Income | 164 | -5 | -49 | 169 | -120 | 159 | |||||||
- | |||||||||||||
Net loss (income) attributable to non-controlling interest | - | - | - | 5 | - | 5 | |||||||
- | |||||||||||||
Net income attributable to AerCap Holdings N.V. | 164 | -5 | -49 | 174 | -120 | 164 | |||||||
Year ended December 31, 2011 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Revenues | |||||||||||||
Lease revenue | - | - | 8 | 1,043 | - | 1,051 | |||||||
Net (loss) gain on sale of assets | - | - | 18 | 7 | -16 | 9 | |||||||
Management fee revenue | 3 | - | 33 | 5 | -22 | 19 | |||||||
Interest revenue | 2 | - | 33 | -6 | -26 | 3 | |||||||
Other revenue | - | - | - | 12 | - | 12 | |||||||
Total Revenues | 5 | - | 92 | 1,061 | -64 | 1,094 | |||||||
Expenses | |||||||||||||
Depreciation | - | - | 4 | 357 | - | 361 | |||||||
Asset impairment | - | - | - | 16 | - | 16 | |||||||
Interest on debt | - | - | 123 | 195 | -26 | 292 | |||||||
Other expenses | - | - | - | 74 | - | 74 | |||||||
Selling, general and administrative expenses | 11 | - | 86 | 46 | -22 | 121 | |||||||
Total Expenses | 11 | - | 213 | 688 | -48 | 864 | |||||||
Income from continuing operations before income taxes and income of investments accounted for under the equity method | -6 | - | -121 | 373 | -16 | 230 | |||||||
Provision for income taxes | - | - | 7 | -22 | - | -15 | |||||||
Net income of investments accounted for under the equity method | 1 | - | - | 10 | - | 11 | |||||||
Net income before income from subsidiaries | -5 | - | -114 | 361 | -16 | 226 | |||||||
Income (loss) from discontinued operations (AeroTurbine, including loss on disposal), net of tax | - | - | - | -53 | - | -53 | |||||||
Income from subsidiaries | 177 | - | 216 | -114 | -279 | - | |||||||
Net Income | 172 | - | 102 | 194 | -295 | 173 | |||||||
Net loss (income) attributable to non-controlling interest | - | - | - | -1 | - | -1 | |||||||
Net income attributable to AerCap Holdings N.V. | 172 | - | 102 | 193 | -295 | 172 | |||||||
Year ended December 31, 2010 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Revenues | |||||||||||||
Lease revenue | - | - | 4 | 898 | - | 902 | |||||||
Net (loss) gain on sale of assets | 1 | - | 24 | 15 | -4 | 36 | |||||||
Management fee revenue | - | - | 30 | 4 | -21 | 13 | |||||||
Interest revenue | 4 | - | 1 | - | -1 | 4 | |||||||
Other revenue | 4 | - | - | - | - | 4 | |||||||
Total Revenues | 9 | - | 59 | 917 | -26 | 959 | |||||||
Expenses | |||||||||||||
Depreciation | - | - | 1 | 307 | - | 308 | |||||||
Asset impairment | - | - | - | 11 | - | 11 | |||||||
Interest on debt | 3 | - | 12 | 220 | -1 | 234 | |||||||
Other expenses | - | - | - | 67 | - | 67 | |||||||
Selling, general and administrative expenses | 11 | - | 77 | 14 | -21 | 81 | |||||||
Total Expenses | 14 | - | 90 | 619 | -22 | 701 | |||||||
Income from continuing operations before income taxes and income of investments accounted for under the equity method | -5 | - | -31 | 298 | -4 | 258 | |||||||
Provision for income taxes | - | - | -18 | -4 | - | -22 | |||||||
Net income of investments accounted for under the equity method | - | - | - | 4 | - | 4 | |||||||
Net income before income from subsidiaries | -5 | - | -49 | 298 | -4 | 240 | |||||||
Income (loss) from discontinued operations (AeroTurbine, including loss on disposal), net of tax | - | - | - | -3 | - | -3 | |||||||
Bargain purchase gain ("Amalgamation gain"), net of transaction expenses | - | - | - | - | - | ||||||||
Income from subsidiaries | 213 | - | 177 | -49 | -341 | - | |||||||
Net income | 208 | 128 | 246 | -345 | 237 | ||||||||
Net loss (income) attributable to non-controlling interest | - | - | - | -29 | - | -29 | |||||||
Net income attributable to AerCap Holdings N.V. | 208 | - | 128 | 217 | -345 | 208 | |||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year ended December 31, 2013 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Net income | 292 | -12 | 140 | 318 | -443 | 295 | |||||||
Adjustments to reconcile net income to net cash provided by operating | - | ||||||||||||
activities: | |||||||||||||
Income from subsidiaries | -315 | - | -202 | 62 | 455 | - | |||||||
Dividend received | - | - | 3 | - | -3 | - | |||||||
Depreciation | - | - | 3 | 335 | - | 338 | |||||||
Asset impairment | - | - | - | 26 | - | 26 | |||||||
Amortization of debt issuance costs and debt discount | 1 | 1 | 1 | 44 | - | 47 | |||||||
Amortization of intangibles | - | - | - | 9 | - | 9 | |||||||
Net (gain) loss on sale of assets | - | - | 12 | -42 | -12 | -42 | |||||||
Mark-to-market of non-hedged derivatives | - | - | - | -12 | - | -12 | |||||||
Deferred taxes | - | - | 6 | 15 | - | 21 | |||||||
Share–based compensation | 9 | - | - | - | - | 9 | |||||||
Cash flow from operating activities before changes in working capital | -13 | -11 | -37 | 755 | -3 | 691 | |||||||
Working capital | -136 | 11 | 100 | 30 | - | 5 | |||||||
Net cash provided by operating activities | -149 | - | 63 | 785 | -3 | 696 | |||||||
Purchase of flight equipment | - | - | - | -1,783 | - | -1,783 | |||||||
Proceeds from sale/disposal of assets | - | - | - | 664 | - | 664 | |||||||
Prepayments on flight equipment | - | - | 20 | -233 | - | -213 | |||||||
Capital contributions | - | - | - | -13 | - | -13 | |||||||
Movement in restricted cash | - | - | - | 8 | - | 8 | |||||||
Net cash used in investing activities | - | - | 20 | -1,357 | - | -1,337 | |||||||
Issuance of debt | 150 | - | - | 2,150 | - | 2,300 | |||||||
Repayment of debt | - | - | -107 | -1,783 | - | -1,890 | |||||||
Debt issuance costs paid | -2 | - | - | -43 | - | -45 | |||||||
Maintenance payments received | - | - | 3 | 98 | - | 101 | |||||||
Maintenance payments returned | - | - | - | -57 | - | -57 | |||||||
Security deposits received | - | - | - | 23 | - | 23 | |||||||
Security deposits returned | - | - | -3 | -12 | - | -15 | |||||||
Dividend Paid | - | - | - | -3 | 3 | - | |||||||
Net cash provided by (used in) financing activities | 148 | - | -107 | 373 | 3 | 417 | |||||||
Net increase (decrease) in cash and cash equivalents | -1 | - | -24 | -199 | - | -224 | |||||||
Effect of exchange rate changes | - | - | 1 | -1 | - | - | |||||||
Cash and cash equivalents at beginning of period | 1 | - | 163 | 356 | - | 520 | |||||||
Cash and cash equivalents at end of period | - | - | 140 | 156 | - | 296 | |||||||
Year ended December 31, 2012 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Net income | 164 | -5 | -49 | 169 | -120 | 159 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Income from subsidiaries | -176 | - | -209 | 258 | 127 | - | |||||||
Depreciation | - | - | 3 | 354 | - | 357 | |||||||
Asset impairment | - | - | - | 13 | - | 13 | |||||||
Amortization of debt issuance costs and debt discount | - | 1 | 6 | 63 | - | 70 | |||||||
Amortization of intangibles | - | - | - | 12 | - | 12 | |||||||
Net (gain) loss on sale of assets | - | - | 132 | -79 | -7 | 46 | |||||||
Mark-to-market of non-hedged derivatives | - | - | - | 2 | - | 2 | |||||||
Deferred taxes | 1 | - | 8 | -1 | - | 8 | |||||||
Share–based compensation | 7 | - | - | - | - | 7 | |||||||
Cash flow from operating activities before changes in working capital | -4 | -4 | -109 | 791 | - | 674 | |||||||
Working capital | 150 | -291 | 221 | -98 | - | -18 | |||||||
Net cash provided by operating activities | 146 | -295 | 112 | 693 | - | 656 | |||||||
Purchase of flight equipment | - | - | - | -1,039 | - | -1,039 | |||||||
Proceeds from sale/disposal of assets | - | - | - | 781 | 781 | ||||||||
Prepayments on flight equipment | - | - | -61 | 25 | - | -36 | |||||||
Movement in restricted cash | - | - | - | -58 | - | -58 | |||||||
Net cash used in investing activities | - | - | -61 | -291 | - | -352 | |||||||
Issuance of debt | - | 300 | - | 997 | - | 1,297 | |||||||
Repayment of debt | - | - | -47 | -1,167 | - | -1,214 | |||||||
Debt issuance costs paid | - | -5 | - | -38 | - | -43 | |||||||
Maintenance payments received | - | - | 3 | 129 | - | 132 | |||||||
Maintenance payments returned | - | - | - | -50 | - | -50 | |||||||
Security deposits received | - | - | - | 26 | - | 26 | |||||||
Security deposits returned | - | - | -1 | -21 | - | -22 | |||||||
Repurchase of shares | -320 | - | - | - | - | -320 | |||||||
Net cash provided by (used in) financing activities | -320 | 295 | -45 | -124 | - | -194 | |||||||
Net increase (decrease) in cash and cash equivalents | -174 | - | 6 | 278 | - | 110 | |||||||
Effect of exchange rate changes | - | - | -1 | -1 | - | -2 | |||||||
Cash and cash equivalents at beginning of period | 175 | - | 158 | 79 | - | 412 | |||||||
Cash and cash equivalents at end of period | 1 | - | 163 | 356 | - | 520 | |||||||
Year ended December 31, 2011 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Net income | 172 | - | 102 | 194 | -295 | 173 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Income from subsidiaries | -177 | - | -216 | 114 | 279 | - | |||||||
Dividend received | - | - | 4 | - | -4 | - | |||||||
Depreciation | - | - | 4 | 381 | - | 385 | |||||||
Asset impairment | - | - | - | 24 | - | 24 | |||||||
Amortization of debt issuance costs and debt discount | - | - | 2 | 51 | - | 53 | |||||||
Amortization of intangibles | - | - | - | 17 | - | 17 | |||||||
Provision for doubtful accounts | - | - | - | 5 | - | 5 | |||||||
Net (gain) loss on sale of assets | - | - | -18 | -10 | 16 | -12 | |||||||
Loss on discontinued operations (AeroTurbine) | - | - | - | 53 | - | 53 | |||||||
Mark-to-market of non-hedged derivatives | - | - | - | 23 | - | 23 | |||||||
Deferred taxes | - | - | -7 | 31 | - | 24 | |||||||
Share–based compensation | 6 | - | - | - | - | 6 | |||||||
Cash flow from operating activities before changes in working capital | 1 | - | -129 | 883 | -4 | 751 | |||||||
Working capital | 274 | - | 369 | -753 | - | -110 | |||||||
Net cash provided by operating activities | 275 | - | 240 | 130 | -4 | 641 | |||||||
Purchase of flight equipment | - | - | - | -763 | - | -763 | |||||||
Proceeds from sale/disposal of assets | - | - | - | 141 | - | 141 | |||||||
Prepayments on flight equipment | - | - | -93 | 45 | - | -48 | |||||||
Capital contributions | - | - | - | -3 | - | -3 | |||||||
Proceeds from the disposal of subsidiaries, net of cash disposed | - | - | - | 120 | - | 120 | |||||||
Movement in restricted cash | -1 | - | - | -11 | - | -12 | |||||||
Net cash used in investing activities | -1 | - | -93 | -471 | - | -565 | |||||||
Issuance of debt | - | - | - | 1,672 | - | 1,672 | |||||||
Repayment of debt | - | - | -80 | -1,567 | - | -1,647 | |||||||
Debt issuance costs paid | - | - | - | -37 | - | -37 | |||||||
Maintenance payments received | - | - | 3 | 107 | - | 110 | |||||||
Maintenance payments returned | - | - | - | -55 | - | -55 | |||||||
Security deposits received | - | - | - | 20 | - | 20 | |||||||
Security deposits returned | - | - | -1 | -36 | - | -37 | |||||||
Repurchase of shares | -100 | - | - | - | - | -100 | |||||||
Dividend paid | - | - | - | -4 | 4 | - | |||||||
Net cash provided by (used in) financing activities | -100 | - | -78 | 100 | 4 | -74 | |||||||
Net increase (decrease) in cash and cash equivalents | 174 | - | 69 | -241 | - | 2 | |||||||
Effect of exchange rate changes | - | - | 6 | - | - | 6 | |||||||
Cash and cash equivalents at beginning of period | 1 | - | 83 | 320 | - | 404 | |||||||
Cash and cash equivalents at end of period | 175 | - | 158 | 79 | - | 412 | |||||||
Year ended December 31, 2010 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Net income | 208 | - | 128 | 246 | -345 | 237 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Income from subsidiaries | -213 | - | -177 | 49 | 341 | - | |||||||
Amalgamation gain | - | - | - | -31 | - | -31 | |||||||
Depreciation | - | - | 1 | 333 | - | 334 | |||||||
Asset impairment | - | - | - | 14 | - | 14 | |||||||
Amortization of debt issuance costs and debt discount | - | - | - | 42 | - | 42 | |||||||
Amortization of intangibles | - | - | - | 22 | - | 22 | |||||||
Provision for doubtful accounts | - | - | - | 1 | - | 1 | |||||||
Net (gain) loss on sale of assets | - | - | -24 | -15 | 4 | -35 | |||||||
Mark-to-market of non-hedged derivatives | - | - | - | 1 | - | 1 | |||||||
Deferred taxes | - | - | 18 | - | - | 18 | |||||||
Share–based compensation | 3 | - | - | - | - | 3 | |||||||
Cash flow from operating activities before changes in working capital | -2 | - | -54 | 662 | - | 606 | |||||||
Working capital | -13 | 104 | -22 | - | 69 | ||||||||
Net cash provided by operating activities | -15 | - | 50 | 640 | - | 675 | |||||||
Purchase of flight equipment | - | - | - | -1,940 | - | -1,940 | |||||||
Proceeds from sale/disposal of assets | - | - | - | 665 | - | 665 | |||||||
Prepayments on flight equipment | - | - | -57 | -84 | - | -141 | |||||||
Purchase of subsidiaries, net of cash acquired | - | - | - | 104 | - | 104 | |||||||
Capital contributions | - | - | - | -8 | - | -8 | |||||||
Purchase of intangibles | - | - | - | -9 | - | -9 | |||||||
Movement in restricted cash | 1 | - | - | -69 | - | -68 | |||||||
Net cash used in investing activities | 1 | - | -57 | -1,341 | - | -1,397 | |||||||
Issuance of debt | - | - | - | 2,325 | - | 2,325 | |||||||
Repayment of debt | - | - | 33 | -1,535 | - | -1,502 | |||||||
Debt issuance costs paid | - | - | - | -60 | - | -60 | |||||||
Maintenance payments received | - | - | - | 90 | - | 90 | |||||||
Maintenance payments returned | - | - | - | -42 | - | -42 | |||||||
Security deposits received | - | - | - | 30 | - | 30 | |||||||
Security deposits returned | - | - | -7 | -33 | - | -40 | |||||||
Issuance of equity interest | - | - | - | 110 | - | 110 | |||||||
Capital contributions from non-controlling interests | - | - | - | 32 | - | 32 | |||||||
Net cash provided by (used in) financing activities | - | - | 26 | 917 | - | 943 | |||||||
Net increase (decrease) in cash and cash equivalents | -14 | - | 19 | 216 | - | 221 | |||||||
Effect of exchange rate changes | - | - | - | - | - | - | |||||||
Cash and cash equivalents at beginning of period | 15 | - | 64 | 104 | - | 183 | |||||||
Cash and cash equivalents at end of period | 1 | - | 83 | 320 | - | 404 | |||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||
December 31, 2013 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Net income attributable to AerCap Holdings N.V. | 292 | -12 | 140 | 315 | -443 | 292 | |||||||
Other comprehensive income: | |||||||||||||
Net change in fair value of derivatives, net of tax | - | - | - | 5 | - | 5 | |||||||
Net change in pension obligations, net of tax | - | - | - | - | - | - | |||||||
Total other comprehensive income (loss) | - | - | - | 5 | - | 5 | |||||||
Share of other comprehensive income (loss) from subsidiaries | 5 | 5 | - | -10 | - | ||||||||
Total comprehensive income attributable to AerCap Holdings N.V. | 297 | -12 | 145 | 320 | -453 | 297 | |||||||
December 31, 2012 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Net income attributable to AerCap Holdings N.V. | 164 | -5 | -49 | 174 | -120 | 164 | |||||||
Other comprehensive income: | |||||||||||||
Net change in fair value of derivatives, net of tax | - | - | - | -1 | - | -1 | |||||||
Net change in pension obligations, net of tax | - | - | -3 | -2 | - | -5 | |||||||
Total other comprehensive income (loss) | - | - | -3 | -3 | - | -6 | |||||||
Share of other comprehensive income (loss) from subsidiaries | -6 | - | -3 | - | 9 | - | |||||||
Total comprehensive income attributable to AerCap Holdings N.V. | 158 | -5 | -55 | 171 | -111 | 158 | |||||||
December 31, 2011 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Net income attributable to AerCap Holdings N.V. | 172 | - | 102 | 193 | -295 | 172 | |||||||
Other comprehensive income: | |||||||||||||
Net change in fair value of derivatives, net of tax | - | - | - | -14 | - | -14 | |||||||
Total other comprehensive income (loss) | - | - | - | -14 | - | -14 | |||||||
Share of other comprehensive income (loss) from subsidiaries | -14 | - | -14 | 28 | - | ||||||||
Total comprehensive income attributable to AerCap Holdings N.V. | 158 | - | 88 | 179 | -267 | 158 | |||||||
December 31, 2010 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Net income attributable to AerCap Holdings N.V. | 208 | - | 128 | 217 | -345 | 208 | |||||||
Other comprehensive income: | |||||||||||||
Net change in fair value of derivatives, net of tax | - | - | - | 5 | - | 5 | |||||||
Total other comprehensive income (loss) | - | - | - | 5 | - | 5 | |||||||
Share of other comprehensive income (loss) from subsidiaries | 5 | - | 5 | - | -10 | - | |||||||
Total comprehensive income attributable to AerCap Holdings N.V. | 213 | - | 133 | 222 | -355 | 213 | |||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
26. Subsequent events | |
On February 13, 2014, our shareholders approved the announced acquisition of ILFC at an Extraordinary General Meeting of Shareholders. The ILFC Transaction, which is expected to close in the second quarter of 2014, remains subject to receipt of necessary regulatory approvals and satisfaction of other customary closing conditions. | |
On March 11 2014, we signed a new $2.75 billion revolver facility which will come into effect upon closing of the ILFC Transaction with a term of 4 years from that closing date. In connection with this facility coming into effect, the Citi revolving credit facility of AerCap will be terminated, together with an existing ILFC $2.3 billion revolving credit facility (2012 Credit Facility). | |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Basis For Presentation | ' |
Basis for presentation | |
Our financial statements are presented in accordance with accounting principles generally accepted in the United States of America. | |
We consolidate all companies in which we have a direct and indirect legal or effective control and all variable interest entities for which we are deemed the primary beneficiary and have control under ASC 810. All intercompany balances and transactions with consolidated subsidiaries have been eliminated. The results of consolidated entities are included from the effective date of control or, in the case of variable interest entities, from the date that we are or become the primary beneficiary. The results of subsidiaries sold or otherwise deconsolidated are excluded from the date that we cease to control the subsidiary or, in the case of variable interest entities, when we cease to be the primary beneficiary. | |
Other investments in which we have the ability to exercise significant influence and joint ventures are accounted for under the equity method of accounting. | |
The consolidated financial statements are stated in United States dollars (“U.S. dollars”), which is our functional currency. | |
Adoption of Recent Accounting Guidance: | |
We adopted the following accounting standards during 2013: | |
In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities in U.S. GAAP and IFRSs, to improve the comparability of financial statements prepared in accordance with U.S. GAAP and IFRS. Entities are required to disclose both gross information and net information about both (1) instruments and transactions eligible for offset in the statement of financial position in accordance with either Section 210-20-45 or Section 815-10-45 or (2) instruments and transactions subject to an agreement similar to a master netting arrangement. This scope would include derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and securities lending arrangements. The amendments in this update require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. This information will enable users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments in the scope of this update. ASU 2011-11 is effective for interim and annual reporting periods beginning on or after January 1, 2013 and should be applied retrospectively. The adoption of ASU 2011-11 did not have an effect on our consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (AOCI). This new standard is intended to help entities improve the transparency of changes in OCI and items reclassified out of AOCI in their financial statements. The new standard requires entities to disclose additional information about reclassification adjustments, including (1) changes in AOCI balances by component and (2) significant items reclassified out of AOCI. The new disclosure requirements became effective for interim and annual periods beginning on January 1, 2013. The adoption of the new standard requires us to include additional disclosures for items reclassified out of AOCI when applicable. | |
Future Application of Accounting Guidance: | |
In July 2013, the FASB issued an accounting standard that requires a liability related to unrecognized tax benefits to be presented as a reduction to the related deferred tax asset for a net operating loss carry-forward or a tax credit carry-forward (the "Carry-forwards"). When the Carry-forwards are not available at the reporting date under the tax law of the jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit will be presented in the financial statements as a liability and will not be combined | |
with the related deferred tax assets. This standard is effective for fiscal years and interim periods beginning after December 15, 2013, but earlier adoption is permitted. Upon adoption, the standard must be applied prospectively to unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. We plan to adopt the standard prospectively on its required effective date of January 1, 2014 and do not expect the adoption of the standard to have a material effect on our consolidated financial condition, results of operations or cash flows. | |
Use Of Estimates | ' |
Use of estimates | |
The preparation of consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. For us, the use of estimates is or could be a significant factor affecting the reported carrying values of flight equipment, intangibles, investments, trade and notes receivable, deferred tax assets and accruals and reserves. Management considers information available from professional appraisers, where possible, to support estimates, particularly with respect to flight equipment. Despite management’s best efforts to accurately estimate such amounts, actual results could materially differ from those estimates. | |
The Company reviews estimated useful life and residual value of aircraft periodically based on its knowledge and external factors coupled with market conditions to determine if they are appropriate and record adjustments on an aircraft by aircraft basis as necessary. In the years ended December 31, 2011, December 31, 2012 and December 31, 2013, we changed our estimates of useful lives and residual values of certain older aircraft. The change in estimates is a result of the current market conditions that have negatively affected the useful lives and residual values for such aircraft. The effect on net income from continuing operations for the year ended December 31, 2013 was to reduce net income by $8.0 million, or $0.07 basic and diluted earnings per share. | |
Reclassifications | ' |
Reclassifications | |
Amortization of debt issuance costs and debt discount— The Consolidated Statements of Cashflows for the years ended December 31, 2012 and December 31, 2011, includes a reclassification, as compared to the 2012 20-F, of $18.7 million and $20.2 million respectively from net cash provided by financing activities to net cash provided by operating activities with respect to the amortization of fair value adjustments on some of our debt which were previously netted against debt repayments. There were no changes to the Consolidated Balance Sheets, Net Income or Total Equity as a result of these reclassifications in the respective periods. | |
Deferred tax—The Consolidated Balance Sheet for the year ended December 31, 2012 includes a reclassification, as compared to the 2012 20-F, of $51.6 million from deferred income tax asset to deferred income tax liability which were previously presented on a net basis as part of the deferred tax asset. There were no changes to Net Income or Total Equity as a result of this reclassification in the respective period. | |
Restricted cash—The Consolidated Balance Sheet for the year ended December 31, 2012 includes a reclassification, as compared to the 2012 20-F, of $0.8 million from restricted cash to other liabilities. The Consolidated Statement of Cash Flows was changed accordingly for the respective period. There were no changes to Net Income or Total Equity as a result of this reclassification in the respective period. | |
Cash And Cash Equivalents | ' |
Cash and cash equivalents | |
Cash and cash equivalents include cash and highly liquid investments with an original maturity of three months or less. | |
Restricted Cash | ' |
Restricted cash | |
Restricted cash includes cash held by banks that is subject to withdrawal restrictions. | |
Trade Receivables | ' |
Trade receivables | |
Trade receivables represent unpaid, current lease obligations of lessees under existing lease contracts. Allowances are made for doubtful accounts where it is considered that there is a significant risk of non-recovery. The assessment of risk of non-recovery is primarily based on the extent to which amounts outstanding exceed the value of security held, together with an assessment of the financial strength and condition of a debtor and the economic conditions persisting in the debtor’s operating environment. | |
Flight Equipment Held For Operating Leases, Net | ' |
Flight equipment held for operating leases, net | |
Flight equipment held for operating leases, including aircraft, is stated at cost less accumulated depreciation and impairment. Costs incurred in the acquisition of aircraft or related leases are included in the cost of the flight equipment and depreciated over the useful life of the equipment or term of the related lease. In instances where the purchase price includes additional consideration which can be allocated to the value of an acquired lease containing above market terms, such allocated cost is recognized as an intangible lease premium which is amortized over the term of the related lease in lease revenue. Similarly, we recognize a lease deficiency liability as part of accrued expenses and other liabilities for lease contracts where the terms of the lease contract are unfavorable to market terms and amortize the liability over the term of the related lease as an addition to lease revenue. The cost of improvements to flight equipment are normally expensed unless the improvement materially increases the long-term value of the flight equipment or extends the useful life of the flight equipment. In instances where the increased value benefits the existing lease, such capitalized cost is depreciated over the life of the lease. Otherwise, the capitalized cost is depreciated over the remaining useful life of the aircraft. Flight equipment acquired is depreciated over the assets’ useful life, based on 25 years from the date of manufacture, using the straight-line method to the estimated residual value. The current estimates for residual (salvage) values for most aircraft types are 15% of original manufacture cost, in line with industry standards, except where more recent industry information indicates a different value is appropriate. Differences between our estimates of useful lives and residual values and actual experience may result in future impairments of aircraft and/or additional gains or losses upon disposal. We review estimated useful life and residual value of aircraft periodically based on our knowledge to determine if they are appropriate and record adjustments on an aircraft by aircraft basis as necessary. | |
We apply ASC 360, which addresses financial accounting and reporting for the impairment of long-lived assets and requires that all long-lived assets be evaluated for impairment where circumstances indicate that the carrying amounts of such assets may not be recoverable. We regularly, at least on a quarterly basis, evaluate these events and circumstances. The review for recoverability includes an assessment of the estimated future cash flows associated with the use of an asset and its eventual disposal. The assets are grouped at the lowest level for which identifiable cash flows are largely independent of other groups of assets. In relation to flight equipment on operating lease, the impairment assessment is performed on each individual aircraft. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized. The loss is measured as the excess of the carrying amount of the impaired asset over its fair value. | |
Fair value reflects the present value of cash expected to be received from the aircraft in the future, including its expected residual value discounted at a rate commensurate with the associated risk. Future cash flows are assumed to occur under then current market conditions and assume adequate time for a sale between a willing buyer and a willing seller. Expected future lease rates are based on all relevant information available, including current contracted rates for similar aircraft, appraisal data and industry trends. Residual (salvage) value assumptions generally reflect 15% of the original manufacture costs, in line with industry standards, except where more recent industry information indicates a different value is appropriate. We generally focus our impairment assessment on older aircraft as the cash flows supporting the carrying value of such older aircraft are more dependent upon current lease contracts, which leases are more sensitive to weaknesses in the global economic environment. Further deterioration of the global economic environment and a further decrease of aircraft values might have a negative effect on the undiscounted cash flows of older aircraft and might trigger further impairments. | |
Notes Receivable | ' |
Notes receivable | |
Notes receivable arise from the restructuring and deferring of trade receivables from lessees experiencing financial difficulties. Allowances are made for doubtful accounts where there is a significant risk of non-recovery of the note receivable. The assessment of the risk of non-recovery is primarily based on the extent to which amounts outstanding exceed the value of security held, together with an assessment of the financial strength and condition of a debtor and the economic conditions persisting in the debtor’s operating environment. The ALS Note Receivable (described in Note 1) is recorded at fair value and subsequently measured at amortized cost using the retrospective effective interest method. | |
Capitalization Of Interest | ' |
Capitalization of interest | |
We capitalize interest related to progress payments made in respect of flight equipment on forward order and add such amount to prepayments on flight equipment. The amount of interest capitalized is the actual interest costs incurred on funding specific to the progress payments or the amount of interest costs which could have been avoided in the absence of such progress payments. | |
Investments | ' |
Investments | |
We may hold debt and equity interests in third parties, including interests in asset securitization vehicles. In instances where those interests are in the form of debt securities or equity securities that have readily determinable fair values, we apply the provisions of ASC 320 and designate each security as either held to maturity or available for sale securities. | |
We report equity investments where the fair value is not readily determinable at cost, reduced for any other than temporary impairment. | |
We evaluate our investments in all debt and equity instruments regularly for other than temporary impairments in their carrying value and record a write-down to estimated fair market value as appropriate. | |
Definite-Lived Intangible Assets | ' |
Definite‑lived intangible assets | |
We recognize intangible assets acquired in a business combination in accordance with the principles of ASC 805. The identified intangible assets are recorded at fair value on the date of acquisition. The rate of amortization of definite‑lived intangible assets is calculated with reference to the period over which we expect to derive economic benefits from such assets. In instances where the purchase of flight equipment or the allocated fair value in a business combination includes consideration which can be allocated to the value of an acquired lease containing above market terms, such allocated costs are recognized as an intangible lease premium asset and amortized on a straight-line basis over the term of the related lease as a reduction of lease revenue. Similarly, we recognize a lease deficiency liability as part of accrued expenses and other liabilities for lease contracts where the terms of the lease contract are unfavorable to market terms and amortize the liability over the term of the related lease as an addition to lease revenue. We consider lease renewals on a lease by lease basis. We do not assume lease renewals in the determination of the lease premiums or deficiencies given a market participant would expect the lessee to renegotiate the lease on market terms. We evaluate all definite‑lived intangible assets for impairment in accordance with ASC 360. | |
Inventory | ' |
Inventory | |
Inventory consists primarily of engine and airframe parts when we have aircraft for part out. It is valued at the lower of cost or market value. | |
Derivative Financial Instruments | ' |
Derivative financial instruments | |
We use derivative financial instruments to manage our exposure to interest rate risks and foreign currency risks. Derivatives are accounted for in accordance with ASC 815. All derivatives are recognized on the balance sheet at their fair value which includes a consideration of the credit rating and risk attaching to the counterparty of the derivative contract. We have considered both the quantitative and qualitative factors when determining our counterparty credit risk. | |
When cash flow hedge accounting treatment is achieved under ASC 815, the changes in fair values related to the effective portion of the derivatives are recorded in accumulated other comprehensive income, and the ineffective portion is recognized immediately in income. Amounts reflected in accumulated other comprehensive income related to the effective portion are reclassified into earnings in the same period or periods during which the hedged transactions affects earnings. | |
We discontinue hedge accounting prospectively when (i) we determine that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (ii) the derivative expires or is sold, terminated, or exercised; or (iii) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, we carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings. The remaining balance in accumulated other comprehensive income at the time we discontinue hedge accounting is not recognized in the income statement unless it is probable that the forecasted transaction will not occur. Such amounts are recognized in earnings when earnings are affected by the hedged transaction. | |
When cash flow hedge accounting treatment is not achieved under ASC 815, the changes in fair values related to interest derivatives between periods are recognized as a reduction or increase of interest expense and changes to fair value relating to currency derivatives are recognized as a reduction or increase of selling, general and administrative expenses on the income statement . | |
Net cash received or paid under derivative contracts in any reporting period is classified as operating cash flow in our consolidated cash flow statements. | |
Deferred Income Taxes (Assets And Liabilities) | ' |
Deferred income taxes (assets and liabilities) | |
We report deferred taxes of our taxable subsidiaries resulting from the temporary differences between the book values and the tax values of assets and liabilities using the liability method. The differences are calculated at nominal value using the enacted tax rate applicable at the time the temporary difference is expected to reverse. Deferred tax assets attributable to unutilized losses carried forward or other timing differences are reduced by a valuation allowance if it is more likely than not that such losses will not be utilized to offset future taxable income. | |
Other Assets | ' |
Other assets | |
Other assets consist of receivables from aircraft manufacturers, prepayments, debt issuance costs, interest and other receivables and other tangible fixed assets. Other tangible fixed assets consist of computer equipment, motor vehicles and office furniture and are valued at acquisition cost and depreciated at various rates between 16% to 33% per annum over the assets’ useful lives using the straight-line method. We capitalize costs incurred in arranging financing as debt issuance costs. Debt issuance costs are amortized to interest expense over the term of the related financing. | |
Accrued Maintenance Liability | ' |
Accrued maintenance liability | |
In all of our aircraft leases, the lessees are responsible for maintenance and repairs of our flight equipment and related expenses during the term of the lease. In some instances, we may incur maintenance and repair expenses for our aircraft. We recognize leasing expenses in our income statement for all such expenditures. In many operating lease and finance lease contracts, the lessee has the obligation to make a periodic payment of supplemental maintenance rent which is calculated with reference to the utilization of airframes, engines and other major life-limited components during the lease. AerCap records as revenue all maintenance rent receipts not expected to be repaid to lessees. We estimate the total amount of maintenance reimbursements for the entire lease and only record revenue after we have received enough maintenance rent under a particular lease to cover the estimated total amount of revenue reimbursements. In these leases, upon lessee presentation of invoices evidencing the completion of qualifying maintenance on the aircraft, we make a payment to the lessee to compensate for the cost of the maintenance, up to the maximum of the supplemental maintenance rental payments made with respect to the lease contract. | |
In most lease contracts not requiring the payment of supplemental rents, the lessee is required to re-deliver the aircraft in a similar maintenance condition (normal wear and tear excepted) as when accepted under the lease, with reference to major life-limited components of the aircraft. To the extent that such components are redelivered in a different condition than at acceptance, there is an end-of-lease compensation adjustment for the difference at redelivery. We recognize receipts of end-of-lease compensation adjustments as lease revenue when received and payments of end-of-lease adjustments as leasing expenses when paid. | |
In addition, we may be obligated to make additional payments to the lessee for maintenance related expenses (lessor maintenance contributions or top-ups) primarily related to usage of major life-limited components occurring prior to entering into the lease. We account for planned major maintenance activities such as lessor contributions and top-ups based on the expense as incurred method in accordance with the Airline Audit and Accounting Guide. We record a charge to leasing expenses at the time of the occurrence of a lessor contribution or top-up payment, except in instances where we have established an accrual as an assumed liability for such payment in connection with the purchase of an aircraft with a lease attached, in which case such payments are charged against the existing accrual. | |
For all of our lease contracts, any amounts of accrued maintenance liability existing at the end of a lease are released and recognized as lease revenue at lease termination. When flight equipment is sold, the portion of the accrued maintenance liability which is not specifically assigned to the buyer is released from the balance sheet and recognized as net gain on sale of assets as part of the sale of the flight equipment. | |
Accrual For Onerous Contracts | ' |
Accrual for onerous contracts | |
We make an accrual for onerous contracts where the undiscounted costs of performing under a contract or series of related contracts exceed the undiscounted benefits expected to be derived from such contracts. In connection with a purchase business combination, accruals are recorded at the present value of such differences. | |
Revenue Recognition | ' |
Revenue recognition | |
As lessor, we lease flight equipment principally under operating leases and report rental income ratably over the life of the lease as it is earned. At lease inception we review all necessary criteria under ASC 840-10-25 to determine proper lease classification including the criteria set forth in ASC 840-10-25-14. Our lease contracts normally include default covenants, and the effect of a default by a lessee is generally to oblige the lessee to pay damages to the lessor to put the lessor in the position one would have been had the lessee performed under the lease in full. There are no additional payments required which would increase the minimum lease payments under ASC 840-10-25-1. We account for lease agreements that include step rent clauses on a straight line basis. Lease agreements for which base rent is based on floating interest rates are included in minimum lease payments based on the floating interest rate existing at the inception of the lease; any increases or decreases in lease payments that result from subsequent changes in the floating interest rate are contingent rentals and are recorded as increases or decreases in lease revenue in the period of the interest rate change. In certain cases, leases provide for rentals based on usage. The usage may be calculated based on hourly usage or on the number of cycles operated, depending on the lease contract. We cease revenue recognition on a lease contract when the collectability of such rentals is no longer reasonably assured. For past-due rentals which have been recognized as revenue, provisions are established on the basis of management’s assessment of collectability and to the extent such rentals exceed related security deposits held, and are recorded as expenses on the income statement. | |
Most of our lease contracts require payment in advance. Rentals received, but unearned under these lease agreements are recorded as deferred revenue on the balance sheet. | |
Net gain (loss) on sale of assets originate primarily from the sale of aircraft and engines and are recognized when the delivery of the relevant asset is complete and the risk of loss has transferred to the buyer. | |
Revenues from direct finance leases are recognized on the interest method to produce a level yield over the life of the finance lease. Expected unguaranteed residual values of leased assets are based on our assessment of residual values and independent appraisals of the values of leased assets remaining at expiration of the lease terms. | |
Revenue from secured loans, notes receivables and other interest bearing instruments is recognized on an effective yield basis as interest accrues under the associated contracts. Revenue from lease management fees is recognized as income as it accrues over the life of the contract. Revenue from the receipt of lease termination penalties is recorded at the time cash is received or when the lease is terminated, if collection is reasonably assured. Other revenue includes any net gains we generate from the sale of aircraft related investments, such as our subordinated interests in securitization vehicles and notes, warrants or convertible securities issued by our lessees, which we receive from lessees as compensation for amounts owed to us in connection with lease restructurings. | |
Pension | ' |
Pension | |
We operate a defined benefit pension plan for our Dutch employees and some of our Irish employees. As of June 30, 2009, the Irish defined benefit plan was closed to new participants, but will continue to accrue benefits for existing participants. As required by ASC715, we recognize net periodic pension costs associated with this plan in income from continuing operations and recognize the unfunded status of the plan, if any, as a liability. The change in fair value of the funded pension liability that is not related to the net periodic pension cost is recorded as other comprehensive income. The projection of benefit obligation and fair value of plan assets requires the use of assumptions and estimates, including discount rates. Actual results could differ from those estimates. Furthermore, we also operate a defined contribution plan for the Irish employees that do not fall under the defined benefit pension plan. We expense these contributions in the period the contribution is made | |
Share-Based Compensation | ' |
Share‑based compensation | |
We account for share‑based compensation in accordance with ASC 718. The amount of such expense is determined by reference to the fair value of the restricted share units or options on the grant date. The share-based compensation expenses are recognized over the vesting period using the straight-line method. We estimate the fair value of options using the Black Scholes option pricing model. | |
Foreign Currencies | ' |
Foreign currencies | |
Foreign currency transactions are translated into U.S. dollars at the exchange rate prevailing at the time the transaction took place or at the rates of exchange under related forward contracts where such contracts exist. Subsequent receivables or payables resulting from such foreign currency transactions are translated into U.S. dollars at the exchange rate prevailing at each balance sheet date. All resulting exchange gains and losses are taken to the income statement under selling, general and administrative expenses. | |
Variable Interest Entities | ' |
Variable interest entities | |
We account for investments in variable interest entities in accordance with ASC 810. | |
Earnings Per Share | ' |
Earnings Per Share | |
Earnings per share is presented in accordance with ASC 260 which requires the presentation of “basic” earnings per share and “diluted” earnings per share. Basic earnings per share is computed by dividing income available to ordinary shareholders by the weighted‑average number of ordinary shares outstanding during the period. For the purposes of calculating diluted earnings per share, the denominator includes both the weighted average number of ordinary shares outstanding during the period and the weighted average number of potentially dilutive ordinary shares, such as restricted share units, restricted shares and share options . | |
Restricted_Cash_Tables
Restricted Cash (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Restricted Cash [Abstract] | ' | |||||
Components Of Restricted Cash | ' | |||||
2012 | 2013 | |||||
Cash securing our obligations under ECA-guaranteed financings | $ | 41,895 | $ | 59,609 | ||
Cash securing our obligations under ALS II debt | 15,712 | 15,004 | ||||
Cash securing our obligations under AerFunding revolving credit facility | 82,070 | 71,379 | ||||
Cash securing our obligations under Genesis securitization debt | 28,955 | 35,836 | ||||
Cash securing our obligations under TUI portfolio acquisition facility | 25,656 | 26,509 | ||||
Cash securing our obligations under other debt | 82,043 | 52,800 | ||||
Cash securing our obligations under SkyFunding I and II facilities | 2,740 | 7,472 | ||||
Other | 1,582 | 4,178 | ||||
$ | 280,653 | $ | 272,787 | |||
Trade_Receivables_Net_Of_Provi1
Trade Receivables, Net Of Provisions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Trade Receivables, Net Of Provisions [Abstract] | ' | ||||||||
Change In Allowance For Doubtful Trade Receivables | ' | ||||||||
Year ended December 31, | |||||||||
2011 | 2012 | 2013 | |||||||
Provision at beginning of period | $ | 2,606 | $ | 3,530 | $ | - | |||
Expense for doubtful accounts | 3,335 | - | - | ||||||
Discontinued operations | -2,567 | - | - | ||||||
Other(1) | 156 | -3,530 | - | ||||||
Provision at the end of period | $ | 3,530 | $ | - | $ | - | |||
(1)Includes direct write-offs and cash accounting for certain trade receivables. | |||||||||
Flight_Equipment_Held_For_Oper1
Flight Equipment Held For Operating Leases, Net (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Flight Equipment Held For Operating Leases, Net [Abstract] | ' | ||||||||||||||
Movements In Flight Equipment Held For Operating Leases | ' | ||||||||||||||
Year ended December 31, | |||||||||||||||
2011 | 2012 | 2013 | |||||||||||||
Net book value at beginning of period | $ | 8,061,260 | $ | 7,895,874 | $ | 7,261,899 | |||||||||
Additions | 882,625 | 1,116,808 | 1,825,937 | ||||||||||||
Depreciation | -383,148 | -355,697 | -336,888 | ||||||||||||
Impairment (Note 22) | -23,323 | -12,625 | -25,616 | ||||||||||||
Disposals | -333,140 | -1,376,461 | -606,495 | ||||||||||||
Transfers to direct finance leases/flight equipment held for sale | -11,430 | -6,000 | -32,890 | ||||||||||||
Sale of AeroTurbine | -296,970 | - | - | ||||||||||||
Net book value at end of period | $ | 7,895,874 | $ | 7,261,899 | $ | 8,085,947 | |||||||||
Accumulated depreciation/impairment at December 31, 2011, 2012 and 2013 | $ | -1,060,416 | $ | -992,528 | $ | -1,337,675 | |||||||||
Contractual Commitments For Prepayment And Purchase Of Flight Equipment | ' | ||||||||||||||
2014 | 2015 | 2016 | Thereafter | Total | |||||||||||
Capital expenditures | $ | 657,392 | $ | 281,907 | $ | 969,184 | $ | 947,291 | $ | 2,855,774 | |||||
Pre-delivery payments | 128,509 | 26,034 | - | - | 154,543 | ||||||||||
$ | 785,901 | $ | 307,941 | $ | 969,184 | $ | 947,291 | $ | 3,010,317 | ||||||
Contracted Minimum Future Lease Payments Receivable | ' | ||||||||||||||
Contracted minimum | |||||||||||||||
future lease | |||||||||||||||
receivables | |||||||||||||||
2014 | $ | ||||||||||||||
931,801 | |||||||||||||||
2015 | 878,948 | ||||||||||||||
2016 | 772,706 | ||||||||||||||
2017 | 591,965 | ||||||||||||||
2018 | 526,397 | ||||||||||||||
Thereafter | 1,643,197 | ||||||||||||||
$ | |||||||||||||||
5,345,014 | |||||||||||||||
Notes_Receivable_Tables
Notes Receivable (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Notes Receivable [Abstract] | ' | |||||
Components Of Notes Receivable | ' | |||||
2012 | 2013 | |||||
Secured notes receivable | $ | 10,135 | $ | 2,987 | ||
ALS Note Receivable (1) | 68,028 | 72,801 | ||||
$ | 78,163 | $ | 75,788 | |||
(1)In 2012 we obtained the ALS Note Receivable as part of the ALS transaction with an effective interest of 6.8% per year. After the repayment of the ALS Coupon Liability, the ALS Note Receivable entitles us to receive future cash up to the total amount paid under the ALS Coupon Liability. For further details refer to the ALS Transaction as described in Note 1. | ||||||
Prepayments_On_Flight_Equipmen1
Prepayments On Flight Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Prepayments On Flight Equipment [Abstract] | ' | ||||||||
Summary Of Movements In Prepayments On Flight Equipment | ' | ||||||||
Year ended December 31, | |||||||||
2011 | 2012 | 2013 | |||||||
Net book value at beginning of period | $ | 199,417 | $ | 95,619 | $ | 53,594 | |||
Prepayments made during the period | 43,313 | 33,508 | 205,865 | ||||||
Interest capitalized during the period | 4,439 | 2,616 | 7,455 | ||||||
Prepayments and capitalized interest applied against the purchase of flight equipment | -151,550 | -78,149 | -43,099 | ||||||
Net book value at end of period | $ | 95,619 | $ | 53,594 | $ | 223,815 | |||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Investments [Abstract] | ' | |||||
Components Of Investments | ' | |||||
2012 | 2013 | |||||
20.3% equity investment in unconsolidated joint venture (AerDragon) | $ | 41,161 | $ | 47,672 | ||
39.6% equity investment in unconsolidated joint venture (AerLift) | 51,721 | 54,457 | ||||
42.3% equity investment in unconsolidated joint venture (AerData) | 980 | 882 | ||||
19.4% equity investment in unconsolidated joint venture (ACSAL) | - | 9,175 | ||||
Other investments at cost | - | 194 | ||||
$ | 93,862 | $ | 112,380 | |||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Intangible Assets [Abstract] | ' | ||||||||
Schedule Of Amortizable Intangible Assets | ' | ||||||||
As of December 31, 2012 | |||||||||
Gross | Accumulated | Net | |||||||
amortization | |||||||||
Lease premiums | $ | 54,945 | $ | -36,845 | $ | 18,100 | |||
As of December 31, 2013 | |||||||||
Gross | Accumulated | Net | |||||||
amortization | |||||||||
Lease premiums | $ | 35,461 | $ | -26,107 | $ | 9,354 | |||
Schedule Of Changes To Amortizable Intangible Assets | ' | ||||||||
Year ending December 31, | |||||||||
2012 | 2013 | ||||||||
Net carrying value at beginning of period | $ | 29,677 | $ | 18,100 | |||||
Amortization | -11,577 | -8,746 | |||||||
Net carrying value at end of period | $ | 18,100 | $ | 9,354 | |||||
Schedule Of Future Amortization Of The Intangible Assets | ' | ||||||||
Amortization | |||||||||
of intangible | |||||||||
assets | |||||||||
2014 | $ | ||||||||
5,844 | |||||||||
2015 | 3,085 | ||||||||
2016 | 425 | ||||||||
$ | |||||||||
9,354 | |||||||||
Derivative_Assets_And_Liabilit1
Derivative Assets And Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Derivative Assets And Liabilities [Abstract] | ' | ||||||||
Schedule Of Change In Fair Value Of Interest Rate Derivatives | ' | ||||||||
Year ended December 31, | |||||||||
2011 | 2012 | 2013 | |||||||
Change in fair value of interest rate caps and floors | $ | 59,312 | $ | 14,388 | $ | -11,709 | |||
Change in fair value of interest rate swaps | -39,536 | -3,713 | - | ||||||
$ | 19,776 | $ | 10,675 | $ | -11,709 | ||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Other Assets [Abstract] | ' | |||||
Schedule Of Other Assets | ' | |||||
2012 | 2013 | |||||
Debt issuance costs | $ | 133,352 | $ | 148,315 | ||
Other tangible fixed assets | 2,482 | 2,427 | ||||
Receivables from aircraft manufacturer | 8,203 | 5,800 | ||||
Prepaid expenses | 4,690 | 6,057 | ||||
Other receivables | 9,124 | 21,423 | ||||
$ | 157,851 | $ | 184,022 | |||
Accrued_Expenses_And_Other_Lia1
Accrued Expenses And Other Liabilities (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Accrued Expenses And Other Liabilities [Abstract] | ' | |||||
Schedule Of Accrued Expenses And Other Liabilities | ' | |||||
2012 | 2013 | |||||
Accrued expenses | $ | 33,077 | $ | 50,087 | ||
Accrued interest | 44,257 | 44,916 | ||||
Lease deficiency | 15,427 | 13,459 | ||||
$ | 92,761 | $ | 108,462 | |||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Schedule Of Debt | ' | ||||||||||
2012 (1) | 2013 (1) | Weighted average | Maturity | ||||||||
interest rate | |||||||||||
December 31, 2013 (2) | |||||||||||
Secured | |||||||||||
ECA-guaranteed financings | $ | 1,675,387 | $ | 1,504,429 | 2.48 | % | 2024 | ||||
ALS II debt | 572,270 | 450,045 | 2.02 | % | 2038 | ||||||
AerFunding revolving credit facility | 538,024 | 967,094 | 2.92 | % | 2018 | ||||||
Genesis securitization debt | 549,288 | 452,233 | 0.41 | % | 2032 | ||||||
TUI portfolio acquisition facility | 188,393 | 163,943 | 1.92 | % | 2015 | ||||||
SkyFunding I and II facilities | 507,475 | 623,785 | 3.74 | % | 2023 | ||||||
Other debt | 1,179,169 | 1,390,521 | 3.12 | % | 2023 | ||||||
Unsecured | |||||||||||
Senior unsecured notes due 2017 | 300,000 | 300,000 | 6.38 | % | 2017 | ||||||
DBS revolving credit facility | - | 150,000 | 2.50 | % | 2018 | ||||||
Other | |||||||||||
Subordinated debt joint ventures partners(3) | 64,280 | 64,280 | 1.96 | % | 2022 | ||||||
DBS B737-800 PDP Facility | - | 47,458 | 3.00 | % | 2015 | ||||||
Other debt | 229,213 | 123,104 | 5.67 | % | 2020 | ||||||
$ | 5,803,499 | $ | 6,236,892 | ||||||||
(1)As of December 31, 2013, we remain in compliance with the respective financial covenants across the Company’s various debt obligations. | |||||||||||
(2)The weighted average interest rate is calculated based on the U.S. dollar LIBOR rate as of December 31, 2013, and excludes the impact of related derivative instruments which we hold to hedge our exposure to interest rates as well as any amortization of the debt issuance costs. | |||||||||||
(3)Subordinated debt issued to two of our joint venture partners in 2008 and 2010. | |||||||||||
Schedule Of Maturities Of Debt And Capital Lease Obligations | ' | ||||||||||
Debt | |||||||||||
maturing | |||||||||||
2014 | $ | ||||||||||
787,022 | |||||||||||
2015 | 997,097 | ||||||||||
2016 | 672,855 | ||||||||||
2017 | 992,821 | ||||||||||
2018 | 1,256,585 | ||||||||||
Thereafter | 1,620,789 | ||||||||||
$ | |||||||||||
6,327,169 | |||||||||||
ECA-Guaranteed Financings [Member] | ' | ||||||||||
Schedule Of Debt | ' | ||||||||||
Amount outstanding | |||||||||||
31-Dec-13 | Interest rate | ||||||||||
(U.S. dollars in thousands) | |||||||||||
2008 A330 & A320 Facility | Floating rate tranches | $ | Three-month LIBOR plus 1.47% | ||||||||
58,175 | |||||||||||
Fixed rate tranches | 599,536 | 3.20% | |||||||||
2009 A320 Facility | Floating rate tranches | 53,348 | Three-month LIBOR plus 1.11% | ||||||||
Fixed rate tranches | 81,336 | 4.23% | |||||||||
ECA A330 Capital Market facilities | Fixed rate tranches | 167,462 | 3.60% | ||||||||
2012 Facilities | Fixed rate tranches | 222,107 | 2.29% | ||||||||
Total | $ | ||||||||||
1,181,964 | |||||||||||
Other ECA-Guaranteed Financings [Member] | ' | ||||||||||
Schedule Of Debt | ' | ||||||||||
Amount outstanding | |||||||||||
31-Dec-13 | Interest rate | ||||||||||
(U.S. dollars in thousands) | |||||||||||
Floating Rate Tranches | $ | Three-month LIBOR plus 0.33% | |||||||||
323,420 | |||||||||||
Purchase accounting fair value adjustments | -955 | ||||||||||
$ | |||||||||||
322,465 | |||||||||||
ALS II [Member] | ' | ||||||||||
Schedule Of Debt | ' | ||||||||||
Amount outstanding | |||||||||||
31-Dec-13 | Interest rate | ||||||||||
(U.S. dollars in thousands) | |||||||||||
Class A-1 Notes | $ | One-month LIBOR plus 1.85% | |||||||||
433,249 | |||||||||||
Class A-2 Notes | 16,796 | One-month LIBOR plus 1.85% | |||||||||
Total | $ | ||||||||||
450,045 | |||||||||||
AerFunding Revolving Credit Facility [Member] | ' | ||||||||||
Schedule Of Interest Rate Terms | ' | ||||||||||
Applicable | |||||||||||
Margin | |||||||||||
Borrowing period (1) | 2.75% | ||||||||||
Period from June 10, 2015 to June 9, 2016 | 3.75% | ||||||||||
Period from June 10, 2016 to June 9, 2017 | 4.25% | ||||||||||
Period from June 10, 2017 to June 9, 2018 | 4.75% | ||||||||||
(1)The borrowing period is until June 9, 2015, after which the loan converts to a term loan. | |||||||||||
Genesis Securitization [Member] | ' | ||||||||||
Schedule Of Debt | ' | ||||||||||
Amount outstanding | |||||||||||
31-Dec-13 | Interest rate | ||||||||||
(U.S. dollars in thousands) | |||||||||||
Class G-1 Notes | $ | One-month LIBOR plus 0.24% | |||||||||
452,233 | |||||||||||
TUI Portfolio Acquisition Facility [Member] | ' | ||||||||||
Schedule Of Debt | ' | ||||||||||
Amount outstanding | |||||||||||
31-Dec-13 | Interest rate | ||||||||||
(U.S. dollars in thousands) | |||||||||||
Senior Facility | $ | One-month LIBOR plus 1.75% | |||||||||
163,943 | |||||||||||
Skyfunding I And II Facilities [Member] | ' | ||||||||||
Schedule Of Debt | ' | ||||||||||
Amount outstanding | |||||||||||
31-Dec-13 | Interest rate | ||||||||||
(U.S. dollars in thousands) | |||||||||||
SkyFunding I | Floating rate tranche | $ | Three-month LIBOR plus 2.85% | ||||||||
175,774 | |||||||||||
Fixed rate tranche | 174,560 | 4.43% | |||||||||
SkyFunding II | Floating rate tranche | 184,362 | Three-month LIBOR plus 3.15% | ||||||||
Fixed rate tranche | 89,089 | 4.43% | |||||||||
Total | $ | ||||||||||
623,785 | |||||||||||
$2.75 Billion Unsecured Bridge Credit Facility [Member] | ' | ||||||||||
Schedule Of Interest Rate Terms | ' | ||||||||||
Applicable Margin | |||||||||||
Borrowing Period | Libor Loans | Alternative Base Rate Loans | |||||||||
From initial funding to 89 days after initial funding | 1.75% | 0.750% | |||||||||
90 days after initial funding to 179 days after initial funding | 2.25% | 1.250% | |||||||||
180 days after initial funding to 269 days after initial funding | 2.63% | 1.625% | |||||||||
270 days after initial funding to maturity date | 3.13% | 2.125% | |||||||||
Other Debt Instruments [Member] | ' | ||||||||||
Schedule Of Debt | ' | ||||||||||
Amount outstanding | Amount outstanding | ||||||||||
December 31, 2012 | December 31, 2013 | ||||||||||
(U.S. dollars in thousands) | (U.S. dollars in thousands) | ||||||||||
Secured | |||||||||||
Secured aircraft transactions (1) | $ | 1,110,202 | $ | 1,327,987 | |||||||
Japanese operating lease | 68,967 | 62,534 | |||||||||
$ | 1,179,169 | $ | 1,390,521 | ||||||||
Unsecured | |||||||||||
ALS Coupon Liability (2) | $ | 96,070 | $ | 71,131 | |||||||
Subordinated debt facilities | 72,000 | 30,000 | |||||||||
Other financings | 61,143 | 21,973 | |||||||||
$ | 229,213 | $ | 123,104 | ||||||||
-1 | Secured aircraft transactions comprise financing transactions for portfolios and single aircraft. These financings are secured by 58 aircraft and seven engines. The net book value of the aircraft pledged was $2.0 billion at December 31, 2013. | ||||||||||
-2 | In 2012 we obtained the ALS Coupon Liability as part of the ALS transaction, with an effective interest of 5.5% per year. The repayments of the ALS Coupon Liability are equal to a specified amount of $2.5 million until the earlier of December 2016 or the month in which the senior securities issued by ALS, the G-Notes, are fully repaid. For further details refer to the ALS Transaction as described in Note 1. | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||||
Summary Of Income Tax Expense (Benefit) By Tax Jurisdiction | ' | ||||||||||||||
Year ended December 31, | |||||||||||||||
2011 | 2012 | 2013 | |||||||||||||
Deferred tax expense (benefit) | |||||||||||||||
The Netherlands | $ | 4,322 | $ | 1,952 | $ | 686 | |||||||||
Ireland | 6,668 | 3,685 | 17,158 | ||||||||||||
United States of America | 4,317 | 2,022 | 3,686 | ||||||||||||
Sweden | 633 | -789 | -344 | ||||||||||||
15,940 | 6,870 | 21,186 | |||||||||||||
Current tax expense (benefit) | |||||||||||||||
United States of America | -1,730 | - | - | ||||||||||||
The Netherlands | 1,250 | 1,197 | 4,840 | ||||||||||||
-480 | 1,197 | 4,840 | |||||||||||||
Income tax expense | $ | 15,460 | $ | 8,067 | $ | 26,026 | |||||||||
Reconciliation Of Statutory Income Tax Expense/(Benefit) | ' | ||||||||||||||
Year ended December 31, | |||||||||||||||
2011 | 2012 | 2013 | |||||||||||||
Income tax expense at statutory income tax rate | $ | $ | $ | ||||||||||||
57,513 | 38,719 | 77,698 | |||||||||||||
Valuation allowance (1) | 9,661 | - | - | ||||||||||||
Income arising from non-taxable items (permanent differences) (2) | -8,089 | -58,604 | -128 | ||||||||||||
Tax on global activities | -43,625 | 27,952 | -51,544 | ||||||||||||
-42,053 | -30,652 | -51,672 | |||||||||||||
Actual income tax expense | $ | $ | $ | ||||||||||||
15,460 | 8,067 | 26,026 | |||||||||||||
(1)Valuation allowance in 2011 related to losses and credit forwards in our Dutch tax jurisdiction. | |||||||||||||||
(2)Relates to non-taxable income arising from aircraft with a higher tax basis in general. The 2012 non- taxable income also included an imputed gain for tax purposes that offsets all remaining taxable losses for the period 2006 through 2012 in The Netherlands. This offset of the taxable losses was already foreseen in the Dutch tax filing position and included in the valuation allowance of previous years. The imputed gain results from a revaluation of the tax asset base as well as the retrospective revisions of certain intercompany obligations between the Netherlands and Isle of Man jurisdictions. | |||||||||||||||
Schedule Of Global Tax Activities | ' | ||||||||||||||
Year ended December 31, 2011 | |||||||||||||||
Pre-tax income (loss) | Local statutory tax rate (1) | Variance to Dutch statutory tax rate of 25.0% | Tax variance as a result of global activities (2) | ||||||||||||
Tax jurisdiction | |||||||||||||||
The Netherlands | $ | -33,149 | 25.0 | % | 0.0 | % | $ | - | |||||||
Ireland | 91,973 | 12.5 | % | -12.5 | % | -11,497 | |||||||||
United States of America | 5,204 | 37.6 | % | 12.6 | % | 656 | |||||||||
Sweden | 3,384 | 18.6 | % | -6.4 | % | -213 | |||||||||
Isle of Man | 130,284 | 0.0 | % | -25 | % | -32,571 | |||||||||
$ | 197,696 | $ | -43,625 | ||||||||||||
Income arising from non-taxable items | 32,355 | ||||||||||||||
Income from continuing operations | $ | 230,051 | |||||||||||||
before income tax | |||||||||||||||
Year ended December 31, 2012 | |||||||||||||||
Pre-tax income (loss) | Local statutory tax rate (1) | Variance to Dutch statutory tax rate of 25.0% | Tax variance as a result of global activities (2) | ||||||||||||
Tax jurisdiction | |||||||||||||||
The Netherlands | $ | 12,596 | 25.0 | % | 0.0 | % | $ | - | |||||||
Ireland | 29,486 | 12.5 | % | -12.5 | % | -3,686 | |||||||||
United States of America | 5,586 | 36.2 | % | 11.2 | % | 626 | |||||||||
Sweden | -4,220 | 18.6 | % | -6.4 | % | 266 | |||||||||
Isle of Man | -122,983 | 0.0 | % | -25 | % | 30,746 | |||||||||
$ | -79,535 | $ | 27,952 | ||||||||||||
Income arising from non-taxable items (3) | 234,414 | ||||||||||||||
Income from continuing operations | $ | 154,879 | |||||||||||||
before income tax | |||||||||||||||
Year ended December 31, 2013 | |||||||||||||||
Pre-tax income (loss) | Local statutory tax rate (1) | Variance to Dutch statutory tax rate of 25.0% | Tax variance as a result of global activities (2) | ||||||||||||
Tax jurisdiction | |||||||||||||||
The Netherlands | $ | 22,106 | 25.0 | % | 0.0 | % | $ | - | |||||||
Ireland | 135,424 | 12.5 | % | -12.5 | % | -16,928 | |||||||||
United States of America | 10,354 | 35.6 | % | 10.6 | % | 1,098 | |||||||||
Sweden | -1,848 | 18.6 | % | -6.4 | % | 118 | |||||||||
Isle of Man | 143,327 | 0.0 | % | -25 | % | -35,832 | |||||||||
$ | 309,363 | $ | -51,544 | ||||||||||||
Income arising from non-taxable items | 1,428 | ||||||||||||||
Income from continuing operations | $ | 310,791 | |||||||||||||
before income tax | |||||||||||||||
(1)The local statutory income tax expense for our significant tax jurisdictions (The Netherlands, Ireland and Isle of Man) does not differ from the actual income tax expense. | |||||||||||||||
(2)The tax variance as a result of global activities is mainly caused by our operations in countries with a lower statutory tax rate than the statutory tax rate in The Netherlands. | |||||||||||||||
(3)The 2012 non- taxable income included an imputed gain for tax purposes that offsets all remaining taxable losses for the period 2006 through 2012 in The Netherlands. This offset of the taxable losses was already foreseen in the Dutch filing position and included in the valuation allowance of previous years. The imputed gain results from a revaluation of the tax asset base as well as the retrospective revisions of certain intercompany obligations between the Netherlands and Isle of Man jurisdictions. | |||||||||||||||
Deferred Tax Assets And Liabilities | ' | ||||||||||||||
December 31, 2012 | |||||||||||||||
The | Ireland | U.S. | Sweden | Total | |||||||||||
Netherlands | |||||||||||||||
Depreciation/Impairment | $ | 15,142 | $ | -212,706 | $ | - | $ | - | $ | -197,564 | |||||
Debt | - | -13,807 | - | - | -13,807 | ||||||||||
Intangibles | - | -1,564 | - | - | -1,564 | ||||||||||
Interest expense | - | - | 7,401 | - | 7,401 | ||||||||||
Accrued maintenance liability | - | 5,265 | - | - | 5,265 | ||||||||||
Obligations under capital leases and debt obligations | - | 8,493 | - | - | 8,493 | ||||||||||
Investments | - | 2,500 | - | - | 2,500 | ||||||||||
Losses and credits forward | - | 254,477 | 6,894 | 8,050 | 269,421 | ||||||||||
Other | 2,492 | -3,945 | 1,034 | - | -419 | ||||||||||
Net deferred tax asset | $ | 17,634 | $ | 38,713 | $ | 15,329 | $ | 8,050 | $ | 79,726 | |||||
December 31, 2013 | |||||||||||||||
The | Ireland | U.S. | Sweden | Total | |||||||||||
Netherlands | |||||||||||||||
Depreciation/Impairment | $ | 13,994 | $ | -286,027 | $ | -36 | $ | - | $ | -272,069 | |||||
Debt | - | -11,580 | - | - | -11,580 | ||||||||||
Intangibles | - | -838 | - | - | -838 | ||||||||||
Interest expense | - | - | 7,147 | - | 7,147 | ||||||||||
Accrued maintenance liability | - | 3,729 | - | - | 3,729 | ||||||||||
Obligations under capital leases and debt obligations | - | 1,170 | - | - | 1,170 | ||||||||||
Investments | - | 2,500 | -2,128 | - | 372 | ||||||||||
Losses and credits forward | - | 308,696 | 6,941 | 8,394 | 324,031 | ||||||||||
Other | 3,705 | 4,110 | 44 | - | 7,859 | ||||||||||
Net deferred tax asset | $ | 17,699 | $ | 21,760 | $ | 11,968 | $ | 8,394 | $ | 59,821 | |||||
Summary Of Valuation Allowance | ' | ||||||||||||||
Year ended December 31, | |||||||||||||||
2011 | 2012 | 2013 | |||||||||||||
Valuation allowance at beginning of period | $ | 44,696 | $ | 54,357 | $ | - | |||||||||
Increase (decrease) of allowance to income tax provision | 9,661 | -54,357 | - | ||||||||||||
Valuation allowance at end of period | $ | 54,357 | $ | - | $ | - | |||||||||
Share_Capital_Tables
Share Capital (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Share Capital [Abstract] | ' | ||||||||
Changes In Accumulated Other Comprehensive Income (Loss) | ' | ||||||||
Net change in fair value of derivatives | Net change in fair value of pension obligations | Total | |||||||
(U.S. dollars in thousands) | |||||||||
Beginning balance | $ | -9,873 | $ | -4,528 | $ | -14,401 | |||
Current-period other comprehensive income (loss) | 4,975 | -464 | 4,511 | ||||||
Ending balance | $ | -4,898 | $ | -4,992 | $ | -9,890 | |||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Share-Based Compensation [Abstract] | ' | |||
Schedule Of Restricted Shares/Options Activity | ' | |||
Number of Options | ||||
Beginning outstanding January 1, 2013 | 110,768 | |||
Exercised | -83,034 | |||
Ending outstanding December 31, 2013 | 27,734 | |||
Summary Of NV Equity Plan Activity | ' | |||
Number of Options | Weighted Average Exercise Price | |||
Options outstanding at January 1, 2013 (1) | 2,077,036 | NA | ||
Forfeitures | - | NA | ||
Options exercised during year (2) | -368,279 | 26.57 | ||
Options issued during year | - | NA | ||
Options outstanding at December 31, 2013 | 1,708,757 | NA | ||
-1 | Including 299,754 AER options granted to former Genesis directors and employees at the closing of the amalgamation with Genesis on March 25, 2010; these options were issued pursuant to a separate board resolution, so not under any of AerCap Equity Incentive Plans. | |||
-2 | Including 168,279 AER options granted to former Genesis directors and employees; refer to footnote 1. | |||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Segment Information [Abstract] | ' | ||||||||
Schedule Of Lease Revenue By Segment | ' | ||||||||
2011 | 2012 | 2013 | |||||||
United States of America | 8.8 | % | 12.1 | % | 17.3 | % | |||
Russia | 10.3 | % | 9.4 | % | 9.6 | % | |||
Schedule Of Long-Lived Assets By Segment | ' | ||||||||
2012 | 2013 | ||||||||
United States of America | 16.6 | % | 22.2 | % | |||||
Russia | 11.4 | % | 10.4 | % | |||||
Selling_General_And_Administra1
Selling, General And Administrative Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Selling, General And Administrative Expenses [Abstract] | ' | ||||||||
Schedule Of Selling, General And Administrative Expenses | ' | ||||||||
Year ended December 31, | |||||||||
2011 | 2012 | 2013 | |||||||
Personnel expenses (1) (3) | $ | 52,262 | $ | 44,645 | $ | 55,654 | |||
Travel expenses | 5,862 | 7,098 | 6,728 | ||||||
Professional services | 13,159 | 17,906 | 13,253 | ||||||
Office expenses | 3,943 | 3,506 | 3,443 | ||||||
Directors expenses | 5,582 | 4,786 | 3,393 | ||||||
Aircraft management fee (2) | 26,841 | 641 | -477 | ||||||
Mark-to-market on derivative instruments and | 2,811 | -2,914 | 115 | ||||||
foreign currency results | |||||||||
Other expenses | 10,286 | 7,741 | 6,970 | ||||||
$ | 120,746 | $ | 83,409 | $ | 89,079 | ||||
(1)Includes share-based compensation of $6,159, $7,128 and $9,292 in the years ended December 31, 2011, 2012 and | |||||||||
2013, respectively. | |||||||||
(2)Includes a charge of $24,500 relating to the buy-out of the Genesis portfolio servicing rights in the year ended December 31, 2011. | |||||||||
(3)Includes termination and severance payments of $5,151 in the year ended December 31, 2011. | |||||||||
Asset_Impairment_Tables
Asset Impairment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Asset Impairment [Abstract] | ' | ||||||||
Schedule Of Asset Impairment | ' | ||||||||
2011 | 2012 | 2013 | |||||||
Flight equipment (Note 5) | $ | 23,323 | $ | 12,625 | $ | 25,616 | |||
Discontinued operations | -8,902 | - | - | ||||||
Notes receivable (Note 6) | - | - | 539 | ||||||
Intangible lease premium (Note 9) | 1,173 | - | - | ||||||
$ | 15,594 | $ | 12,625 | $ | 26,155 | ||||
Earnings_Per_Ordinary_Share_Ta
Earnings Per Ordinary Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Ordinary Share [Abstract] | ' | ||||||||
Computations Of Basic And Diluted Earnings Per Ordinary Share | ' | ||||||||
Year ended | Year ended | Year ended | |||||||
December 31, 2011 | December 31, 2012 | December 31, 2013 | |||||||
Net income for the computation of basic earnings per share | $ | 172,224 | $ | 163,655 | $ | 292,410 | |||
Weighted average ordinary shares outstanding - basic | 146,587,752 | 131,492,057 | 113,463,813 | ||||||
Basic earnings per ordinary share | $ | 1.17 | $ | 1.24 | $ | 2.58 | |||
Year ended | Year ended | Year ended | |||||||
December 31, 2011 | December 31, 2012 | December 31, 2013 | |||||||
Net income for the computation of diluted earnings per share | $ | 172,224 | $ | 163,655 | $ | 292,410 | |||
Weighted average ordinary shares outstanding - diluted | 146,587,752 | 132,497,913 | 115,002,458 | ||||||
Diluted earnings per ordinary share | $ | 1.17 | $ | 1.24 | $ | 2.54 | |||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments And Contingencies [Abstract] | ' | ||
Schedule Of Rent Expense | ' | ||
2014 | $ | 2,227 | |
2015 | 2,080 | ||
2016 | 1,638 | ||
2017 | 1,608 | ||
2018 | 388 | ||
Thereafter | - | ||
$ | 7,941 | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||
Schedule Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis | ' | |||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | |||||||||
Cash and cash equivalents | $ 520,401 | $ 520,401 | $ - | $ - | ||||||||
Restricted cash | 280,653 | 280,653 | - | - | ||||||||
Derivative assets | 9,993 | - | 9,993 | - | ||||||||
Derivative liabilities | -14,677 | - | -14,677 | - | ||||||||
$ 796,370 | $ 801,054 | $ (4,684) | $ - | |||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | |||||||||
Cash and cash equivalents | $ 295,514 | $ 295,514 | $ - | $ - | ||||||||
Restricted cash | 272,787 | 272,787 | - | - | ||||||||
Derivative assets | 32,673 | - | 32,673 | - | ||||||||
Derivative liabilities | -7,233 | - | -7,233 | - | ||||||||
$ 593,741 | $ 568,301 | $ 25,440 | $ - | |||||||||
Level 3 Assets Non Recurring Basis | ' | |||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range for Quantitative Inputs Used | |||||||||
Flight equipment held for operating leases | $57.5 million | Market | Third party | $55.0 million | ||||||||
approach | valuations | - | ||||||||||
$67.2 million | ||||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range | |||||||||
Flight equipment held for operating leases | $40.6 million | Income | Discount | 5.40% | ||||||||
approach | ||||||||||||
Remaining Holding Period | 52 months | |||||||||||
Present value of non-contractual cash flows | 39% | |||||||||||
Carrying Amounts And Fair Values Of Financial Instruments | ' | |||||||||||
December 31, 2012 | December 31, 2013 | |||||||||||
Book value | Fair value | Book value | Fair value | |||||||||
Assets | ||||||||||||
Restricted cash | $ | 280,653 | $ | 280,653 | $ | 272,787 | $ | 272,787 | ||||
Derivative assets | 9,993 | 9,993 | 32,673 | 32,673 | ||||||||
Notes receivable | 78,163 | 78,163 | 75,788 | 75,788 | ||||||||
Cash and cash equivalents | 520,401 | 520,401 | 295,514 | 295,514 | ||||||||
$ | 889,210 | $ | 889,210 | $ | 676,762 | $ | 676,762 | |||||
Liabilities | ||||||||||||
Debt | $ | 5,803,499 | $ | 5,756,519 | $ | 6,236,892 | $ | 6,333,906 | ||||
Derivative liabilities | 14,677 | 14,677 | 7,233 | 7,233 | ||||||||
$ | 5,818,176 | $ | 5,771,196 | $ | 6,244,125 | $ | 6,341,139 | |||||
Supplemental_Guarantor_Financi1
Supplemental Guarantor Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||
Condensed Consolidated Balance Sheet | ' | ||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||
December 31, 2013 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Assets | |||||||||||||
Cash and cash equivalents | - | - | 140 | 156 | - | 296 | |||||||
Restricted cash | - | - | 5 | 268 | - | 273 | |||||||
Flight equipment held for operating leases, net | - | - | 77 | 8,009 | - | 8,086 | |||||||
Notes receivables | - | - | 73 | 3 | - | 76 | |||||||
Prepayments on flight equipment | - | - | 29 | 195 | - | 224 | |||||||
Investments including investments in subsidiaries | 2,408 | - | 1,479 | 112 | -3,887 | 112 | |||||||
Intercompany receivables and other assets | 743 | 284 | 1,201 | 2,631 | -4,475 | 384 | |||||||
Total Assets | 3,151 | 284 | 3,004 | 11,374 | -8,362 | 9,451 | |||||||
Liabilities and Equity | |||||||||||||
Debt | 151 | 300 | 120 | 5,666 | - | 6,237 | |||||||
Intercompany payables and other liabilities | 575 | 2 | 1,753 | 3,227 | -4,772 | 785 | |||||||
Total liabilities | 726 | 302 | 1,873 | 8,893 | -4,772 | 7,022 | |||||||
Total AerCap Holdings N.V. Shareholders' equity | 2,425 | -18 | 1,131 | 2,477 | -3,590 | 2,425 | |||||||
Non-controlling interest | - | - | - | 4 | - | 4 | |||||||
Total Equity | 2,425 | -18 | 1,131 | 2,481 | -3,590 | 2,429 | |||||||
Total Liabilities and Equity | 3,151 | 284 | 3,004 | 11,374 | -8,362 | 9,451 | |||||||
December 31, 2012 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Assets | |||||||||||||
Cash and cash equivalents | 1 | - | 163 | 356 | - | 520 | |||||||
Restricted cash | - | - | 4 | 276 | - | 280 | |||||||
Flight equipment held for operating leases, net | - | - | 80 | 7,182 | - | 7,262 | |||||||
Notes receivables | - | - | 72 | 6 | - | 78 | |||||||
Prepayments on flight equipment | - | - | 8 | 46 | - | 54 | |||||||
Investments including investments in subsidiaries | 2,093 | - | 1,177 | 99 | -3,275 | 94 | |||||||
Intercompany receivables and other assets | 327 | 296 | 825 | 1,535 | -2,638 | 345 | |||||||
Total Assets | 2,421 | 296 | 2,329 | 9,500 | -5,913 | 8,633 | |||||||
Liabilities and Equity | |||||||||||||
Debt | 1 | 300 | 156 | 5,346 | - | 5,803 | |||||||
Intercompany payables and other liabilities | 298 | 2 | 1,181 | 1,864 | -2,638 | 707 | |||||||
Total liabilities | 299 | 302 | 1,337 | 7,210 | -2,638 | 6,510 | |||||||
Total AerCap Holdings N.V. Shareholders' equity | 2,122 | -6 | 992 | 2,289 | -3,275 | 2,122 | |||||||
Non-controlling interest | - | - | - | 1 | - | 1 | |||||||
Total Equity | 2,122 | -6 | 992 | 2,290 | -3,275 | 2,123 | |||||||
Total Liabilities and Equity | 2,421 | 296 | 2,329 | 9,500 | -5,913 | 8,633 | |||||||
December 31, 2011 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Assets | |||||||||||||
Cash and cash equivalents | 175 | - | 158 | 79 | - | 412 | |||||||
Restricted cash | - | - | 4 | 240 | - | 244 | |||||||
Flight equipment held for operating leases, net | - | - | 91 | 7,805 | - | 7,896 | |||||||
Notes receivables | - | - | - | 5 | - | 5 | |||||||
Prepayments on flight equipment | - | - | 69 | 27 | - | 96 | |||||||
Investments including investments in subsidiaries | 1,917 | - | 1,710 | 84 | -3,627 | 84 | |||||||
Intercompany receivables and other assets | 492 | - | 762 | 2,252 | -3,128 | 378 | |||||||
Total Assets | 2,584 | - | 2,794 | 10,492 | -6,755 | 9,115 | |||||||
Liabilities and Equity | |||||||||||||
Debt | 1 | - | 107 | 6,003 | - | 6,111 | |||||||
Intercompany payables and other liabilities | 306 | - | 1,646 | 2,426 | -3,657 | 721 | |||||||
Total liabilities | 307 | - | 1,753 | 8,429 | -3,657 | 6,832 | |||||||
Total AerCap Holdings N.V. shareholders' equity | 2,277 | - | 1,041 | 2,057 | -3,098 | 2,277 | |||||||
Non-controlling interest | - | - | - | 6 | - | 6 | |||||||
Total Equity | 2,277 | - | 1,041 | 2,063 | -3,098 | 2,283 | |||||||
Total Liabilities and Equity | 2,584 | - | 2,794 | 10,492 | -6,755 | 9,115 | |||||||
Condensed Consolidated Income Statement | ' | ||||||||||||
Condensed Consolidating Income Statement | |||||||||||||
Year ended December 31, 2013 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Revenues | |||||||||||||
Lease revenue | - | - | 7 | 969 | - | 976 | |||||||
Net (loss) gain on sale of assets | - | - | -12 | 42 | 12 | 42 | |||||||
Management fee revenue | 2 | - | 35 | 5 | -21 | 21 | |||||||
Interest revenue | 2 | 8 | 122 | - | -127 | 5 | |||||||
Other revenue | 1 | - | - | 5 | - | 6 | |||||||
Total Revenues | 5 | 8 | 152 | 1,021 | -136 | 1,050 | |||||||
Expenses | |||||||||||||
Depreciation | - | - | 3 | 335 | - | 338 | |||||||
Asset impairment | - | - | - | 26 | - | 26 | |||||||
Interest on debt | 10 | 20 | 152 | 171 | -127 | 226 | |||||||
Other expenses | - | - | - | 49 | - | 49 | |||||||
Transaction expenses | 11 | - | 11 | ||||||||||
Selling, general and administrative expenses | 18 | - | 53 | 40 | -21 | 90 | |||||||
Total Expenses | 28 | 20 | 208 | 632 | -148 | 740 | |||||||
Income from continuing operations before income taxes and income of investments accounted for under the equity method | -23 | -12 | -56 | 389 | 12 | 310 | |||||||
Provision for income taxes | - | - | -6 | -20 | - | -26 | |||||||
Net income of investments accounted for under the equity method | - | - | - | 11 | - | 11 | |||||||
Net income before income from subsidiaries | -23 | -12 | -62 | 380 | 12 | 295 | |||||||
Income from subsidiaries | 315 | - | 202 | -62 | -455 | - | |||||||
Net income | 292 | -12 | 140 | 318 | -443 | 295 | |||||||
Net loss (income) attributable to non-controlling interest | - | - | - | -3 | - | -3 | |||||||
Net income attributable to AerCap Holdings N.V. | 292 | -12 | 140 | 315 | -443 | 292 | |||||||
Year ended December 31, 2012 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Revenues | |||||||||||||
Lease revenue | - | - | 7 | 990 | - | 997 | |||||||
Net (loss) gain on sale of assets | - | - | -132 | 79 | 7 | -46 | |||||||
Management fee revenue | 2 | - | 33 | 4 | -22 | 17 | |||||||
Interest revenue | 3 | 7 | 76 | - | -84 | 2 | |||||||
Other revenue | 1 | - | - | 2 | - | 3 | |||||||
Total Revenues | 6 | 7 | -16 | 1,075 | -99 | 973 | |||||||
- | |||||||||||||
Expenses | - | ||||||||||||
Depreciation | - | - | 3 | 354 | - | 357 | |||||||
Asset impairment | - | - | - | 13 | - | 13 | |||||||
Interest on debt | 5 | 12 | 177 | 176 | -84 | 286 | |||||||
Other expenses | - | - | 3 | 76 | - | 79 | |||||||
Selling, general and administrative expenses | 12 | - | 51 | 42 | -22 | 83 | |||||||
Total Expenses | 17 | 12 | 234 | 661 | -106 | 818 | |||||||
- | |||||||||||||
Income from continuing operations before income taxes and income of investments accounted for under the equity method | -11 | -5 | -250 | 414 | 7 | 155 | |||||||
- | |||||||||||||
Provision for income taxes | -1 | - | -8 | 1 | - | -8 | |||||||
Net income of investments accounted for under the equity method | - | - | - | 12 | - | 12 | |||||||
- | |||||||||||||
Net income before income from subsidiaries | -12 | -5 | -258 | 427 | 7 | 159 | |||||||
- | |||||||||||||
Income from subsidiaries | 176 | - | 209 | -258 | -127 | - | |||||||
- | |||||||||||||
Net Income | 164 | -5 | -49 | 169 | -120 | 159 | |||||||
- | |||||||||||||
Net loss (income) attributable to non-controlling interest | - | - | - | 5 | - | 5 | |||||||
- | |||||||||||||
Net income attributable to AerCap Holdings N.V. | 164 | -5 | -49 | 174 | -120 | 164 | |||||||
Year ended December 31, 2011 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Revenues | |||||||||||||
Lease revenue | - | - | 8 | 1,043 | - | 1,051 | |||||||
Net (loss) gain on sale of assets | - | - | 18 | 7 | -16 | 9 | |||||||
Management fee revenue | 3 | - | 33 | 5 | -22 | 19 | |||||||
Interest revenue | 2 | - | 33 | -6 | -26 | 3 | |||||||
Other revenue | - | - | - | 12 | - | 12 | |||||||
Total Revenues | 5 | - | 92 | 1,061 | -64 | 1,094 | |||||||
Expenses | |||||||||||||
Depreciation | - | - | 4 | 357 | - | 361 | |||||||
Asset impairment | - | - | - | 16 | - | 16 | |||||||
Interest on debt | - | - | 123 | 195 | -26 | 292 | |||||||
Other expenses | - | - | - | 74 | - | 74 | |||||||
Selling, general and administrative expenses | 11 | - | 86 | 46 | -22 | 121 | |||||||
Total Expenses | 11 | - | 213 | 688 | -48 | 864 | |||||||
Income from continuing operations before income taxes and income of investments accounted for under the equity method | -6 | - | -121 | 373 | -16 | 230 | |||||||
Provision for income taxes | - | - | 7 | -22 | - | -15 | |||||||
Net income of investments accounted for under the equity method | 1 | - | - | 10 | - | 11 | |||||||
Net income before income from subsidiaries | -5 | - | -114 | 361 | -16 | 226 | |||||||
Income (loss) from discontinued operations (AeroTurbine, including loss on disposal), net of tax | - | - | - | -53 | - | -53 | |||||||
Income from subsidiaries | 177 | - | 216 | -114 | -279 | - | |||||||
Net Income | 172 | - | 102 | 194 | -295 | 173 | |||||||
Net loss (income) attributable to non-controlling interest | - | - | - | -1 | - | -1 | |||||||
Net income attributable to AerCap Holdings N.V. | 172 | - | 102 | 193 | -295 | 172 | |||||||
Year ended December 31, 2010 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Revenues | |||||||||||||
Lease revenue | - | - | 4 | 898 | - | 902 | |||||||
Net (loss) gain on sale of assets | 1 | - | 24 | 15 | -4 | 36 | |||||||
Management fee revenue | - | - | 30 | 4 | -21 | 13 | |||||||
Interest revenue | 4 | - | 1 | - | -1 | 4 | |||||||
Other revenue | 4 | - | - | - | - | 4 | |||||||
Total Revenues | 9 | - | 59 | 917 | -26 | 959 | |||||||
Expenses | |||||||||||||
Depreciation | - | - | 1 | 307 | - | 308 | |||||||
Asset impairment | - | - | - | 11 | - | 11 | |||||||
Interest on debt | 3 | - | 12 | 220 | -1 | 234 | |||||||
Other expenses | - | - | - | 67 | - | 67 | |||||||
Selling, general and administrative expenses | 11 | - | 77 | 14 | -21 | 81 | |||||||
Total Expenses | 14 | - | 90 | 619 | -22 | 701 | |||||||
Income from continuing operations before income taxes and income of investments accounted for under the equity method | -5 | - | -31 | 298 | -4 | 258 | |||||||
Provision for income taxes | - | - | -18 | -4 | - | -22 | |||||||
Net income of investments accounted for under the equity method | - | - | - | 4 | - | 4 | |||||||
Net income before income from subsidiaries | -5 | - | -49 | 298 | -4 | 240 | |||||||
Income (loss) from discontinued operations (AeroTurbine, including loss on disposal), net of tax | - | - | - | -3 | - | -3 | |||||||
Bargain purchase gain ("Amalgamation gain"), net of transaction expenses | - | - | - | - | - | ||||||||
Income from subsidiaries | 213 | - | 177 | -49 | -341 | - | |||||||
Net income | 208 | 128 | 246 | -345 | 237 | ||||||||
Net loss (income) attributable to non-controlling interest | - | - | - | -29 | - | -29 | |||||||
Net income attributable to AerCap Holdings N.V. | 208 | - | 128 | 217 | -345 | 208 | |||||||
Condensed Consolidated Statements of Cash Flows | ' | ||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year ended December 31, 2013 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Net income | 292 | -12 | 140 | 318 | -443 | 295 | |||||||
Adjustments to reconcile net income to net cash provided by operating | - | ||||||||||||
activities: | |||||||||||||
Income from subsidiaries | -315 | - | -202 | 62 | 455 | - | |||||||
Dividend received | - | - | 3 | - | -3 | - | |||||||
Depreciation | - | - | 3 | 335 | - | 338 | |||||||
Asset impairment | - | - | - | 26 | - | 26 | |||||||
Amortization of debt issuance costs and debt discount | 1 | 1 | 1 | 44 | - | 47 | |||||||
Amortization of intangibles | - | - | - | 9 | - | 9 | |||||||
Net (gain) loss on sale of assets | - | - | 12 | -42 | -12 | -42 | |||||||
Mark-to-market of non-hedged derivatives | - | - | - | -12 | - | -12 | |||||||
Deferred taxes | - | - | 6 | 15 | - | 21 | |||||||
Share–based compensation | 9 | - | - | - | - | 9 | |||||||
Cash flow from operating activities before changes in working capital | -13 | -11 | -37 | 755 | -3 | 691 | |||||||
Working capital | -136 | 11 | 100 | 30 | - | 5 | |||||||
Net cash provided by operating activities | -149 | - | 63 | 785 | -3 | 696 | |||||||
Purchase of flight equipment | - | - | - | -1,783 | - | -1,783 | |||||||
Proceeds from sale/disposal of assets | - | - | - | 664 | - | 664 | |||||||
Prepayments on flight equipment | - | - | 20 | -233 | - | -213 | |||||||
Capital contributions | - | - | - | -13 | - | -13 | |||||||
Movement in restricted cash | - | - | - | 8 | - | 8 | |||||||
Net cash used in investing activities | - | - | 20 | -1,357 | - | -1,337 | |||||||
Issuance of debt | 150 | - | - | 2,150 | - | 2,300 | |||||||
Repayment of debt | - | - | -107 | -1,783 | - | -1,890 | |||||||
Debt issuance costs paid | -2 | - | - | -43 | - | -45 | |||||||
Maintenance payments received | - | - | 3 | 98 | - | 101 | |||||||
Maintenance payments returned | - | - | - | -57 | - | -57 | |||||||
Security deposits received | - | - | - | 23 | - | 23 | |||||||
Security deposits returned | - | - | -3 | -12 | - | -15 | |||||||
Dividend Paid | - | - | - | -3 | 3 | - | |||||||
Net cash provided by (used in) financing activities | 148 | - | -107 | 373 | 3 | 417 | |||||||
Net increase (decrease) in cash and cash equivalents | -1 | - | -24 | -199 | - | -224 | |||||||
Effect of exchange rate changes | - | - | 1 | -1 | - | - | |||||||
Cash and cash equivalents at beginning of period | 1 | - | 163 | 356 | - | 520 | |||||||
Cash and cash equivalents at end of period | - | - | 140 | 156 | - | 296 | |||||||
Year ended December 31, 2012 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Net income | 164 | -5 | -49 | 169 | -120 | 159 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Income from subsidiaries | -176 | - | -209 | 258 | 127 | - | |||||||
Depreciation | - | - | 3 | 354 | - | 357 | |||||||
Asset impairment | - | - | - | 13 | - | 13 | |||||||
Amortization of debt issuance costs and debt discount | - | 1 | 6 | 63 | - | 70 | |||||||
Amortization of intangibles | - | - | - | 12 | - | 12 | |||||||
Net (gain) loss on sale of assets | - | - | 132 | -79 | -7 | 46 | |||||||
Mark-to-market of non-hedged derivatives | - | - | - | 2 | - | 2 | |||||||
Deferred taxes | 1 | - | 8 | -1 | - | 8 | |||||||
Share–based compensation | 7 | - | - | - | - | 7 | |||||||
Cash flow from operating activities before changes in working capital | -4 | -4 | -109 | 791 | - | 674 | |||||||
Working capital | 150 | -291 | 221 | -98 | - | -18 | |||||||
Net cash provided by operating activities | 146 | -295 | 112 | 693 | - | 656 | |||||||
Purchase of flight equipment | - | - | - | -1,039 | - | -1,039 | |||||||
Proceeds from sale/disposal of assets | - | - | - | 781 | 781 | ||||||||
Prepayments on flight equipment | - | - | -61 | 25 | - | -36 | |||||||
Movement in restricted cash | - | - | - | -58 | - | -58 | |||||||
Net cash used in investing activities | - | - | -61 | -291 | - | -352 | |||||||
Issuance of debt | - | 300 | - | 997 | - | 1,297 | |||||||
Repayment of debt | - | - | -47 | -1,167 | - | -1,214 | |||||||
Debt issuance costs paid | - | -5 | - | -38 | - | -43 | |||||||
Maintenance payments received | - | - | 3 | 129 | - | 132 | |||||||
Maintenance payments returned | - | - | - | -50 | - | -50 | |||||||
Security deposits received | - | - | - | 26 | - | 26 | |||||||
Security deposits returned | - | - | -1 | -21 | - | -22 | |||||||
Repurchase of shares | -320 | - | - | - | - | -320 | |||||||
Net cash provided by (used in) financing activities | -320 | 295 | -45 | -124 | - | -194 | |||||||
Net increase (decrease) in cash and cash equivalents | -174 | - | 6 | 278 | - | 110 | |||||||
Effect of exchange rate changes | - | - | -1 | -1 | - | -2 | |||||||
Cash and cash equivalents at beginning of period | 175 | - | 158 | 79 | - | 412 | |||||||
Cash and cash equivalents at end of period | 1 | - | 163 | 356 | - | 520 | |||||||
Year ended December 31, 2011 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Net income | 172 | - | 102 | 194 | -295 | 173 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Income from subsidiaries | -177 | - | -216 | 114 | 279 | - | |||||||
Dividend received | - | - | 4 | - | -4 | - | |||||||
Depreciation | - | - | 4 | 381 | - | 385 | |||||||
Asset impairment | - | - | - | 24 | - | 24 | |||||||
Amortization of debt issuance costs and debt discount | - | - | 2 | 51 | - | 53 | |||||||
Amortization of intangibles | - | - | - | 17 | - | 17 | |||||||
Provision for doubtful accounts | - | - | - | 5 | - | 5 | |||||||
Net (gain) loss on sale of assets | - | - | -18 | -10 | 16 | -12 | |||||||
Loss on discontinued operations (AeroTurbine) | - | - | - | 53 | - | 53 | |||||||
Mark-to-market of non-hedged derivatives | - | - | - | 23 | - | 23 | |||||||
Deferred taxes | - | - | -7 | 31 | - | 24 | |||||||
Share–based compensation | 6 | - | - | - | - | 6 | |||||||
Cash flow from operating activities before changes in working capital | 1 | - | -129 | 883 | -4 | 751 | |||||||
Working capital | 274 | - | 369 | -753 | - | -110 | |||||||
Net cash provided by operating activities | 275 | - | 240 | 130 | -4 | 641 | |||||||
Purchase of flight equipment | - | - | - | -763 | - | -763 | |||||||
Proceeds from sale/disposal of assets | - | - | - | 141 | - | 141 | |||||||
Prepayments on flight equipment | - | - | -93 | 45 | - | -48 | |||||||
Capital contributions | - | - | - | -3 | - | -3 | |||||||
Proceeds from the disposal of subsidiaries, net of cash disposed | - | - | - | 120 | - | 120 | |||||||
Movement in restricted cash | -1 | - | - | -11 | - | -12 | |||||||
Net cash used in investing activities | -1 | - | -93 | -471 | - | -565 | |||||||
Issuance of debt | - | - | - | 1,672 | - | 1,672 | |||||||
Repayment of debt | - | - | -80 | -1,567 | - | -1,647 | |||||||
Debt issuance costs paid | - | - | - | -37 | - | -37 | |||||||
Maintenance payments received | - | - | 3 | 107 | - | 110 | |||||||
Maintenance payments returned | - | - | - | -55 | - | -55 | |||||||
Security deposits received | - | - | - | 20 | - | 20 | |||||||
Security deposits returned | - | - | -1 | -36 | - | -37 | |||||||
Repurchase of shares | -100 | - | - | - | - | -100 | |||||||
Dividend paid | - | - | - | -4 | 4 | - | |||||||
Net cash provided by (used in) financing activities | -100 | - | -78 | 100 | 4 | -74 | |||||||
Net increase (decrease) in cash and cash equivalents | 174 | - | 69 | -241 | - | 2 | |||||||
Effect of exchange rate changes | - | - | 6 | - | - | 6 | |||||||
Cash and cash equivalents at beginning of period | 1 | - | 83 | 320 | - | 404 | |||||||
Cash and cash equivalents at end of period | 175 | - | 158 | 79 | - | 412 | |||||||
Year ended December 31, 2010 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Net income | 208 | - | 128 | 246 | -345 | 237 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Income from subsidiaries | -213 | - | -177 | 49 | 341 | - | |||||||
Amalgamation gain | - | - | - | -31 | - | -31 | |||||||
Depreciation | - | - | 1 | 333 | - | 334 | |||||||
Asset impairment | - | - | - | 14 | - | 14 | |||||||
Amortization of debt issuance costs and debt discount | - | - | - | 42 | - | 42 | |||||||
Amortization of intangibles | - | - | - | 22 | - | 22 | |||||||
Provision for doubtful accounts | - | - | - | 1 | - | 1 | |||||||
Net (gain) loss on sale of assets | - | - | -24 | -15 | 4 | -35 | |||||||
Mark-to-market of non-hedged derivatives | - | - | - | 1 | - | 1 | |||||||
Deferred taxes | - | - | 18 | - | - | 18 | |||||||
Share–based compensation | 3 | - | - | - | - | 3 | |||||||
Cash flow from operating activities before changes in working capital | -2 | - | -54 | 662 | - | 606 | |||||||
Working capital | -13 | 104 | -22 | - | 69 | ||||||||
Net cash provided by operating activities | -15 | - | 50 | 640 | - | 675 | |||||||
Purchase of flight equipment | - | - | - | -1,940 | - | -1,940 | |||||||
Proceeds from sale/disposal of assets | - | - | - | 665 | - | 665 | |||||||
Prepayments on flight equipment | - | - | -57 | -84 | - | -141 | |||||||
Purchase of subsidiaries, net of cash acquired | - | - | - | 104 | - | 104 | |||||||
Capital contributions | - | - | - | -8 | - | -8 | |||||||
Purchase of intangibles | - | - | - | -9 | - | -9 | |||||||
Movement in restricted cash | 1 | - | - | -69 | - | -68 | |||||||
Net cash used in investing activities | 1 | - | -57 | -1,341 | - | -1,397 | |||||||
Issuance of debt | - | - | - | 2,325 | - | 2,325 | |||||||
Repayment of debt | - | - | 33 | -1,535 | - | -1,502 | |||||||
Debt issuance costs paid | - | - | - | -60 | - | -60 | |||||||
Maintenance payments received | - | - | - | 90 | - | 90 | |||||||
Maintenance payments returned | - | - | - | -42 | - | -42 | |||||||
Security deposits received | - | - | - | 30 | - | 30 | |||||||
Security deposits returned | - | - | -7 | -33 | - | -40 | |||||||
Issuance of equity interest | - | - | - | 110 | - | 110 | |||||||
Capital contributions from non-controlling interests | - | - | - | 32 | - | 32 | |||||||
Net cash provided by (used in) financing activities | - | - | 26 | 917 | - | 943 | |||||||
Net increase (decrease) in cash and cash equivalents | -14 | - | 19 | 216 | - | 221 | |||||||
Effect of exchange rate changes | - | - | - | - | - | - | |||||||
Cash and cash equivalents at beginning of period | 15 | - | 64 | 104 | - | 183 | |||||||
Cash and cash equivalents at end of period | 1 | - | 83 | 320 | - | 404 | |||||||
Condensed Consolidated Statement Of Comprehensive Income | ' | ||||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||
December 31, 2013 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Net income attributable to AerCap Holdings N.V. | 292 | -12 | 140 | 315 | -443 | 292 | |||||||
Other comprehensive income: | |||||||||||||
Net change in fair value of derivatives, net of tax | - | - | - | 5 | - | 5 | |||||||
Net change in pension obligations, net of tax | - | - | - | - | - | - | |||||||
Total other comprehensive income (loss) | - | - | - | 5 | - | 5 | |||||||
Share of other comprehensive income (loss) from subsidiaries | 5 | 5 | - | -10 | - | ||||||||
Total comprehensive income attributable to AerCap Holdings N.V. | 297 | -12 | 145 | 320 | -453 | 297 | |||||||
December 31, 2012 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Net income attributable to AerCap Holdings N.V. | 164 | -5 | -49 | 174 | -120 | 164 | |||||||
Other comprehensive income: | |||||||||||||
Net change in fair value of derivatives, net of tax | - | - | - | -1 | - | -1 | |||||||
Net change in pension obligations, net of tax | - | - | -3 | -2 | - | -5 | |||||||
Total other comprehensive income (loss) | - | - | -3 | -3 | - | -6 | |||||||
Share of other comprehensive income (loss) from subsidiaries | -6 | - | -3 | - | 9 | - | |||||||
Total comprehensive income attributable to AerCap Holdings N.V. | 158 | -5 | -55 | 171 | -111 | 158 | |||||||
December 31, 2011 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Net income attributable to AerCap Holdings N.V. | 172 | - | 102 | 193 | -295 | 172 | |||||||
Other comprehensive income: | |||||||||||||
Net change in fair value of derivatives, net of tax | - | - | - | -14 | - | -14 | |||||||
Total other comprehensive income (loss) | - | - | - | -14 | - | -14 | |||||||
Share of other comprehensive income (loss) from subsidiaries | -14 | - | -14 | 28 | - | ||||||||
Total comprehensive income attributable to AerCap Holdings N.V. | 158 | - | 88 | 179 | -267 | 158 | |||||||
December 31, 2010 (U.S. dollars in millions) | |||||||||||||
AerCap | AerCap Aviation | AerCap | Non- | Eliminations | Total | ||||||||
Holdings N.V. | Solutions B.V. | Ireland Ltd | Guarantors | ||||||||||
Net income attributable to AerCap Holdings N.V. | 208 | - | 128 | 217 | -345 | 208 | |||||||
Other comprehensive income: | |||||||||||||
Net change in fair value of derivatives, net of tax | - | - | - | 5 | - | 5 | |||||||
Total other comprehensive income (loss) | - | - | - | 5 | - | 5 | |||||||
Share of other comprehensive income (loss) from subsidiaries | 5 | - | 5 | - | -10 | - | |||||||
Total comprehensive income attributable to AerCap Holdings N.V. | 213 | - | 133 | 222 | -355 | 213 | |||||||
General_The_Company_Narrative_
General (The Company) (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
item | International Lease Finance Corporation [Member] | ||||
General [Line Items] | ' | ' | ' | ' | |
Total assets | $9,451,141,000 | $8,633,798,000 | [1] | $9,115,000,000 | ' |
Number of aircraft owned | 236 | ' | ' | ' | |
Percent of common stock | ' | ' | ' | 100.00% | |
Cash for aquisition | ' | ' | ' | $3,000,000,000 | |
Shares for acquisition | 113,783,799 | 113,363,535 | ' | 97,560,976 | |
[1] | Certain reclassifications have been made to the prior year Consolidated Balance Sheet to reflect the current year presentation. |
General_Variable_Interest_Enti
General (Variable Interest Entities) (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Jun. 30, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2008 | Dec. 31, 2012 | Jun. 30, 2008 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2010 |
item | Subsequent Event [Member] | AerCap Partners I [Member] | AerCap Partners I [Member] | Aviation Leasing Company Limited [Member] | Boeing 737 Aircraft [Member] | Boeing 757 Aircraft [Member] | Boeing 767 Aircraft [Member] | Boeing 767 Aircraft [Member] | China Aviation's Ownership Percentage In AerDragon [Member] | China Aviation's Ownership Percentage In AerDragon [Member] | Credit Agricole's Ownership Percentage In AerDragon [Member] | Deucalion Aviation Funds' Ownership Interest In AerCap Partners I [Member] | AerCap Holdings N.V. [Member] | AerCap Holdings N.V. [Member] | AerCap Holdings N.V. [Member] | Deucalion Aviation Funds [Member] | Three Joint Ventures [Member] | East Epoch Limited [Member] | Equal Ownership By AerCap Holdings N.V., CA-CIB And East Epoch Limited [Member] | AerData [Member] | AerDragon [Member] | AerDragon [Member] | AerDragon [Member] | AerDragon [Member] | Waha [Member] | Waha [Member] | Waha [Member] | Other Joint Ventures [Member] | Other Joint Ventures [Member] | Other Joint Ventures [Member] | Other Joint Ventures [Member] | |||
item | AerCap Partners I [Member] | AerCap Partners I [Member] | AerCap Partners I [Member] | AerCap Partners I [Member] | Subsequent Event [Member] | AerCap Partners I [Member] | Boeing 767 Aircraft [Member] | AerCap Partners I [Member] | Boeing 767 Aircraft [Member] | Subsequent Event [Member] | item | item | A330 Aircraft [Member] | Boeing 737 Aircraft [Member] | AerLift Leasing Jet Ltd. [Member] | AerLift Leasing Jet Ltd. [Member] | AerLift Leasing Ltd. [Member] | item | A330 Aircraft [Member] | A320NEO Aircraft [Member] | ||||||||||||||
item | item | item | AerCap Partners I [Member] | AerCap Partners I [Member] | item | item | CRJ Aircraft [Member] | item | item | item | ||||||||||||||||||||||||
item | ||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General Partners' Contributed Capital | $183.50 | $130 | $120 | $223.50 | ' | ' | $50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | 50.00% | 50.00% | 20.30% | 50.00% | 20.30% | ' | ' | ' | ' | 9.40% | 50.00% | 42.30% | ' | ' | ' | ' | 50.00% | ' | 40.00% | ' | 50.00% | ' | ' |
Number of aircraft to be delivered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 1 | 10 | ' | ' | ' | ' | ' | ' | ' |
Number of aircraft owned | 236 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | 4 | 8 | ' | 6 | 3 | 3 |
Number of airlines | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of aircraft acquired | ' | ' | ' | ' | 19 | ' | ' | 6 | 11 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior debt facility | ' | ' | ' | ' | 425.7 | 163.9 | ' | ' | ' | ' | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated debt | ' | ' | ' | ' | 125.6 | ' | ' | ' | ' | ' | 30.9 | ' | ' | ' | ' | ' | 62.8 | 15.45 | 62.8 | 15.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of 50% joint ventures entered into | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Number of seperate joint venture partners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Ownership percentage sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Guaranteed debt obligations | $308.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General_AeroTurbine_Transactio
General (AeroTurbine Transaction) (Narrative) (Details) (USD $) | 12 Months Ended | 2 Months Ended | ||
Dec. 31, 2011 | Dec. 31, 2010 | Oct. 07, 2011 | ||
AeroTurbine, Inc. [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | |
Purchase price for all shares of AeroTurbine | ' | ' | $228,000,000 | |
Loss on discontinued operations (AeroTurbine) | 52,745,000 | 3,000,000 | 52,800,000 | |
Fees and incentive payments incurred due to AeroTurbine transaction | ' | ' | 22,500,000 | |
Write-off of deferred tax asset | ' | ' | 8,700,000 | |
Loss on sale of business | ' | ' | 21,600,000 | |
Increase in cash position due to AeroTurbine sale | $119,917,000 | [1] | ' | $119,900,000 |
[1] | Certain reclassifications have been made to the prior years Consolidated Statement of Cash Flows to reflect the current year presentation. |
General_ALS_Transaction_Detail
General (ALS Transaction) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 14, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | |
item | Aircraft Lease Securitisation [Member] | Aircraft Lease Securitisation [Member] | Aircraft Lease Securitisation [Member] | Aircraft Lease Securitisation [Member] | Aircraft Lease Securitisation [Member] | ||||
item | |||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Ownership of E Note Sold | ' | ' | ' | 100.00% | ' | ' | ' | ' | |
Monthly payment on coupon liability | ' | ' | ' | ' | ' | $2,500,000 | ' | ' | |
Number of aircraft | 236 | ' | ' | ' | ' | ' | ' | 50 | |
Asset | 9,451,141,000 | 8,633,798,000 | [1] | 9,115,000,000 | ' | ' | ' | ' | 1,000,000,000 |
Debt | 7,021,909,000 | 6,510,892,000 | [1] | 6,832,000,000 | ' | ' | ' | ' | 500,000,000 |
Loss on sale of ALS portfolio | ' | ' | ' | ' | -54,600,000 | ' | ' | ' | |
Transaction expenses | ' | ' | ' | ' | ' | ' | 13,500,000 | ' | |
Notes payable | 6,236,892,000 | 5,803,499,000 | [1] | 6,111,000,000 | ' | 97,100,000 | 71,100,000 | 97,100,000 | ' |
Debt, effective rate | ' | ' | ' | ' | 5.50% | ' | 5.50% | ' | |
Notes receivable | $75,788,000 | $78,163,000 | [1] | $5,000,000 | ' | $67,300,000 | $72,800,000 | $67,300,000 | ' |
Note receivables, effective interest rate | ' | ' | ' | ' | 6.80% | ' | ' | ' | |
[1] | Certain reclassifications have been made to the prior year Consolidated Balance Sheet to reflect the current year presentation. |
General_LATAM_Transaction_Narr
General (LATAM Transaction) (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
item | LATAM [Member] | A350-900 Aircraft [Member] | Boeing 787-9 Aircraft [Member] | Boeing 787-8 Aircraft [Member] | A330 Aircraft [Member] | ||||
item | LATAM [Member] | LATAM [Member] | LATAM [Member] | LATAM [Member] | |||||
item | item | item | item | ||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Purchase and leaseback agreement | ' | ' | ' | $2,600,000,000 | ' | ' | ' | ' | |
Number of aircraft | 236 | ' | ' | 25 | 9 | 4 | 2 | 10 | |
Average age of aircraft | ' | ' | ' | ' | ' | ' | ' | '4 years | |
Payments for (Proceeds from) Productive Assets | ' | ' | ' | 659,000,000 | ' | ' | ' | ' | |
Amount allocated to flight equipment held for operating leases | ' | ' | ' | 577,000,000 | ' | ' | ' | ' | |
Prepayments on flight equipment | $223,815,000 | $53,594,000 | [1] | $96,000,000 | $82,000,000 | ' | ' | ' | ' |
Number of aircraft to be delivered | ' | ' | ' | 15 | ' | ' | ' | ' | |
[1] | Certain reclassifications have been made to the prior year Consolidated Balance Sheet to reflect the current year presentation. |
General_Guggenheim_Transaction
General (Guggenheim Transaction) (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
item | ||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Number of aircraft | 236 | ' | ' | ' |
Gain on sale of assets | $41,873 | ($46,421) | $9,284 | $36,000 |
Guggenheim [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Ownership percentage | 19.40% | ' | ' | ' |
Gain on sale of assets | $10,500 | ' | ' | ' |
Boeing 737 Aircraft [Member] | Guggenheim [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Number of aircraft | 8 | ' | ' | ' |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Net Income from continuing operations | $295,402,000 | $158,442,000 | $225,495,000 | $240,000,000 |
Flight Equipment Held For Operating Leases [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life of asset, years | '25 years | ' | ' | ' |
Percentage of estimates for residual values of original manufacture cost | 15.00% | ' | ' | ' |
Minimum [Member] | Other Assets [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of depreciation | 16.00% | ' | ' | ' |
Maximum [Member] | Other Assets [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of depreciation | 33.00% | ' | ' | ' |
Impact Of Change In Estimate [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Net Income from continuing operations | -8,000,000 | ' | ' | ' |
Earnings per share from continued operations, basic and diluted | ($0.07) | ' | ' | ' |
Change In Amortization Of Debt Issuance Costs And Debt Discount [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Prior period reclassification adjustment | ' | 18,700,000 | 20,200,000 | ' |
Change In Deferred Tax [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Prior period reclassification adjustment | ' | 51,600,000 | ' | ' |
Change In Restricted Cash [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Prior period reclassification adjustment | ' | $800,000 | ' | ' |
Restricted_Cash_Components_Of_
Restricted Cash (Components Of Restricted Cash) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
In Thousands, unless otherwise specified | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' | |
Restricted cash | $272,787 | $280,653 | [1] | $244,000 |
Cash Securing Our Obligations Under ECA-Guaranteed Financings [Member] | ' | ' | ' | |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' | |
Restricted cash | 59,609 | 41,895 | ' | |
Cash Securing Our Obligations Under ALS II Debt [Member] | ' | ' | ' | |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' | |
Restricted cash | 15,004 | 15,712 | ' | |
Cash Securing Our Obligations Under AerFunding Revolving Credit Facility [Member] | ' | ' | ' | |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' | |
Restricted cash | 71,379 | 82,070 | ' | |
Cash Securing Our Obligations Under Genesis Funding Limited ("GFL") Securitization Debt [Member] | ' | ' | ' | |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' | |
Restricted cash | 35,836 | 28,955 | ' | |
Cash Securing Our Obligations Under TUI Portfolio Acquisition Facility Debt [Member] | ' | ' | ' | |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' | |
Restricted cash | 26,509 | 25,656 | ' | |
Cash Securing Our Obligations Under Other Debt [Member] | ' | ' | ' | |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' | |
Restricted cash | 52,800 | 82,043 | ' | |
Cash Securing Our Obligations Under SkyFunding I and II Facilities [Member] | ' | ' | ' | |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' | |
Restricted cash | 7,472 | 2,740 | ' | |
Other [Member] | ' | ' | ' | |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' | |
Restricted cash | $4,178 | $1,582 | ' | |
[1] | Certain reclassifications have been made to the prior year Consolidated Balance Sheet to reflect the current year presentation. |
Trade_Receivables_Net_Of_Provi2
Trade Receivables, Net Of Provisions (Change In Allowance For Doubtful Trade Receivables) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | ||
Trade Receivables, Net Of Provisions [Abstract] | ' | ' | ||
Provision at beginning of period | $3,530 | $2,606 | ||
Expense for doubtful accounts | ' | 3,335 | ||
Discontinued operations | ' | -2,567 | ||
Other | -3,530 | [1] | 156 | [1] |
Provision at the end of period | ' | $3,530 | ||
[1] | Includes direct write-offs and cash accounting for certain trade receivables. |
Flight_Equipment_Held_For_Oper2
Flight Equipment Held For Operating Leases, Net (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
customer | |||
item | |||
country | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Number of aircraft | 236 | ' | ' |
Number of lessees | 74 | ' | ' |
Number of countries | 42 | ' | ' |
Prepayments on flight equipment (including related capitalized interest) | $43,099 | $78,149 | $151,550 |
Number of purchase rights | 5 | ' | ' |
Maximum years until lease agreements expire | '14 years | ' | ' |
Assets Leased To Others [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Number of aircraft | 232 | ' | ' |
Number of engines | 7 | ' | ' |
Assets Off-lease [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Number of aircraft | 4 | ' | ' |
Number of aircraft delivered from manufacturer | 2 | ' | ' |
Number of aircraft to be delivered | 2 | ' | ' |
Airplanes Related To Expected Capital Expenditures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Number of aircraft | 39 | ' | ' |
Airplanes Related To Expected Capital Expenditures [Member] | A330 Aircraft [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Number of aircraft | 3 | ' | ' |
Airplanes Related To Expected Capital Expenditures [Member] | A320NEO Aircraft [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Number of aircraft | 5 | ' | ' |
Airplanes Related To Expected Capital Expenditures [Member] | A350 Aircraft [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Number of aircraft | 9 | ' | ' |
Airplanes Related To Expected Capital Expenditures [Member] | Boeing 737 Aircraft [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Number of aircraft | 15 | ' | ' |
Airplanes Related To Expected Capital Expenditures [Member] | Boeing 787 Aircraft [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Number of aircraft | 7 | ' | ' |
Flight_Equipment_Held_For_Oper3
Flight Equipment Held For Operating Leases, Net (Movements In Flight Equipment Held For Operating Leases) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Flight Equipment Held For Operating Leases, Net [Abstract] | ' | ' | ' | ||
Net book value at beginning of period | $7,261,899 | [1] | $7,895,874 | $8,061,260 | |
Additions | 1,825,937 | 1,116,808 | 882,625 | ||
Depreciation | -336,888 | -355,697 | -383,148 | ||
Impairment (Note 22) | -25,616 | -12,625 | -23,323 | ||
Disposals | -606,495 | -1,376,461 | -333,140 | ||
Transfers to direct finance leases/flight equipment held for sale | -32,890 | -6,000 | -11,430 | ||
Sale of AeroTurbine | ' | ' | -296,970 | ||
Net book value at end of period | 8,085,947 | 7,261,899 | [1] | 7,895,874 | |
Accumulated depreciation/impairment at December 31, 2010, 2011 and 2012 | ($1,337,675) | ($992,528) | ($1,060,416) | ||
[1] | Certain reclassifications have been made to the prior year Consolidated Balance Sheet to reflect the current year presentation. |
Flight_Equipment_Held_For_Oper4
Flight Equipment Held For Operating Leases, Net (Contractual Commitments For Prepayment And Purchase Of Flight Equipment) (Details) (Flight Equipment Held For Operating Leases [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Recorded Unconditional Purchase Obligation [Line Items] | ' |
2014 | $785,901 |
2015 | 307,941 |
2016 | 969,184 |
Thereafter | 947,291 |
Total | 3,010,317 |
Capital Expenditures [Member] | ' |
Recorded Unconditional Purchase Obligation [Line Items] | ' |
2014 | 657,392 |
2015 | 281,907 |
2016 | 969,184 |
Thereafter | 947,291 |
Total | 2,855,774 |
Pre-Delivery Payments [Member] | ' |
Recorded Unconditional Purchase Obligation [Line Items] | ' |
2014 | 128,509 |
2015 | 26,034 |
Total | $154,543 |
Flight_Equipment_Held_For_Oper5
Flight Equipment Held For Operating Leases, Net (Contracted Minimum Future Lease Payments Receivable) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Flight Equipment Held For Operating Leases, Net [Abstract] | ' |
2014 | $931,801 |
2015 | 878,948 |
2016 | 772,706 |
2017 | 591,965 |
2018 | 526,397 |
Thereafter | 1,643,197 |
Contracted minimum future lease receivables | $5,345,014 |
Notes_Receivable_Components_Of
Notes Receivable (Components Of Notes Receivable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |||
In Thousands, unless otherwise specified | Secured Notes Receivable [Member] | Secured Notes Receivable [Member] | ALS Note Receivable [Member] | ALS Note Receivable [Member] | Structured Note Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Notes receivable | $75,788 | $78,163 | [1] | $5,000 | $2,987 | $10,135 | $72,801 | [2] | $68,028 | [2] | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | 6.80% | |||
[1] | Certain reclassifications have been made to the prior year Consolidated Balance Sheet to reflect the current year presentation. | ||||||||||
[2] | In 2012 we obtained the ALS Note Receivable as part of the ALS transaction with an effective interest of 6.8% per year. After the repayment of the ALS Coupon Liability, the ALS Note Receivable entitles us to receive future cash up to the total amount paid under the ALS Coupon Liability. For further details refer to the ALS Transaction as described in Note 1. |
Prepayments_On_Flight_Equipmen2
Prepayments On Flight Equipment (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2010 | |
item | LATAM [Member] | LATAM [Member] | Airbus [Member] | Airbus [Member] | Airbus [Member] | Airbus [Member] | Airbus [Member] | Airbus [Member] | Airbus [Member] | Boeing [Member] | ||||
item | A330 Aircraft [Member] | item | item | item | A330 Aircraft [Member] | A330 Aircraft [Member] | A330 Aircraft [Member] | A330 Aircraft [Member] | Boeing 737 Aircraft [Member] | |||||
item | item | item | item | item | item | |||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of aircraft ordered | ' | ' | ' | ' | ' | ' | ' | 70 | ' | ' | ' | 20 | 15 | |
Number of aircraft ordered subject to reconfirmation rights | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | |
Number of additional aircraft ordered | ' | ' | ' | ' | ' | ' | 4 | ' | ' | 2 | 10 | ' | ' | |
Number of aircraft delivered | ' | ' | ' | ' | ' | 66 | ' | ' | 32 | ' | ' | ' | ' | |
Number of aircraft sold | ' | ' | ' | ' | ' | 12 | ' | ' | 13 | ' | ' | ' | ' | |
Number of aircraft to be delivered | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | 10 | |
Purchase and leaseback agreement | ' | ' | ' | $2,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of aircraft | 236 | ' | ' | 25 | 10 | ' | ' | ' | ' | ' | ' | ' | ' | |
Payments for (Proceeds from) Productive Assets | ' | ' | ' | 659,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Amount allocated to flight equipment held for operating leases | ' | ' | ' | 577,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Prepayments on flight equipment | $223,815,000 | $53,594,000 | [1] | $96,000,000 | $82,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of purchase rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | |
[1] | Certain reclassifications have been made to the prior year Consolidated Balance Sheet to reflect the current year presentation. |
Prepayments_On_Flight_Equipmen3
Prepayments On Flight Equipment (Summary Of Movements In Prepayments On Flight Equipment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Prepayments On Flight Equipment [Abstract] | ' | ' | ' |
Net book value at beginning of period | $53,594 | $95,619 | $199,417 |
Prepayments made during the period | 205,865 | 33,508 | 43,313 |
Interest capitalized during the period | 7,455 | 2,616 | 4,439 |
Prepayments and capitalized interest applied against the purchase of flight equipment | -43,099 | -78,149 | -151,550 |
Net book value at end of period | $223,815 | $53,594 | $95,619 |
Investments_Components_Of_Inve
Investments (Components Of Investments) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | |
Equity investment in unconsolidated joint venture | $112,380,000 | $93,862,000 | [1] | $84,000,000 |
Undistributed earnings of investments | 31,400,000 | 25,000,000 | 15,300,000 | |
Maximum [Member] | ' | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | |
Equity investment, ownership percentage | 50.00% | 50.00% | 50.00% | |
AerDragon [Member] | ' | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | |
Equity investment in unconsolidated joint venture | 47,672,000 | 41,161,000 | ' | |
Equity investment, ownership percentage | 20.30% | 20.30% | ' | |
AerLift [Member] | ' | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | |
Equity investment in unconsolidated joint venture | 54,457,000 | 51,721,000 | ' | |
Equity investment, ownership percentage | 39.60% | 39.60% | ' | |
AerData [Member] | ' | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | |
Equity investment in unconsolidated joint venture | 882,000 | 980,000 | ' | |
Equity investment, ownership percentage | 42.30% | 42.30% | ' | |
ACSAL [Member] | ' | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | |
Equity investment in unconsolidated joint venture | 9,175,000 | ' | ' | |
Equity investment, ownership percentage | 19.40% | 19.40% | ' | |
Other Investments At Cost [Member] | ' | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | |
Equity investment in unconsolidated joint venture | $194,000 | ' | ' | |
[1] | Certain reclassifications have been made to the prior year Consolidated Balance Sheet to reflect the current year presentation. |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Intangible Assets [Abstract] | ' | ' |
Weighted average amortization period for the amortizable intangible assets | '21 months | '29 months |
Intangible_Assets_Schedule_Of_
Intangible Assets (Schedule Of Amortizable Intangible Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Intangible Assets [Abstract] | ' | ' | ' |
Gross | $35,461 | $54,945 | ' |
Accumulated amortization | -26,107 | -36,845 | ' |
Finite-lived intangible assets | $9,354 | $18,100 | $29,677 |
Intangible_Assets_Schedule_Of_1
Intangible Assets (Schedule Of Changes To Amortizable Intangible Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Intangible Assets [Abstract] | ' | ' |
Net carrying value at beginning of period | $18,100 | $29,677 |
Amortization | -8,746 | -11,577 |
Net carrying value at end of period | $9,354 | $18,100 |
Intangible_Assets_Schedule_Of_2
Intangible Assets (Schedule Of Future Amortization Of The Intangible Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Intangible Assets [Abstract] | ' | ' | ' |
2014 | $5,844 | ' | ' |
2015 | 3,085 | ' | ' |
2016 | 425 | ' | ' |
Finite-lived intangible assets | $9,354 | $18,100 | $29,677 |
Derivative_Assets_And_Liabilit2
Derivative Assets And Liabilities (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
contract | contract | |
Derivative [Line Items] | ' | ' |
Derivatives, notional amount | $1,900,000,000 | $2,400,000,000 |
Fair value of derivatives | 25,500,000 | -4,700,000 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 32,700,000 | 10,000,000 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 7,200,000 | 14,700,000 |
Number of interest rate swaps held | 5 | 6 |
Interest rate swaps, fair value | -5,600,000 | -11,300,000 |
Cash collateral | 4,900,000 | 800,000 |
Interest Rate Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivatives, notional amount | $500,000,000 | $700,000,000 |
Genesis [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Number of interest rate swaps held | 2 | ' |
Derivative_Assets_And_Liabilit3
Derivative Assets And Liabilities (Schedule Of Change In Fair Value Of Interest Rate Derivatives) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Assets And Liabilities [Abstract] | ' | ' | ' |
Change in fair value of interest rate caps and floors | ($11,709) | $14,388 | $59,312 |
Change in fair value of interest rate swaps acquired in Genesis Transaction | ' | -3,713 | -39,536 |
Interest rate derivatives | ($11,709) | $10,675 | $19,776 |
Other_Assets_Narrative_Details
Other Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Assets [Abstract] | ' | ' | ' |
Amortization of debt issuance costs | $29,633 | $50,989 | $33,001 |
Debt issuance cost amortization period, start range | '2014 | ' | ' |
Debt issuance cost amortization period, end range | '2024 | ' | ' |
Other_Assets_Schedule_Of_Other
Other Assets (Schedule Of Other Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets [Abstract] | ' | ' |
Debt issuance costs | $148,315 | $133,352 |
Other tangible fixed assets | 2,427 | 2,482 |
Receivables from aircraft manufacturer | 5,800 | 8,203 |
Prepaid expenses | 6,057 | 4,690 |
Other receivables | 21,423 | 9,124 |
Other assets | $184,022 | $157,851 |
Accrued_Expenses_And_Other_Lia2
Accrued Expenses And Other Liabilities (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Accrued Expenses And Other Liabilities [Abstract] | ' | ' |
Weighted average amortization period for lease deficiency | '92 months | '102 months |
Accrued_Expenses_And_Other_Lia3
Accrued Expenses And Other Liabilities (Schedule Of Accrued Expenses And Other Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Accrued Expenses And Other Liabilities [Abstract] | ' | ' | |
Accrued expenses | $50,087 | $33,077 | |
Accrued interest | 44,916 | 44,257 | |
Lease deficiency | 13,459 | 15,427 | |
Accrued expenses and other liabilities | $108,462 | $92,761 | [1] |
[1] | Certain reclassifications have been made to the prior year Consolidated Balance Sheet to reflect the current year presentation. |
Debt_Schedule_Of_Debt_Details
Debt (Schedule Of Debt) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | $6,236,892 | [1] | $5,803,499 | [1] |
ECA-Guaranteed Financings [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 1,504,429 | [1] | 1,675,387 | [1] |
Debt, weighted average interest rate | 2.48% | [2] | ' | |
Debt, Maturity | '2024 | ' | ||
ALS II [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 450,045 | [1] | 572,270 | [1] |
Debt, weighted average interest rate | 2.02% | [2] | ' | |
Debt, Maturity | '2038 | ' | ||
AerFunding Revolving Credit Facility [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 967,094 | [1] | 538,024 | [1] |
Debt, weighted average interest rate | 2.92% | [2] | ' | |
Debt, Maturity | '2018 | ' | ||
Genesis Securitization [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 452,233 | [1] | 549,288 | [1] |
Debt, weighted average interest rate | 0.41% | [2] | ' | |
Debt, Maturity | '2032 | ' | ||
TUI Portfolio Acquisition Facility [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 163,943 | [1] | 188,393 | [1] |
Debt, weighted average interest rate | 1.92% | [2] | ' | |
Debt, Maturity | '2015 | ' | ||
Skyfunding I And II Facilities [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 623,785 | [1] | 507,475 | [1] |
Debt, weighted average interest rate | 3.74% | [2] | ' | |
Debt, Maturity | '2023 | ' | ||
Other Secured Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 1,390,521 | [1] | 1,179,169 | [1] |
Debt, weighted average interest rate | 3.12% | [2] | ' | |
Debt, Maturity | '2023 | ' | ||
Senior Unsecured Notes Due 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 300,000 | [1] | 300,000 | [1] |
Debt, weighted average interest rate | 6.38% | [2] | ' | |
Debt, Maturity | '2017 | ' | ||
DBS Revolving Credit Facility [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 150,000 | [1] | ' | |
Debt, weighted average interest rate | 2.50% | [2] | ' | |
Debt, Maturity | '2018 | ' | ||
Subordinated Debt Joint Ventures Partners [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 64,280 | [1],[3] | 64,280 | [1],[3] |
Debt, weighted average interest rate | 1.96% | [2],[3] | ' | |
Debt, Maturity | '2022 | [3] | ' | |
DBS B737-800 PDP Facility [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 47,458 | [1] | ' | |
Debt, weighted average interest rate | 3.00% | [2] | ' | |
Debt, Maturity | '2015 | ' | ||
Other Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | $123,104 | [1] | $229,213 | [1] |
Debt, weighted average interest rate | 5.67% | [2] | ' | |
Debt, Maturity | '2020 | ' | ||
[1] | As of December 31, 2013, we remain in compliance with the respective financial covenants across the Companybs various debt obligations. | |||
[2] | The weighted average interest rate is calculated based on the U.S. dollar LIBOR rate as of December 31, 2013, and excludes the impact of related derivative instruments which we hold to hedge our exposure to interest rates as well as any amortization of the debt issuance costs. | |||
[3] | Subordinated debt issued to two of our joint venture partners in 2008 and 2010. |
Debt_Schedule_Of_Maturities_Of
Debt (Schedule Of Maturities Of Debt And Capital Lease Obligations) (Details) (USD $) | Dec. 31, 2013 |
Debt [Abstract] | ' |
Debt discount | $90,300,000 |
2014 | 787,022,000 |
2015 | 997,097,000 |
2016 | 672,855,000 |
2017 | 992,821,000 |
2018 | 1,256,585,000 |
Thereafter | 1,620,789,000 |
Total maturities of debt and capital lease obligations | $6,327,169,000 |
Debt_ECAGuaranteed_Financings_
Debt (ECA-Guaranteed Financings) (Details) (ECA-Guaranteed Financings [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
item | |
Debt Instrument [Line Items] | ' |
Credit facility, maximum borrowing capacity | $1,200,000,000 |
Credit facility, amount outstanding | 323,400,000 |
Credit facility, term | '12 years |
Number of aircraft financed | 18 |
Debt Instrument, Collateral Amount | 2,100,000,000 |
Debt Instrument, Aircraft Collateral Number | 46 |
2003 A320 Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Floating rate tranches | 323,420,000 |
Purchase accounting fair value adjustments | -955,000 |
Credit facility fair value | 322,465,000 |
Spread over reference rate | 0.33% |
2008 ECA A330 And A320 Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Credit facility, maximum borrowing capacity | 1,600,000,000 |
Credit facility, amount outstanding | 657,700,000 |
Floating rate tranches | 58,175,000 |
Fixed rate tranches | 599,536,000 |
Stated interest rate | 3.20% |
Spread over reference rate | 1.47% |
2009 ECA A320 Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Credit facility, maximum borrowing capacity | 846,000,000 |
Credit facility, amount outstanding | 134,700,000 |
Floating rate tranches | 53,348,000 |
Fixed rate tranches | 81,336,000 |
Stated interest rate | 4.23% |
Spread over reference rate | 1.11% |
ECA A330 Capital Market Facilities [Member] | ' |
Debt Instrument [Line Items] | ' |
Credit facility, amount outstanding | 167,500,000 |
Fixed rate tranches | 167,462,000 |
Stated interest rate | 3.60% |
2012 ECA Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Credit facility, amount outstanding | 222,100,000 |
Fixed rate tranches | 222,107,000 |
Stated interest rate | 2.29% |
A320NEO Aircraft [Member] | 2003 A320 Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Number of aircraft financed | 20 |
A320NEO Aircraft [Member] | 2006 A320 Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Number of aircraft financed | 9 |
A320NEO Aircraft [Member] | 2008 A320 Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Number of aircraft financed | 1 |
A320NEO Aircraft [Member] | 2008 ECA A330 And A320 Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Number of aircraft delivered from manufacturer | 10 |
A320NEO Aircraft [Member] | 2009 ECA A320 Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Number of aircraft financed | 20 |
Number of aircraft delivered from manufacturer | 5 |
A330 Aircraft [Member] | 2008 ECA A330 And A320 Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Number of aircraft delivered from manufacturer | 7 |
A330 Aircraft [Member] | ECA A330 Capital Market Facilities [Member] | ' |
Debt Instrument [Line Items] | ' |
Number of aircraft financed | 3 |
A330 Aircraft [Member] | 2012 ECA Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Number of aircraft financed | 3 |
Airbus A330 And A320 Family Aircraft [Member] | ' |
Debt Instrument [Line Items] | ' |
Credit facility, amount outstanding | 1,181,964,000 |
Airbus A330 And A320 Family Aircraft [Member] | 2008 ECA A330 And A320 Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Number of aircraft financed | 15 |
Before First Amendment [Member] | ' |
Debt Instrument [Line Items] | ' |
Credit facility, maximum borrowing capacity | 840,000,000 |
Before First Amendment [Member] | 2008 ECA A330 And A320 Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Credit facility, maximum borrowing capacity | $1,400,000,000 |
Debt_ALS_II_Debt_Details
Debt (ALS II Debt) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
item | |
ALS II [Member] | ' |
Debt Instrument [Line Items] | ' |
Number of aircraft financed | 30 |
Number of aircraft delivered from manufacturer | 30 |
Credit facility, maximum borrowing capacity | $1,000,000,000 |
Floating rate tranches | 450,045,000 |
Debt Instrument, Collateral Amount | 1,000,000,000 |
Debt Instrument, Aircraft Collateral Number | 30 |
ALS II [Member] | Credit Agricole [Member] | ' |
Debt Instrument [Line Items] | ' |
Credit facility, maximum borrowing capacity | 55,000,000 |
Class A1 Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Floating rate tranches | 433,249,000 |
Spread over reference rate | 1.85% |
Reference rate | 'One-month LIBOR |
Class A2 Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Floating rate tranches | $16,796,000 |
Spread over reference rate | 1.85% |
Reference rate | 'One-month LIBOR |
Minimum [Member] | ALS II [Member] | ' |
Debt Instrument [Line Items] | ' |
Number of aircraft financed | 15 |
Debt_AerFunding_Revolving_Cred
Debt (AerFunding Revolving Credit Facility) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||
AerFunding Revolving Credit Facility [Member] | AerFunding Revolving Credit Facility [Member] | AerFunding Revolving Credit Facility [Member] | AerCap Ireland [Member] | Class A [Member] | Class B [Member] | Before First Amendment [Member] | Before Second Amendment [Member] | Before Second Amendment [Member] | Before Second Amendment [Member] | Before Second Amendment [Member] | During the Borrowing Period [Member] | From 2013-06-10 to 2014-06-09 [Member] | From 2014-06-10 to 2015-06-09 [Member] | From 2015-06-10 to 2016-06-09 [Member] | Minimum [Member] | Maximum [Member] | ||
item | AerFunding Revolving Credit Facility [Member] | AerFunding Revolving Credit Facility [Member] | AerFunding Revolving Credit Facility [Member] | AerFunding Revolving Credit Facility [Member] | AerFunding Revolving Credit Facility [Member] | AerFunding Revolving Credit Facility [Member] | Class A [Member] | Class B [Member] | AerFunding Revolving Credit Facility [Member] | AerFunding Revolving Credit Facility [Member] | ||||||||
AerFunding Revolving Credit Facility [Member] | AerFunding Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ownership interest | 95.00% | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Credit facility, maximum borrowing capacity | $1,300,000,000 | $800,000,000 | $1,000,000,000 | ' | $705,500,000 | $144,500,000 | $800,000,000 | $1,100,000,000 | $775,000,000 | $830,000,000 | $170,000,000 | ' | ' | ' | ' | ' | ' | |
Credit facility, amount outstanding | 967,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of aircraft financed | 33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Collateral Amount | $1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Aircraft purchases, maximum percentage financed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73.50% | 80.00% | |
Unused loan commitment fee, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.75% | |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | [1] | 3.75% | 4.25% | 4.75% | ' | ' |
Required cash reserve as a percentage of outstanding borrowings | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | The borrowing period is until June 9, 2015, after which the loan converts to a term loan. |
Debt_Genesis_Securitization_De
Debt (Genesis Securitization Debt) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
item | ||||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | $6,236,892,000 | [1] | $5,803,499,000 | [1] |
Genesis Securitization [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Number of aircraft financed | 41 | ' | ||
Long-term Debt | 452,233,000 | [1] | 549,288,000 | [1] |
Spread over reference rate | 0.24% | ' | ||
Reference rate | 'One-month LIBOR | ' | ||
Debt Instrument, Collateral Amount | 700,000,000 | ' | ||
Debt Instrument, Aircraft Collateral Number | 37 | ' | ||
Servicing rights acquired | ' | 24,500,000 | ||
Genesis Securitization [Member] | Credit Agricole [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Credit facility, maximum borrowing capacity | $60,000,000 | ' | ||
[1] | As of December 31, 2013, we remain in compliance with the respective financial covenants across the Companybs various debt obligations. |
Debt_TUI_Portfolio_Acquisition
Debt (TUI Portfolio Acquisition Facility) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |||
item | |||||
Debt Instrument [Line Items] | ' | ' | ' | ||
Long-term Debt | ' | $6,236,892,000 | [1] | $5,803,499,000 | [1] |
AerCap Partners I [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Ownership interest | ' | 50.00% | ' | ||
TUI Portfolio Acquisition Facility [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Required Loan to collateral value ratio | ' | 43.00% | ' | ||
Number of aircraft financed | ' | 19 | ' | ||
Credit facility, maximum borrowing capacity | ' | 448,600,000 | ' | ||
Long-term Debt | ' | 163,943,000 | [1] | 188,393,000 | [1] |
Spread over reference rate | 1.58% | 1.75% | ' | ||
Reference rate | ' | 'One-month LIBOR | ' | ||
Prepayment fee percentage | ' | 1.00% | ' | ||
Threshold for prepayment fee | ' | 15,000,000 | ' | ||
Debt Instrument, Collateral Amount | ' | $300,000,000 | ' | ||
TUI Portfolio Acquisition Facility [Member] | Scenario, Forecast [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Spread over reference rate | ' | 1.75% | ' | ||
Boeing 737 Aircraft [Member] | TUI Portfolio Acquisition Facility [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Aircraft Collateral Number | ' | 11 | ' | ||
B-757-200 [Member] | TUI Portfolio Acquisition Facility [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Number of aircraft sold | ' | 6 | ' | ||
B-767-300ER [Member] | TUI Portfolio Acquisition Facility [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Aircraft Collateral Number | ' | 2 | ' | ||
[1] | As of December 31, 2013, we remain in compliance with the respective financial covenants across the Companybs various debt obligations. |
Debt_SkyFunding_I_And_SkyFundi
Debt (SkyFunding I And SkyFunding II Facilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | ||||
Skyfunding I And II Facilities [Member] | Skyfunding I And II Facilities [Member] | SkyFunding One [Member] | SkyFunding One [Member] | SkyFunding Two [Member] | SkyFunding Two [Member] | Minimum [Member] | Maximum [Member] | |||||||
item | item | item | Skyfunding I And II Facilities [Member] | Skyfunding I And II Facilities [Member] | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Credit facility, maximum borrowing capacity | ' | ' | ' | ' | $402,000,000 | ' | $288,000,000 | $128,000,000 | ' | ' | ||||
Credit facility, amount outstanding | ' | ' | ' | ' | ' | 350,300,000 | 273,500,000 | ' | ' | ' | ||||
Credit facility, term | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ||||
Number of aircraft financed | ' | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ||||
Number of aircraft delivered from manufacturer | ' | ' | ' | ' | ' | 12 | 9 | ' | ' | ' | ||||
Floating rate tranches | ' | ' | ' | ' | 175,774,000 | ' | 184,362,000 | ' | ' | ' | ||||
Fixed rate tranches | ' | ' | ' | ' | 174,560,000 | ' | 89,089,000 | ' | ' | ' | ||||
Long-term Debt | 6,236,892,000 | [1] | 5,803,499,000 | [1] | 623,785,000 | [1] | 507,475,000 | [1] | ' | ' | ' | ' | ' | ' |
Prepayment fee percentage | ' | ' | 1.50% | ' | ' | ' | ' | ' | 1.00% | 2.00% | ||||
Stated interest rate | ' | ' | ' | ' | 4.43% | ' | 4.43% | ' | ' | ' | ||||
Spread over reference rate | ' | ' | ' | ' | 2.85% | ' | 3.15% | ' | ' | ' | ||||
Debt Instrument, Collateral Amount | ' | ' | $800,000,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Debt Instrument, Aircraft Collateral Number | ' | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | As of December 31, 2013, we remain in compliance with the respective financial covenants across the Companybs various debt obligations. |
Debt_Senior_Unsecured_Notes_Du
Debt (Senior Unsecured Notes Due 2017) (Details) (Senior Unsecured Notes Due 2017 [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' |
Face Amount | $300,000,000 |
Stated interest rate | 6.38% |
Amount allowed to be repurchased as a percentage of outstanding principal | 100.00% |
Repurchase discount rate | 0.50% |
AerCap Aviation Solutions B.V [Member] | ' |
Debt Instrument [Line Items] | ' |
Ownership interest | 100.00% |
Debt_Unsecured_Revolving_Credi
Debt (Unsecured Revolving Credit Facilities) (Details) (Unsecured Revolving Credit Facilities [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Citi Revolving Credit Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facility, current borrowing capacity | $285,000,000 |
Credit facility, term | '3 years |
Line of credit facility, undrawn commitment | 290,000,000 |
Credit facility, maximum borrowing capacity | 385,000,000 |
DBS Revolving Credit Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facility, current borrowing capacity | 180,000,000 |
Credit facility, term | '5 years |
Credit facility, amount outstanding | 150,000,000 |
Line of credit facility, undrawn commitment | 30,000,000 |
Credit facility, maximum borrowing capacity | 250,000,000 |
Revolving Period [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facility, term | '3 years |
Term Loan [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facility, term | '2 years |
Minimum [Member] | DBS Revolving Credit Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Percentage of balance to be repaid on specific dates | 33.00% |
Maximum [Member] | Citi Revolving Credit Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of credit facility, increase to commitment | 5,000,000 |
Line of credit facility, decrease to commitment | 5,000,000 |
Maximum [Member] | DBS Revolving Credit Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Percentage of balance to be repaid on specific dates | 67.00% |
Multiple In Excess Of Maximum [Member] | Citi Revolving Credit Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of credit facility, increase to commitment | 1,000,000 |
Line of credit facility, decrease to commitment | $1,000,000 |
Debt_Unsecured_AIG_Revolving_C
Debt (Unsecured AIG Revolving Credit Facility) (Details) (Unsecured AIG Revolving Credit Facility [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | ' |
Credit facility, current borrowing capacity | $1,000,000,000 |
Credit facility, term | '5 years |
Maximum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of credit facility, decrease to commitment | 5,000,000 |
Multiple In Excess Of Maximum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of credit facility, decrease to commitment | $1,000,000 |
Interest Rate Option 1 [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Spread over reference rate | 3.75% |
Interest Rate Option 2 [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Stated interest rate | 2.75% |
Interest Rate Option 2(x) [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Spread over reference rate | 0.50% |
Interest Rate Option 2(z) [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Spread over reference rate | 1.00% |
Debt_275_Billion_Unsecured_Bri
Debt ($2.75 Billion Unsecured Bridge Credit Facility) (Details) ($2.75 Billion Unsecured Bridge Credit Facility [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | ' |
Credit facility, current borrowing capacity | $2,750,000,000 |
Credit facility, term | '364 days |
Credit facility, amount outstanding | $0 |
Increase to spread over reference rate | 0.25% |
Interest Rate Option 2(y) [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Spread over reference rate | 0.50% |
Interest Rate Option 2(z) [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Spread over reference rate | 1.00% |
From Initial Funding To 89 Days After Initial Funding [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Spread over reference rate | 1.75% |
Stated interest rate | 0.75% |
90 Days After Initial Funding To 179 Days After Initial Funding [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Spread over reference rate | 2.25% |
Stated interest rate | 1.25% |
180 Days After Initial Funding To 269 Days After Initial Funding [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Spread over reference rate | 2.63% |
Stated interest rate | 1.63% |
270 Days After Initial Funding To Maturity Date [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Spread over reference rate | 3.13% |
Stated interest rate | 2.13% |
90th Day Following Initial Funding [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Duration fees, percent of aggregate principal amount | 0.50% |
180th Day Following Initial Funding [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Duration fees, percent of aggregate principal amount | 0.75% |
270th Day Following Initial Funding [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Duration fees, percent of aggregate principal amount | 1.25% |
Debt_Boeing_737800_Predelivery
Debt (Boeing 737-800 Pre-delivery Payment Facility) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
item | |
Line of Credit Facility [Line Items] | ' |
Number of purchase rights | 5 |
Boeing 737-800 Pre-delivery Payment Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facility, current borrowing capacity | 200,300,000 |
Credit facility, amount outstanding | 47,500,000 |
Line of credit facility, undrawn commitment | 152,900,000 |
Boeing 737 Aircraft [Member] | Boeing 737-800 Pre-delivery Payment Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Number of aircraft financed | 15 |
Number of aircraft to be delivered in 2015 | 10 |
Number of purchase rights | 5 |
Debt_Subordinated_Debt_Joint_V
Debt (Subordinated Debt Joint Venture Partners) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | $6,236,892 | [1] | $5,803,499 | [1] |
Interest rate paid on unpaid interest | 19.50% | ' | ||
Subordinated Debt Joint Ventures Partners [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | $64,280 | [1],[2] | $64,280 | [1],[2] |
Stated interest rate | 0.00% | ' | ||
Minimum [Member] | Subordinated Debt Joint Ventures Partners [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Stated interest rate | ' | 15.00% | ||
Maximum [Member] | Subordinated Debt Joint Ventures Partners [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Stated interest rate | ' | 20.00% | ||
[1] | As of December 31, 2013, we remain in compliance with the respective financial covenants across the Companybs various debt obligations. | |||
[2] | Subordinated debt issued to two of our joint venture partners in 2008 and 2010. |
Debt_Other_Debt_Details
Debt (Other Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Other Debt Instruments [Member] | Other Debt Instruments [Member] | Other Debt Instruments [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Aircraft Financings [Member] | Secured Aircraft Financings [Member] | Japanese Operating Lease [Member] | Japanese Operating Lease [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Aircraft Lease Securitization Coupon Liability [Member] | Aircraft Lease Securitization Coupon Liability [Member] | Subordinated Debt Facilities [Member] | Subordinated Debt Facilities [Member] | Other Financings [Member] | Other Financings [Member] | |||||
item | Minimum [Member] | Maximum [Member] | Other Debt Instruments [Member] | Other Debt Instruments [Member] | Other Debt Instruments [Member] | Other Debt Instruments [Member] | Other Debt Instruments [Member] | Other Debt Instruments [Member] | Other Debt Instruments [Member] | Other Debt Instruments [Member] | Other Debt Instruments [Member] | Other Debt Instruments [Member] | Other Debt Instruments [Member] | Other Debt Instruments [Member] | Other Debt Instruments [Member] | Other Debt Instruments [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt | $6,236,892,000 | [1] | $5,803,499,000 | [1] | ' | ' | ' | $1,390,521,000 | $1,179,169,000 | $1,327,987,000 | $1,110,202,000 | $62,534,000 | $68,967,000 | $123,104,000 | $229,213,000 | $71,131,000 | $96,070,000 | $30,000,000 | $72,000,000 | $21,973,000 | $61,143,000 |
Debt, floating interest rate | ' | ' | ' | 0.24% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt, fixed interest rate | ' | ' | ' | 2.80% | 7.28% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of engines | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Collateral Amount | ' | ' | $2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Aircraft Collateral Number | ' | ' | 58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | As of December 31, 2013, we remain in compliance with the respective financial covenants across the Companybs various debt obligations. |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||||
The Netherlands [Member] | The Netherlands [Member] | The Netherlands [Member] | Ireland [Member] | Ireland [Member] | Ireland [Member] | United States Of America [Member] | United States Of America [Member] | United States Of America [Member] | Sweden [Member] | Sweden [Member] | Sweden [Member] | ||||||||||||||||||
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Unrecognized tax benefits | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Corporate income tax rate | ' | ' | ' | ' | 25.00% | [1] | 25.00% | [1] | 25.00% | [1] | 12.50% | [1] | 12.50% | [1] | 12.50% | [1] | 35.60% | [1] | 36.20% | [1] | 37.60% | [1] | 18.60% | [1] | 18.60% | [1] | 18.60% | [1] | |
Deferred Tax Assets (Liabilities), Net | 59,821,000 | 79,726,000 | ' | ' | 17,699,000 | 17,634,000 | ' | 21,760,000 | 38,713,000 | ' | 11,968,000 | 15,329,000 | ' | 8,394,000 | 8,050,000 | ' | |||||||||||||
Deferred income tax asset | 121,663,000 | 131,296,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Deferred income tax liability | 61,842,000 | 51,570,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Valuation allowance on tax assets | ' | ' | $54,357,000 | $44,696,000 | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | $0 | ' | ' | |||||||||||||
[1] | The local statutory income tax expense for our significant tax jurisdictions (The Netherlands, Ireland and Isle of Man) does not differ from the actual income tax expense. | ||||||||||||||||||||||||||||
[2] | Certain reclassifications have been made to the prior year Consolidated Balance Sheet to reflect the current year presentation. |
Income_Taxes_Summary_Of_Income
Income Taxes (Summary Of Income Tax Expense (Benefit) By Tax Jurisdiction) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
Deferred tax expense (benefit) | $21,186 | $6,870 | $15,940 | ' |
Current tax expense (benefit) | 4,840 | 1,197 | -480 | ' |
Income tax expense (benefit) | 26,026 | 8,067 | 15,460 | 22,000 |
The Netherlands [Member] | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
Deferred tax expense (benefit) | 686 | 1,952 | 4,322 | ' |
Current tax expense (benefit) | 4,840 | 1,197 | 1,250 | ' |
Ireland [Member] | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
Deferred tax expense (benefit) | 17,158 | 3,685 | 6,668 | ' |
United States Of America [Member] | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
Deferred tax expense (benefit) | 3,686 | 2,022 | 4,317 | ' |
Current tax expense (benefit) | ' | ' | -1,730 | ' |
Sweden [Member] | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
Deferred tax expense (benefit) | ($344) | ($789) | $633 | ' |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Statutory Income Tax Expense/(Benefit)) (Details) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Income Taxes [Abstract] | ' | ' | ' | ' | |||
Income tax expense at statutory income tax rate | $77,698 | $38,719 | $57,513 | ' | |||
Valuation allowance | ' | ' | 9,661 | [1] | ' | ||
Tax on global activities | -51,544 | 27,952 | -43,625 | ' | |||
Income arising from non-taxable items (permanent differences) | -128 | [2] | -58,604 | [2] | -8,089 | [2] | ' |
Differences between statutory and actual income tax expense | -51,672 | -30,652 | -42,053 | ' | |||
Income tax expense (benefit) | $26,026 | $8,067 | $15,460 | $22,000 | |||
[1] | Valuation allowance in 2011 related to losses and credit forwards in our Dutch tax jurisdiction. | ||||||
[2] | Relates to non-taxable income arising from aircraft with a higher tax basis in general. The 2012 non- taxable income also included an imputed gain for tax purposes that offsets all remaining taxable losses for the period 2006 through 2012 in The Netherlands. This offset of the taxable losses was already foreseen in the Dutch tax filing position and included in the valuation allowance of previous years. The imputed gain results from a revaluation of the tax asset base as well as the retrospective revisions of certain intercompany obligations between the Netherlands and Isle of Man jurisdictions. |
Income_Taxes_Schedule_Of_Globa
Income Taxes (Schedule Of Global Tax Activities) (Details) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | |||
Pre-tax income (loss) | $309,363 | ($79,535) | $197,696 | ' | |||
Tax variance as a result of global activities | -51,544 | [1] | 27,952 | [1] | -43,625 | [1] | ' |
Income arising from non taxable items | 1,428 | 234,414 | [2] | 32,355 | ' | ||
Income from continuing operations before income tax | 310,791 | 154,879 | 230,051 | 258,000 | |||
The Netherlands [Member] | ' | ' | ' | ' | |||
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | |||
Pre-tax income (loss) | 22,106 | 12,596 | -33,149 | ' | |||
Local statutory tax rate | 25.00% | [3] | 25.00% | [3] | 25.00% | [3] | ' |
Variance to Dutch statutory tax rate of 25.0% | ' | ' | 0.00% | ' | |||
Variance to Dutch statutory tax rate of 25.0% | 0.00% | 0.00% | ' | ' | |||
Ireland [Member] | ' | ' | ' | ' | |||
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | |||
Pre-tax income (loss) | 135,424 | 29,486 | 91,973 | ' | |||
Local statutory tax rate | 12.50% | [3] | 12.50% | [3] | 12.50% | [3] | ' |
Variance to Dutch statutory tax rate of 25.0% | ' | ' | -12.50% | ' | |||
Variance to Dutch statutory tax rate of 25.0% | -12.50% | -12.50% | ' | ' | |||
Tax variance as a result of global activities | -16,928 | [1] | -3,686 | [1] | -11,497 | [1] | ' |
United States Of America [Member] | ' | ' | ' | ' | |||
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | |||
Pre-tax income (loss) | 10,354 | 5,586 | 5,204 | ' | |||
Local statutory tax rate | 35.60% | [3] | 36.20% | [3] | 37.60% | [3] | ' |
Variance to Dutch statutory tax rate of 25.0% | ' | ' | 12.60% | ' | |||
Variance to Dutch statutory tax rate of 25.0% | 10.60% | 11.20% | ' | ' | |||
Tax variance as a result of global activities | 1,098 | [1] | 626 | [1] | 656 | [1] | ' |
Sweden [Member] | ' | ' | ' | ' | |||
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | |||
Pre-tax income (loss) | -1,848 | -4,220 | 3,384 | ' | |||
Local statutory tax rate | 18.60% | [3] | 18.60% | [3] | 18.60% | [3] | ' |
Variance to Dutch statutory tax rate of 25.0% | ' | ' | -6.40% | ' | |||
Variance to Dutch statutory tax rate of 25.0% | -6.40% | -6.40% | ' | ' | |||
Tax variance as a result of global activities | 118 | [1] | 266 | [1] | -213 | [1] | ' |
Isle Of Man [Member] | ' | ' | ' | ' | |||
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | |||
Pre-tax income (loss) | 143,327 | -122,983 | 130,284 | ' | |||
Local statutory tax rate | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] | ' |
Variance to Dutch statutory tax rate of 25.0% | ' | ' | -25.00% | ' | |||
Variance to Dutch statutory tax rate of 25.0% | -25.00% | -25.00% | ' | ' | |||
Tax variance as a result of global activities | ($35,832) | [1] | $30,746 | [1] | ($32,571) | [1] | ' |
[1] | The tax variance as a result of global activities is mainly caused by our operations in countries with a lower statutory tax rate than the statutory tax rate in The Netherlands. | ||||||
[2] | The 2012 non- taxable income included an imputed gain for tax purposes that offsets all remaining taxable losses for the period 2006 through 2012 in The Netherlands. This offset of the taxable losses was already foreseen in the Dutch filing position and included in the valuation allowance of previous years. The imputed gain results from a revaluation of the tax asset base as well as the retrospective revisions of certain intercompany obligations between the Netherlands and Isle of Man jurisdictions. | ||||||
[3] | The local statutory income tax expense for our significant tax jurisdictions (The Netherlands, Ireland and Isle of Man) does not differ from the actual income tax expense. |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Line Items] | ' | ' |
Depreciation/Impairment | ($272,069) | ($197,564) |
Debt | -11,580 | -13,807 |
Intangibles | -838 | -1,564 |
Interest expense | 7,147 | 7,401 |
Accrued maintenance liability | 3,729 | 5,265 |
Obligations under capital leases and debt obligations | 1,170 | 8,493 |
Investments | 372 | 2,500 |
Losses and credits forward | 324,031 | 269,421 |
Other | 7,859 | -419 |
Net deferred tax asset | 59,821 | 79,726 |
The Netherlands [Member] | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' |
Depreciation/Impairment | 13,994 | 15,142 |
Other | 3,705 | 2,492 |
Net deferred tax asset | 17,699 | 17,634 |
Ireland [Member] | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' |
Depreciation/Impairment | -286,027 | -212,706 |
Debt | -11,580 | -13,807 |
Intangibles | -838 | -1,564 |
Accrued maintenance liability | 3,729 | 5,265 |
Obligations under capital leases and debt obligations | 1,170 | 8,493 |
Investments | 2,500 | 2,500 |
Losses and credits forward | 308,696 | 254,477 |
Other | 4,110 | -3,945 |
Net deferred tax asset | 21,760 | 38,713 |
United States Of America [Member] | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' |
Depreciation/Impairment | -36 | ' |
Interest expense | 7,147 | 7,401 |
Investments | -2,128 | ' |
Losses and credits forward | 6,941 | 6,894 |
Other | 44 | 1,034 |
Net deferred tax asset | 11,968 | 15,329 |
Sweden [Member] | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' |
Losses and credits forward | 8,394 | 8,050 |
Net deferred tax asset | $8,394 | $8,050 |
Income_Taxes_Summary_Of_Valuat
Income Taxes (Summary Of Valuation Allowance) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' |
Valuation allowance at beginning of period | $54,357 | $44,696 |
Increase of allowance to income tax provision | -54,357 | 9,661 |
Valuation allowance at end of period | ' | $54,357 |
Share_Capital_Narrative_Detail
Share Capital (Narrative) (Details) | 0 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Nov. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | |
Share Capital [Abstract] | ' | ' | ' | ' | ' | ' |
Shares outstanding | ' | ' | ' | ' | 113,783,799 | 113,363,535 |
Ordinary share capital, shares issued | ' | ' | ' | ' | 113,783,799 | 113,363,535 |
Ordinary share, par value | ' | ' | ' | ' | € 0.01 | € 0.01 |
Treasury stock acquired, shares | 26,535,939 | ' | 320,093,000 | 9,402,663 | ' | ' |
Consideration for repurchase of ordinary shares | ' | $320,000 | $100,000 | $100,000 | ' | ' |
Average share price of shares repurchased | $12.06 | ' | $10.64 | ' | ' | ' |
Shares authorized | ' | ' | ' | ' | 250,000,000 | 250,000,000 |
Share_Capital_Changes_In_Accum
Share Capital (Changes In Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Share Capital [Abstract] | ' | ' | ' | ' | |||
Beginning balance, Fair value of derivatives | ($9,873) | ' | ' | ' | |||
Current period other comprehensive income (loss), Net change in fair value of derivatives | 4,975 | [1] | -1,360 | [1] | -13,518 | [1] | 5,000 |
Ending balance, Fair value of derivatives | -4,898 | -9,873 | ' | ' | |||
Beginning balance, Fair value of pension obligations | -4,528 | ' | ' | ' | |||
Current period other comprehensive income (Loss), Net change in fair value of pension obligations | -464 | [2] | -4,528 | [2] | ' | ' | |
Ending balance, Fair value of pension obligations | -4,992 | -4,528 | ' | ' | |||
Beginning balance, Total | -14,401 | [3] | ' | ' | ' | ||
Total other comprehensive income: | 4,511 | -5,888 | -13,518 | 5,000 | |||
Ending balance, Total | ($9,890) | ($14,401) | [3] | ' | ' | ||
[1] | In 2011, 2012 and 2013 we entered into interest rate swaps for which we achieved cash flow hedge accounting treatment. During these years no amounts were reclassified from accumulated other comprehensive (loss) income to the income statement. | ||||||
[2] | We recognize the actuarial gains or losses that arise during the period as a component of other comprehensive (loss) income. | ||||||
[3] | Certain reclassifications have been made to the prior year Consolidated Balance Sheet to reflect the current year presentation. |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2008 | Jun. 30, 2005 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||
Cerberus Funds [Member] | Genesis [Member] | NV Equity Plan [Member] | Equity Incentive Plan 2012 [Member] | Equity Incentive Plan 2014 [Member] | Exercise Price $24.63 [Member] | Exercise Price $2.95 [Member] | Exercise Price $14.12 [Member] | Exercise Price $11.29 [Member] | Exercise Price $13.72 [Member] | 2014 [Member] | 2015 [Member] | 2016 [Member] | 2017 [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Share Units [Member] | Restricted Shares [Member] | |||||||||
Genesis [Member] | |||||||||||||||||||||||||||||||
Share-Based Compensation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Ownership percentage | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | |||
Equity awards available for grants | ' | ' | ' | ' | ' | ' | ' | 4,251,848 | 2,000,000 | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity award vesting period | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restricted shares granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 302,433 | 220,000 | |||
Restricted share issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 139,920 | |||
Options exercised during year, Number of Options | 368,279 | [1] | ' | ' | ' | ' | ' | -168,279 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ||
Ordinary shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107,353 | ' | ' | ' | 109,834 | ' | |||
Restricted shares vested | 83,034 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | |||
Stock options outstanding, shares | 1,708,757 | 2,077,036 | [2] | ' | ' | ' | ' | 299,754 | ' | ' | ' | 1,162,500 | 350,000 | 21,287 | 23,662 | 19,833 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Share options outstanding, exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $24.63 | $2.95 | $14.12 | $11.29 | $13.72 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share options outstanding, vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,512,500 | ' | ' | 131,475 | ' | ' | |||
Share options outstanding, expected to vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,782 | ' | ' | ' | ' | ' | |||
Restricted shares, expected to vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,502,661 | 139,920 | |||
Stock options outstanding, weighted average remaining contractual term, years | '4 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Stock options issued, weighted average grant date fair value | ' | ' | ' | ' | $1.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total stock-based compensation | $9,292,000 | $7,127,000 | [3] | $6,236,000 | [3] | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $1,431,000 | ' | ' | ' | |
Restricted share units outstanding | 27,734 | 110,768 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Expected recognition of share-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,500,000 | $5,600,000 | $2,100,000 | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Including 168,279 AER options granted to former Genesis directors and employees; refer to footnote 1. | ||||||||||||||||||||||||||||||
[2] | Including 299,754 AER options granted to former Genesis directors and employees at the closing of the amalgamation with Genesis on March 25, 2010; these options were issued pursuant to a separate board resolution, so not under any of AerCap Equity Incentive Plans. | ||||||||||||||||||||||||||||||
[3] | Certain reclassifications have been made to the prior years Consolidated Statement of Cash Flows to reflect the current year presentation. |
ShareBased_Compensation_Schedu
Share-Based Compensation (Schedule Of Restricted Shares/Options Activity) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Share-Based Compensation [Abstract] | ' |
Beginning outstanding, Number of Options | 110,768 |
Exercised, Number of Options | -83,034 |
Ending outstanding, Number of Options | 27,734 |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary Of NV Equity Plan Activity) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Options outstanding at beginning of period, Number of Options | 2,077,036 | [1] |
Options exercised during year, Number of Options | -368,279 | [2] |
Options exercised during year, Weighted Average Exercise Price | $26.57 | [2] |
Options outstanding at end of period, Number of Options | 1,708,757 | |
Genesis [Member] | ' | |
Options exercised during year, Number of Options | 168,279 | |
Options outstanding at end of period, Number of Options | 299,754 | |
[1] | Including 299,754 AER options granted to former Genesis directors and employees at the closing of the amalgamation with Genesis on March 25, 2010; these options were issued pursuant to a separate board resolution, so not under any of AerCap Equity Incentive Plans. | |
[2] | Including 168,279 AER options granted to former Genesis directors and employees; refer to footnote 1. |
Pension_Plans_Details
Pension Plans (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined contribution, employer contributions | $0.20 | $0.20 |
Dutch Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Acturial loss recognied in Accumulated Other Comprehensive Income | -0.3 | ' |
Discount rate | 4.00% | 4.00% |
Defined beneft plans liability | 4.6 | ' |
Irish Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Acturial loss recognied in Accumulated Other Comprehensive Income | -0.2 | ' |
Discount rate | 3.90% | 4.20% |
Defined beneft plans liability | $3.30 | ' |
Segment_Information_Schedule_O
Segment Information (Schedule Of Lease Revenue By Segment) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of lessees | 74 | ' | ' |
United States Of America [Member] | Geographic Concentration Risk [Member] | Total Lease Revenue [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of lease revenue | 17.30% | 12.10% | 8.80% |
Russia [Member] | Geographic Concentration Risk [Member] | Total Lease Revenue [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of lease revenue | 9.60% | 9.40% | 10.30% |
The Netherlands [Member] | Geographic Concentration Risk [Member] | Total Lease Revenue [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of lease revenue | 0.00% | 0.00% | 0.00% |
American Airlines [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of lessees | 1 | ' | ' |
Percentage of lease revenue | 10.90% | ' | ' |
Segment_Information_Schedule_O1
Segment Information (Schedule Of Long-Lived Assets By Segment) (Details) (Geographic Concentration Risk [Member], Long-Lived Assets [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
United States Of America [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of long-lived assets | 22.20% | 16.60% | ' |
Russia [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of long-lived assets | 10.40% | 11.40% | ' |
The Netherlands [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of long-lived assets | 0.00% | 0.00% | 0.00% |
Selling_General_And_Administra2
Selling, General And Administrative Expenses (Schedule Of Selling General And Administrative Expenses ) (Details) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
employee | employee | employee | |||||
Selling, General And Administrative Expenses [Line Items] | ' | ' | ' | ' | |||
Persons in employment | 163 | 159 | 153 | ' | |||
Personnel expenses | $55,654 | [1],[2] | $44,645 | [1],[2] | $52,262 | [1],[2] | ' |
Travel expenses | 6,728 | 7,098 | 5,862 | ' | |||
Professional services | 13,253 | 17,906 | 13,159 | ' | |||
Office expenses | 3,443 | 3,506 | 3,943 | ' | |||
Directors expenses | 3,393 | 4,786 | 5,582 | ' | |||
Aircraft management fee | -477 | [3] | 641 | [3] | 26,841 | [3] | ' |
Mark-to-market on derivative instruments and foreign currency results | 115 | -2,914 | 2,811 | ' | |||
Other expenses | 6,970 | 7,741 | 10,286 | ' | |||
Total selling, general and administrative expenses | 89,079 | 83,409 | 120,746 | 81,000 | |||
Share-based compensation | 9,292 | 7,128 | 6,159 | ' | |||
Termination and severance payments | ' | ' | 5,151 | ' | |||
Genesis Lease Limited [Member] | ' | ' | ' | ' | |||
Selling, General And Administrative Expenses [Line Items] | ' | ' | ' | ' | |||
One-off charge related to buy-out of servicing rights | ' | ' | $24,500 | ' | |||
[1] | Includes share-based compensation of $6,159, $7,128 and $9,292 in the years ended DecemberB 31, 2011, 2012 and 2013, respectively. | ||||||
[2] | Includes termination and severance payments of $5,151 in the year ended December 31, 2011. | ||||||
[3] | Includes a charge of $24,500 relating to the buy-out of the Genesis portfolio servicing rights in the year ended December 31, 2011. |
Asset_Impairment_Narrative_Det
Asset Impairment (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | |||
Asset Impairment [Line Items] | ' | ' | ' |
Impairment charges | $25,616,000 | $12,625,000 | $23,323,000 |
Number of aircraft owned | 236 | ' | ' |
Impairment Charge Related To Aircraft [Member] | ' | ' | ' |
Asset Impairment [Line Items] | ' | ' | ' |
Impairment charges | 26,200,000 | ' | ' |
A319 Aircraft [Member] | ' | ' | ' |
Asset Impairment [Line Items] | ' | ' | ' |
Number of aircraft impaired | 2 | ' | ' |
Boeing 737 Classic [Member] | ' | ' | ' |
Asset Impairment [Line Items] | ' | ' | ' |
Impairment charges | 9,900,000 | ' | ' |
Number of aircraft impaired | 2 | ' | ' |
Boeing 747 Freighter [Member] | ' | ' | ' |
Asset Impairment [Line Items] | ' | ' | ' |
Impairment charges | 17,700,000 | ' | ' |
Number of aircraft impaired | 2 | ' | ' |
Older Than 15 Years [Member] | Flight Equipment Held For Operating Leases [Member] | ' | ' | ' |
Asset Impairment [Line Items] | ' | ' | ' |
Number of aircraft owned | 13 | ' | ' |
Aircraft book value, net | 206,800,000 | ' | ' |
Percentage of total flight equipment held for operating lease | 2.60% | ' | ' |
Estimated undiscounted cash flows | 234,600,000 | ' | ' |
Percentage of total value excess over carrying value | 13.50% | ' | ' |
Undiscounted Cash FLows Substantially Do Not Exceed Carrying Value [Member] | Flight Equipment Held For Operating Leases [Member] | ' | ' | ' |
Asset Impairment [Line Items] | ' | ' | ' |
Aircraft book value, net | 261,800,000 | ' | ' |
Percentage of total flight equipment held for operating lease | 3.20% | ' | ' |
Threshold for aircraft | 10.00% | ' | ' |
Number of aircraft do not exceed threshold of 10% | 9 | ' | ' |
Aggregate carrying value of nine aircrafts | $257,200,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Asset Impairment [Line Items] | ' | ' | ' |
Aircraft impairment analysis, age of aircraft | '15 years | ' | ' |
Minimum [Member] | Older Than 15 Years [Member] | Flight Equipment Held For Operating Leases [Member] | ' | ' | ' |
Asset Impairment [Line Items] | ' | ' | ' |
Percentage of total value excess over carrying value | 1.00% | ' | ' |
Maximum [Member] | Older Than 15 Years [Member] | ' | ' | ' |
Asset Impairment [Line Items] | ' | ' | ' |
Percentage of total value excess over carrying value | 90.00% | ' | ' |
Asset_Impairment_Schedule_Of_A
Asset Impairment (Schedule Of Asset Impairment) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Asset Impairment [Abstract] | ' | ' | ' | ' |
Flight equipment (Note 5) | $25,616 | $12,625 | $23,323 | ' |
Discontinued operations | ' | ' | -8,902 | ' |
Notes receivable (Note 6) | 539 | ' | ' | ' |
Intangible lease premium (Note 9) | ' | ' | 1,173 | ' |
Asset impairment | $26,155 | $12,625 | $15,594 | $11,000 |
Earnings_Per_Ordinary_Share_Co
Earnings Per Ordinary Share (Computations Of Basic And Diluted Earnings Per Ordinary Share) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Earnings Per Ordinary Share [Abstract] | ' | ' | ' | ' |
Number of shares excluded from diluted shares outstanding | 1,300,000 | 1,500,000 | 1,600,000 | ' |
Net income for the computation of basic and diluted earnings per share | $292,410 | $163,655 | $172,224 | $208,000 |
Weighted average ordinary shares outstanding - basic | 113,463,813 | 131,492,057 | 146,587,752 | ' |
Basic earnings per ordinary share | $2.58 | $1.24 | $1.17 | ' |
Weighted average ordinary shares outstanding - diluted | 115,002,458 | 132,497,913 | 146,587,752 | ' |
Diluted earnings per ordinary share | $2.54 | $1.24 | $1.17 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||
Nov. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 06, 2012 | Aug. 20, 2012 | Jun. 10, 2012 | Nov. 11, 2010 | Nov. 11, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 11, 2010 | Nov. 11, 2010 | |
item | AerDragon [Member] | AerCo [Member] | AerCo [Member] | AerCo [Member] | AerCo [Member] | AerCo [Member] | China Aviation Supplies Holding Company [Member] | Credit Agricole [Member] | AerCap Holdings N.V. [Member] | AerCap Holdings N.V. [Member] | AerCap Holdings N.V. [Member] | AerCap Holdings N.V. [Member] | East Epoch Limited [Member] | Fern S.a.r.l. [Member] | Fern S.a.r.l. [Member] | Fern S.a.r.l. [Member] | Waha [Member] | AerVenture [Member] | AerLift Leasing Ltd. [Member] | AerLift Leasing Ltd. [Member] | AerLift Leasing Ltd. [Member] | AerLift Leasing Jet Ltd. [Member] | |||||
AerDragon [Member] | AerDragon [Member] | AerDragon [Member] | AerDragon [Member] | Waha [Member] | Waha [Member] | Waha [Member] | Waha [Member] | ||||||||||||||||||||
item | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 20.30% | ' | ' | ' | 20.30% | 9.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantee fee received for management services | ' | ' | ' | ' | ' | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from interest received | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management services fees received | ' | 20,651,000 | 17,311,000 | 19,059,000 | 13,000,000 | ' | 1,900,000 | 3,000,000 | 3,300,000 | ' | ' | ' | ' | 2,000,000 | 2,000,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New shares issued for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,800,000 | ' | ' | ' | ' | ' |
Cash received for shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,000,000 | ' | ' | ' | ' | ' |
Interest in the joint venture company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | 40.00% | 50.00% |
Management fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | ' | ' | ' |
Number of aircrafts owned | ' | 236 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' |
Ordinary shares, acquired | 26,535,939 | ' | 320,093,000 | 9,402,663 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,040,000 | 10,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' |
Aggregate price of shares | ' | $320,000,000 | $100,000,000 | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $64,100,000 | $120,000,000 | $55,900,000 | ' | ' | ' | ' | ' | ' |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 1 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2009 | Jul. 31, 2006 | Jul. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 1990 |
VASP Litigation [Member] | VASP Litigation [Member] | Transbrasil Litigation [Member] | Aircraft [Member] | Aircraft [Member] | Engines [Member] | Engines [Member] | |
item | item | VASP Litigation [Member] | VASP Litigation [Member] | Transbrasil Litigation [Member] | |||
item | item | item | |||||
Capital Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of capital leased assets | ' | ' | ' | 1 | 13 | 3 | 2 |
Number of leases that company incurred obligations due to another company's default | ' | 7 | ' | ' | ' | ' | ' |
Claim award for loss of profit plus accrued interest | $40 | ' | ' | ' | ' | ' | ' |
Aggregate amount due from AerCap | ' | ' | $210 | ' | ' | ' | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies (Schedule Of Rent Expense) (Details) (Property Rental Agreements [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Property Rental Agreements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
2014 | $2,227 |
2015 | 2,080 |
2016 | 1,638 |
2017 | 1,608 |
2018 | 388 |
Head lease payments | $7,941 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment charges | $25,616,000 | $12,625,000 | $23,323,000 |
Maintenance reserve | 9,900,000 | ' | ' |
End of lease payments | 17,700,000 | ' | ' |
Structured note receivable | 75,788,000 | 78,163,000 | ' |
Impairment Charge Related To Aircraft [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment charges | 26,200,000 | ' | ' |
A319 Aircraft [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Number of aircraft impaired | 2 | ' | ' |
Boeing 737 Classic [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment charges | 9,900,000 | ' | ' |
Number of aircraft impaired | 2 | ' | ' |
Boeing 747 Freighter [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment charges | 17,700,000 | ' | ' |
Number of aircraft impaired | 2 | ' | ' |
Level 2 [Member] | Structured Note Receivable [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Structured note receivable | 67,300,000 | ' | ' |
Fair value inputs, discount rate | 6.80% | ' | ' |
Level 3 [Member] | Coupon Liability [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Coupon liabiilty | $97,100,000 | ' | ' |
Fair value inputs, discount rate | 5.50% | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | $295,514 | $520,401 |
Restricted cash | 272,787 | 280,653 |
Derivative assets | 32,673 | 9,993 |
Derivative liabilities | -7,233 | -14,677 |
Net assets (liabilities) | 593,741 | 796,370 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 295,514 | 520,401 |
Restricted cash | 272,787 | 280,653 |
Net assets (liabilities) | 568,301 | 801,054 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 32,673 | 9,993 |
Derivative liabilities | -7,233 | -14,677 |
Net assets (liabilities) | $25,440 | ($4,684) |
Fair_Value_Measurements_Level_
Fair Value Measurements (Level 3 Assest Non Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Flight Equipment Held For Operating Leases [Member] | Flight Equipment Held For Operating Leases [Member] | Flight Equipment Held For Operating Leases [Member] | |||
Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | |||
Market Approach Valuation Technique [Member] | Income Approach Valuation Technique [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Assets, Fair value | $676,762,000 | $889,210,000 | ' | $57,500,000 | $40,600,000 |
Fair value quantitative inputs used | ' | ' | $67,200,000 | $55,000,000 | ' |
Fair value inputs, discount rate | ' | ' | ' | ' | 5.40% |
Fair value unobservable input remaining holding period | ' | ' | ' | ' | '52 months |
Fair value unobservable input present value of non contractual cash flows | ' | ' | ' | ' | 39.00% |
Fair_Value_Measurements_Carryi
Fair Value Measurements (Carrying Amounts And Fair Values Of Financial Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |||
In Thousands, unless otherwise specified | ||||||||
Fair Value Measurements [Abstract] | ' | ' | ' | ' | ' | |||
Restricted cash, Book value | $272,787 | $280,653 | [1] | $244,000 | ' | ' | ||
Derivative assets, Book value | 32,673 | 9,993 | [1] | ' | ' | ' | ||
Notes receivable, Book value | 75,788 | 78,163 | [1] | 5,000 | ' | ' | ||
Cash and cash equivalents, Book value | 295,514 | 520,401 | [1],[2] | 411,081 | [2] | 404,450 | [2] | 183,000 |
Assets, Book value | 676,762 | 889,210 | ' | ' | ' | |||
Debt, Book value | 6,236,892 | 5,803,499 | [1] | 6,111,000 | ' | ' | ||
Derivative liabilities, Book value | 7,233 | 14,677 | [1] | ' | ' | ' | ||
Liabilities, Book value | 6,244,125 | 5,818,176 | ' | ' | ' | |||
Restricted cash, Fair value | 272,787 | 280,653 | ' | ' | ' | |||
Derivative assets, Fair value | 32,673 | 9,993 | ' | ' | ' | |||
Notes receivable, Fair Value | 75,788 | 78,163 | ' | ' | ' | |||
Cash and cash equivalents, Fair value | 295,514 | 520,401 | ' | ' | ' | |||
Assets, Fair value | 676,762 | 889,210 | ' | ' | ' | |||
Debt, Fair value | 6,333,906 | 5,756,519 | ' | ' | ' | |||
Derivative liabilities, Fair value | 7,233 | 14,677 | ' | ' | ' | |||
Liabilities, Fair value | $6,341,139 | $5,771,196 | ' | ' | ' | |||
[1] | Certain reclassifications have been made to the prior year Consolidated Balance Sheet to reflect the current year presentation. | |||||||
[2] | Certain reclassifications have been made to the prior years Consolidated Statement of Cash Flows to reflect the current year presentation. |
Supplemental_Guarantor_Financi2
Supplemental Guarantor Financial Information (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Senior Unsecured Notes Due 2017 [Member] | ' |
Debt Instrument [Line Items] | ' |
Face Amount | 300,000,000 |
Stated interest rate | 6.38% |
Senior Unsecured Notes Due 2017 [Member] | AerCap Aviation Solutions B.V [Member] | ' |
Debt Instrument [Line Items] | ' |
Ownership interest | 100.00% |
Citi Revolving Credit Facility [Member] | Unsecured Revolving Credit Facilities [Member] | ' |
Debt Instrument [Line Items] | ' |
Credit facility, current borrowing capacity | 285,000,000 |
Supplemental_Guarantor_Financi3
Supplemental Guarantor Financial Information (Condensed Consolidated Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |||
Assets | ' | ' | ' | ' | ' | |||
Cash and cash equivalents | $295,514,000 | $520,401,000 | [1],[2] | $411,081,000 | [1] | $404,450,000 | [1] | $183,000,000 |
Restricted cash | 272,787,000 | 280,653,000 | [2] | 244,000,000 | ' | ' | ||
Flight equipment held for operating leases, net | 8,085,947,000 | 7,261,899,000 | [2] | 7,895,874,000 | 8,061,260,000 | ' | ||
Notes receivable | 75,788,000 | 78,163,000 | [2] | 5,000,000 | ' | ' | ||
Prepayments on flight equipment | 223,815,000 | 53,594,000 | [2] | 96,000,000 | ' | ' | ||
Investments including investments in subsidiaries | 112,380,000 | 93,862,000 | [2] | 84,000,000 | ' | ' | ||
Intercompany receivables and other assets | 184,022,000 | 157,851,000 | [2] | 378,000,000 | ' | ' | ||
Total Assets | 9,451,141,000 | 8,633,798,000 | [2] | 9,115,000,000 | ' | ' | ||
Liabilities and Equity | ' | ' | ' | ' | ' | |||
Debt | 6,236,892,000 | 5,803,499,000 | [2] | 6,111,000,000 | ' | ' | ||
Intercompany payables and other liabilities | ' | ' | 721,000,000 | ' | ' | |||
Total Liabilities | 7,021,909,000 | 6,510,892,000 | [2] | 6,832,000,000 | ' | ' | ||
Total AerCap Holdings N.V. equity | 2,425,372,000 | 2,122,038,000 | [2] | 2,277,000,000 | ' | ' | ||
Non-controlling interest | 3,860,000 | 868,000 | [2] | 6,000,000 | ' | ' | ||
Total Equity | 2,429,232,000 | 2,122,906,000 | [2] | 2,283,317,000 | 2,217,397,000 | ' | ||
Total Liabilities and Equity | 9,451,141,000 | 8,633,798,000 | [2] | 9,115,000,000 | ' | ' | ||
Eliminations [Member] | ' | ' | ' | ' | ' | |||
Assets | ' | ' | ' | ' | ' | |||
Investments including investments in subsidiaries | -3,887,000,000 | -3,275,000,000 | -3,627,000,000 | ' | ' | |||
Intercompany receivables and other assets | -4,475,000,000 | -2,638,000,000 | -3,128,000,000 | ' | ' | |||
Total Assets | -8,362,000,000 | -5,913,000,000 | -6,755,000,000 | ' | ' | |||
Liabilities and Equity | ' | ' | ' | ' | ' | |||
Intercompany payables and other liabilities | -4,772,000,000 | -2,638,000,000 | -3,657,000,000 | ' | ' | |||
Total Liabilities | -4,772,000,000 | -2,638,000,000 | -3,657,000,000 | ' | ' | |||
Total AerCap Holdings N.V. equity | -3,590,000,000 | -3,275,000,000 | -3,098,000,000 | ' | ' | |||
Total Equity | -3,590,000,000 | -3,275,000,000 | -3,098,000,000 | ' | ' | |||
Total Liabilities and Equity | -8,362,000,000 | -5,913,000,000 | -6,755,000,000 | ' | ' | |||
AerCap Holdings N.V. [Member] | ' | ' | ' | ' | ' | |||
Assets | ' | ' | ' | ' | ' | |||
Cash and cash equivalents | ' | 1,000,000 | 175,000,000 | 1,000,000 | 15,000,000 | |||
Investments including investments in subsidiaries | 2,408,000,000 | 2,093,000,000 | 1,917,000,000 | ' | ' | |||
Intercompany receivables and other assets | 743,000,000 | 327,000,000 | 492,000,000 | ' | ' | |||
Total Assets | 3,151,000,000 | 2,421,000,000 | 2,584,000,000 | ' | ' | |||
Liabilities and Equity | ' | ' | ' | ' | ' | |||
Debt | 151,000,000 | 1,000,000 | 1,000,000 | ' | ' | |||
Intercompany payables and other liabilities | 575,000,000 | 298,000,000 | 306,000,000 | ' | ' | |||
Total Liabilities | 726,000,000 | 299,000,000 | 307,000,000 | ' | ' | |||
Total AerCap Holdings N.V. equity | 2,425,000,000 | 2,122,000,000 | 2,277,000,000 | ' | ' | |||
Total Equity | 2,425,000,000 | 2,122,000,000 | 2,277,000,000 | ' | ' | |||
Total Liabilities and Equity | 3,151,000,000 | 2,421,000,000 | 2,584,000,000 | ' | ' | |||
AerCap Aviation Solutions B.V [Member] | ' | ' | ' | ' | ' | |||
Assets | ' | ' | ' | ' | ' | |||
Intercompany receivables and other assets | 284,000,000 | 296,000,000 | ' | ' | ' | |||
Total Assets | 284,000,000 | 296,000,000 | ' | ' | ' | |||
Liabilities and Equity | ' | ' | ' | ' | ' | |||
Debt | 300,000,000 | 300,000,000 | ' | ' | ' | |||
Intercompany payables and other liabilities | 2,000,000 | 2,000,000 | ' | ' | ' | |||
Total Liabilities | 302,000,000 | 302,000,000 | ' | ' | ' | |||
Total AerCap Holdings N.V. equity | -18,000,000 | -6,000,000 | ' | ' | ' | |||
Total Equity | -18,000,000 | -6,000,000 | ' | ' | ' | |||
Total Liabilities and Equity | 284,000,000 | 296,000,000 | ' | ' | ' | |||
AerCap Ireland [Member] | ' | ' | ' | ' | ' | |||
Assets | ' | ' | ' | ' | ' | |||
Cash and cash equivalents | 140,000,000 | 163,000,000 | 158,000,000 | 83,000,000 | 64,000,000 | |||
Restricted cash | 5,000,000 | 4,000,000 | 4,000,000 | ' | ' | |||
Flight equipment held for operating leases, net | 77,000,000 | 80,000,000 | 91,000,000 | ' | ' | |||
Notes receivable | 73,000,000 | 72,000,000 | ' | ' | ' | |||
Prepayments on flight equipment | 29,000,000 | 8,000,000 | 69,000,000 | ' | ' | |||
Investments including investments in subsidiaries | 1,479,000,000 | 1,177,000,000 | 1,710,000,000 | ' | ' | |||
Intercompany receivables and other assets | 1,201,000,000 | 825,000,000 | 762,000,000 | ' | ' | |||
Total Assets | 3,004,000,000 | 2,329,000,000 | 2,794,000,000 | ' | ' | |||
Liabilities and Equity | ' | ' | ' | ' | ' | |||
Debt | 120,000,000 | 156,000,000 | 107,000,000 | ' | ' | |||
Intercompany payables and other liabilities | 1,753,000,000 | 1,181,000,000 | 1,646,000,000 | ' | ' | |||
Total Liabilities | 1,873,000,000 | 1,337,000,000 | 1,753,000,000 | ' | ' | |||
Total AerCap Holdings N.V. equity | 1,131,000,000 | 992,000,000 | 1,041,000,000 | ' | ' | |||
Total Equity | 1,131,000,000 | 992,000,000 | 1,041,000,000 | ' | ' | |||
Total Liabilities and Equity | 3,004,000,000 | 2,329,000,000 | 2,794,000,000 | ' | ' | |||
Non-Guarantors [Member] | ' | ' | ' | ' | ' | |||
Assets | ' | ' | ' | ' | ' | |||
Cash and cash equivalents | 156,000,000 | 356,000,000 | 79,000,000 | 320,000,000 | 104,000,000 | |||
Restricted cash | 268,000,000 | 276,000,000 | 240,000,000 | ' | ' | |||
Flight equipment held for operating leases, net | 8,009,000,000 | 7,182,000,000 | 7,805,000,000 | ' | ' | |||
Notes receivable | 3,000,000 | 6,000,000 | 5,000,000 | ' | ' | |||
Prepayments on flight equipment | 195,000,000 | 46,000,000 | 27,000,000 | ' | ' | |||
Investments including investments in subsidiaries | 112,000,000 | 99,000,000 | 84,000,000 | ' | ' | |||
Intercompany receivables and other assets | 2,631,000,000 | 1,535,000,000 | 2,252,000,000 | ' | ' | |||
Total Assets | 11,374,000,000 | 9,500,000,000 | 10,492,000,000 | ' | ' | |||
Liabilities and Equity | ' | ' | ' | ' | ' | |||
Debt | 5,666,000,000 | 5,346,000,000 | 6,003,000,000 | ' | ' | |||
Intercompany payables and other liabilities | 3,227,000,000 | 1,864,000,000 | 2,426,000,000 | ' | ' | |||
Total Liabilities | 8,893,000,000 | 7,210,000,000 | 8,429,000,000 | ' | ' | |||
Total AerCap Holdings N.V. equity | 2,477,000,000 | 2,289,000,000 | 2,057,000,000 | ' | ' | |||
Non-controlling interest | 4,000,000 | 1,000,000 | 6,000,000 | ' | ' | |||
Total Equity | 2,481,000,000 | 2,290,000,000 | 2,063,000,000 | ' | ' | |||
Total Liabilities and Equity | $11,374,000,000 | $9,500,000,000 | $10,492,000,000 | ' | ' | |||
[1] | Certain reclassifications have been made to the prior years Consolidated Statement of Cash Flows to reflect the current year presentation. | |||||||
[2] | Certain reclassifications have been made to the prior year Consolidated Balance Sheet to reflect the current year presentation. |
Supplemental_Guarantor_Financi4
Supplemental Guarantor Financial Information (Condensed Consolidated Income Statement) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Revenues | ' | ' | ' | ' | ||
Lease revenue | $976,147,000 | $997,147,000 | $1,050,536,000 | $902,000,000 | ||
Net gain (loss) on sale of assets | 41,873,000 | -46,421,000 | 9,284,000 | 36,000,000 | ||
Management fee revenue | 20,651,000 | 17,311,000 | 19,059,000 | 13,000,000 | ||
Interest revenue | 5,525,000 | 2,471,000 | 2,761,000 | 4,000,000 | ||
Other revenue | 5,870,000 | 2,012,000 | 12,283,000 | 4,000,000 | ||
Total Revenues | 1,050,066,000 | 972,520,000 | 1,093,923,000 | 959,000,000 | ||
Expenses | ' | ' | ' | ' | ||
Depreciation | 337,730,000 | 357,347,000 | 361,210,000 | 308,000,000 | ||
Asset impairment | 26,155,000 | 12,625,000 | 15,594,000 | 11,000,000 | ||
Interest on debt | 226,329,000 | 286,019,000 | 292,486,000 | 234,000,000 | ||
Other expenses | ' | ' | ' | 67,000,000 | ||
Transaction expenses | 10,959,000 | ' | ' | ' | ||
Selling, general and administrative expenses | 89,079,000 | 83,409,000 | 120,746,000 | 81,000,000 | ||
Total Expenses | 739,275,000 | 817,641,000 | 863,872,000 | 701,000,000 | ||
Income from continuing operations before income taxes and income of investments accounted for under the equity method | 310,791,000 | 154,879,000 | 230,051,000 | 258,000,000 | ||
Provision for income taxes | -26,026,000 | -8,067,000 | -15,460,000 | -22,000,000 | ||
Net income of investments accounted for under the equity method | 10,637,000 | 11,630,000 | 10,904,000 | 4,000,000 | ||
Net Income from continuing operations | 295,402,000 | 158,442,000 | 225,495,000 | 240,000,000 | ||
Income (loss) from discontinued operations (AeroTurbine, including loss on disposal), net of tax | ' | ' | -52,745,000 | -3,000,000 | ||
Net income | 295,402,000 | 158,442,000 | [1] | 172,750,000 | [1] | 237,000,000 |
Net loss (income) attributable to non-controlling interest | -2,992,000 | 5,213,000 | -526,000 | -29,000,000 | ||
Net income attributable to AerCap Holdings N.V. | 292,410,000 | 163,655,000 | 172,224,000 | 208,000,000 | ||
AerCap Holdings N.V. [Member] | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ||
Net gain (loss) on sale of assets | ' | ' | ' | 1,000,000 | ||
Management fee revenue | 2,000,000 | 2,000,000 | 3,000,000 | ' | ||
Interest revenue | 2,000,000 | 3,000,000 | 2,000,000 | 4,000,000 | ||
Other revenue | 1,000,000 | 1,000,000 | ' | 4,000,000 | ||
Total Revenues | 5,000,000 | 6,000,000 | 5,000,000 | 9,000,000 | ||
Expenses | ' | ' | ' | ' | ||
Interest on debt | 10,000,000 | 5,000,000 | ' | 3,000,000 | ||
Selling, general and administrative expenses | 18,000,000 | 12,000,000 | 11,000,000 | 11,000,000 | ||
Total Expenses | 28,000,000 | 17,000,000 | 11,000,000 | 14,000,000 | ||
Income from continuing operations before income taxes and income of investments accounted for under the equity method | -23,000,000 | -11,000,000 | -6,000,000 | -5,000,000 | ||
Provision for income taxes | ' | -1,000,000 | ' | ' | ||
Net income of investments accounted for under the equity method | ' | ' | 1,000,000 | ' | ||
Net Income from continuing operations | -23,000,000 | -12,000,000 | -5,000,000 | -5,000,000 | ||
Income from subsidiaries | 315,000,000 | 176,000,000 | 177,000,000 | 213,000,000 | ||
Net income | 292,000,000 | 164,000,000 | 172,000,000 | 208,000,000 | ||
Net income attributable to AerCap Holdings N.V. | 292,000,000 | 164,000,000 | 172,000,000 | 208,000,000 | ||
AerCap Aviation Solutions B.V [Member] | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ||
Interest revenue | 8,000,000 | 7,000,000 | ' | ' | ||
Total Revenues | 8,000,000 | 7,000,000 | ' | ' | ||
Expenses | ' | ' | ' | ' | ||
Interest on debt | 20,000,000 | 12,000,000 | ' | ' | ||
Total Expenses | 20,000,000 | 12,000,000 | ' | ' | ||
Income from continuing operations before income taxes and income of investments accounted for under the equity method | -12,000,000 | -5,000,000 | ' | ' | ||
Net Income from continuing operations | -12,000,000 | -5,000,000 | ' | ' | ||
Net income | -12,000,000 | -5,000,000 | ' | ' | ||
Net income attributable to AerCap Holdings N.V. | -12,000,000 | -5,000,000 | ' | ' | ||
AerCap Ireland [Member] | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ||
Lease revenue | 7,000,000 | 7,000,000 | 8,000,000 | 4,000,000 | ||
Net gain (loss) on sale of assets | -12,000,000 | -132,000,000 | 18,000,000 | 24,000,000 | ||
Management fee revenue | 35,000,000 | 33,000,000 | 33,000,000 | 30,000,000 | ||
Interest revenue | 122,000,000 | 76,000,000 | 33,000,000 | 1,000,000 | ||
Total Revenues | 152,000,000 | -16,000,000 | 92,000,000 | 59,000,000 | ||
Expenses | ' | ' | ' | ' | ||
Depreciation | 3,000,000 | 3,000,000 | 4,000,000 | 1,000,000 | ||
Interest on debt | 152,000,000 | 177,000,000 | 123,000,000 | 12,000,000 | ||
Other expenses | ' | 3,000,000 | ' | ' | ||
Selling, general and administrative expenses | 53,000,000 | 51,000,000 | 86,000,000 | 77,000,000 | ||
Total Expenses | 208,000,000 | 234,000,000 | 213,000,000 | 90,000,000 | ||
Income from continuing operations before income taxes and income of investments accounted for under the equity method | -56,000,000 | -250,000,000 | -121,000,000 | -31,000,000 | ||
Provision for income taxes | -6,000,000 | -8,000,000 | 7,000,000 | -18,000,000 | ||
Net Income from continuing operations | -62,000,000 | -258,000,000 | -114,000,000 | -49,000,000 | ||
Income from subsidiaries | 202,000,000 | 209,000,000 | 216,000,000 | 177,000,000 | ||
Net income | 140,000,000 | -49,000,000 | 102,000,000 | 128,000,000 | ||
Net income attributable to AerCap Holdings N.V. | 140,000,000 | -49,000,000 | 102,000,000 | 128,000,000 | ||
Non-Guarantors [Member] | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ||
Lease revenue | 969,000,000 | 990,000,000 | 1,043,000,000 | 898,000,000 | ||
Net gain (loss) on sale of assets | 42,000,000 | 79,000,000 | 7,000,000 | 15,000,000 | ||
Management fee revenue | 5,000,000 | 4,000,000 | 5,000,000 | 4,000,000 | ||
Interest revenue | ' | ' | -6,000,000 | ' | ||
Other revenue | 5,000,000 | 2,000,000 | 12,000,000 | ' | ||
Total Revenues | 1,021,000,000 | 1,075,000,000 | 1,061,000,000 | 917,000,000 | ||
Expenses | ' | ' | ' | ' | ||
Depreciation | 335,000,000 | 354,000,000 | 357,000,000 | 307,000,000 | ||
Asset impairment | 26,000,000 | 13,000,000 | 16,000,000 | 11,000,000 | ||
Interest on debt | 171,000,000 | 176,000,000 | 195,000,000 | 220,000,000 | ||
Other expenses | 49,000,000 | 76,000,000 | 74,000,000 | 67,000,000 | ||
Transaction expenses | 11,000,000 | ' | ' | ' | ||
Selling, general and administrative expenses | 40,000,000 | 42,000,000 | 46,000,000 | 14,000,000 | ||
Total Expenses | 632,000,000 | 661,000,000 | 688,000,000 | 619,000,000 | ||
Income from continuing operations before income taxes and income of investments accounted for under the equity method | 389,000,000 | 414,000,000 | 373,000,000 | 298,000,000 | ||
Provision for income taxes | -20,000,000 | 1,000,000 | -22,000,000 | -4,000,000 | ||
Net income of investments accounted for under the equity method | 11,000,000 | 12,000,000 | 10,000,000 | 4,000,000 | ||
Net Income from continuing operations | 380,000,000 | 427,000,000 | 361,000,000 | 298,000,000 | ||
Income (loss) from discontinued operations (AeroTurbine, including loss on disposal), net of tax | ' | ' | -53,000,000 | -3,000,000 | ||
Income from subsidiaries | -62,000,000 | -258,000,000 | -114,000,000 | -49,000,000 | ||
Net income | 318,000,000 | 169,000,000 | 194,000,000 | 246,000,000 | ||
Net loss (income) attributable to non-controlling interest | -3,000,000 | 5,000,000 | -1,000,000 | -29,000,000 | ||
Net income attributable to AerCap Holdings N.V. | 315,000,000 | 174,000,000 | 193,000,000 | 217,000,000 | ||
Eliminations [Member] | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ||
Net gain (loss) on sale of assets | 12,000,000 | 7,000,000 | -16,000,000 | -4,000,000 | ||
Management fee revenue | -21,000,000 | -22,000,000 | -22,000,000 | -21,000,000 | ||
Interest revenue | -127,000,000 | -84,000,000 | -26,000,000 | -1,000,000 | ||
Total Revenues | -136,000,000 | -99,000,000 | -64,000,000 | -26,000,000 | ||
Expenses | ' | ' | ' | ' | ||
Interest on debt | -127,000,000 | -84,000,000 | -26,000,000 | -1,000,000 | ||
Selling, general and administrative expenses | -21,000,000 | -22,000,000 | -22,000,000 | -21,000,000 | ||
Total Expenses | -148,000,000 | -106,000,000 | -48,000,000 | -22,000,000 | ||
Income from continuing operations before income taxes and income of investments accounted for under the equity method | 12,000,000 | 7,000,000 | -16,000,000 | -4,000,000 | ||
Net Income from continuing operations | 12,000,000 | 7,000,000 | -16,000,000 | -4,000,000 | ||
Income from subsidiaries | -455,000,000 | -127,000,000 | -279,000,000 | -341,000,000 | ||
Net income | -443,000,000 | -120,000,000 | -295,000,000 | -345,000,000 | ||
Net income attributable to AerCap Holdings N.V. | ($443,000,000) | ($120,000,000) | ($295,000,000) | ($345,000,000) | ||
[1] | Certain reclassifications have been made to the prior years Consolidated Statement of Cash Flows to reflect the current year presentation. |
Supplemental_Guarantor_Financi5
Supplemental Guarantor Financial Information (Condensed Consolidated Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||||
Net income | $295,402,000 | $158,442,000 | [1] | $172,750,000 | [1] | $237,000,000 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ||||
Amalgamation gain | ' | ' | ' | -31,000,000 | ||||
Depreciation | 337,730,000 | 357,347,000 | [1] | 384,855,000 | [1] | 334,000,000 | ||
Asset impairment | 26,155,000 | 12,625,000 | [1] | 24,496,000 | [1] | 14,000,000 | ||
Amortization of debt issuance costs and debt, discount | 47,442,000 | 69,651,000 | [1] | 53,180,000 | [1] | 42,000,000 | ||
Amortization of intangibles | 8,746,000 | 11,577,000 | [1] | 17,319,000 | [1] | 22,000,000 | ||
Provision for doubtful accounts | ' | ' | 4,843,000 | [1] | 1,000,000 | |||
Net (gain) loss on sale of assets | -42,000,000 | 46,000,000 | -12,000,000 | -35,000,000 | ||||
Loss on discontinued operations (AeroTurbine) | ' | ' | 52,745,000 | [1] | ' | |||
Mark-to-market of non-hedged derivatives | -11,805,000 | 2,059,000 | [1] | 23,167,000 | [1] | 1,000,000 | ||
Deferred taxes | 21,186,000 | 7,695,000 | [1] | 23,892,000 | [1] | 18,000,000 | ||
Share-based compensation | 9,292,000 | 7,127,000 | [1] | 6,236,000 | [1] | 3,000,000 | ||
Cash flow from operating activities before changes in working capital | 691,000,000 | 674,000,000 | 751,000,000 | 606,000,000 | ||||
Working capital | 5,000,000 | -18,000,000 | -110,000,000 | 69,000,000 | ||||
Net cash provided by operating activities | 694,878,000 | 656,716,000 | [1] | 638,200,000 | [1] | 675,000,000 | ||
Purchase of flight equipment | -1,782,839,000 | -1,038,657,000 | [1] | -763,159,000 | [1] | -1,940,000,000 | ||
Proceeds from sale/disposal of assets | 664,415,000 | 781,278,000 | [1] | 140,785,000 | [1] | 665,000,000 | ||
Prepayments on flight equipment | -213,320,000 | -36,124,000 | [1] | -47,752,000 | [1] | -141,000,000 | ||
Purchase of subsidiaries, net of cash acquired | ' | ' | ' | 104,000,000 | ||||
Capital contributions | -13,180,000 | ' | -2,500,000 | [1] | -8,000,000 | |||
Purchase of intangibles | ' | ' | ' | -9,000,000 | ||||
Proceeds from the disposal of subsidiaries, net of cash disposed | ' | ' | 119,917,000 | [1] | ' | |||
Movement in restricted cash | 7,866,000 | -58,131,000 | [1] | -11,621,000 | [1] | -68,000,000 | ||
Net cash used in investing activities | -1,337,058,000 | -351,634,000 | [1] | -564,330,000 | [1] | -1,397,000,000 | ||
Issuance of debt | 2,299,706,000 | 1,297,087,000 | [1] | 1,672,089,000 | [1] | 2,325,000,000 | ||
Repayment of debt | -1,889,194,000 | -1,213,832,000 | [1] | -1,646,735,000 | [1] | -1,502,000,000 | ||
Debt issuance costs paid | -45,213,000 | -43,177,000 | [1] | -37,306,000 | [1] | -60,000,000 | ||
Maintenance payments received | 100,708,000 | 132,046,000 | [1] | 110,358,000 | [1] | 90,000,000 | ||
Maintenance payments returned | -56,909,000 | -49,728,000 | [1] | -54,751,000 | [1] | -42,000,000 | ||
Security deposits received | 23,364,000 | 25,624,000 | [1] | 20,135,000 | [1] | 30,000,000 | ||
Security deposits returned | -15,032,000 | -21,855,000 | [1] | -37,190,000 | [1] | -40,000,000 | ||
Issuance of equity interest | ' | ' | ' | 110,000,000 | ||||
Repurchase of shares | ' | -320,093,000 | [1] | -100,000,000 | [1] | ' | ||
Capital contributions from non-controlling interests | ' | ' | ' | 32,000,000 | ||||
Net cash (used in) provided by financing activities | 417,430,000 | -193,928,000 | [1] | -73,400,000 | [1] | 943,000,000 | ||
Net increase (decrease) in cash and cash equivalents | -224,750,000 | 111,154,000 | [1] | 470,000 | [1] | 221,000,000 | ||
Effect of exchange rate changes | -137,000 | -1,834,000 | [1] | 6,161,000 | [1] | ' | ||
Cash and cash equivalents at beginning of period | 520,401,000 | [1],[2] | 411,081,000 | [1] | 404,450,000 | [1] | 183,000,000 | |
Cash and cash equivalents at end of period | 295,514,000 | 520,401,000 | [1],[2] | 411,081,000 | [1] | 404,450,000 | [1] | |
AerCap Holdings N.V. [Member] | ' | ' | ' | ' | ||||
Net income | 292,000,000 | 164,000,000 | 172,000,000 | 208,000,000 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ||||
Income from subsidiaries | -315,000,000 | -176,000,000 | -177,000,000 | -213,000,000 | ||||
Amortization of debt issuance costs and debt, discount | 1,000,000 | ' | ' | ' | ||||
Deferred taxes | ' | 1,000,000 | ' | ' | ||||
Share-based compensation | 9,000,000 | 7,000,000 | 6,000,000 | 3,000,000 | ||||
Cash flow from operating activities before changes in working capital | -13,000,000 | -4,000,000 | 1,000,000 | -2,000,000 | ||||
Working capital | -136,000,000 | 150,000,000 | 274,000,000 | -13,000,000 | ||||
Net cash provided by operating activities | -149,000,000 | 146,000,000 | 275,000,000 | -15,000,000 | ||||
Movement in restricted cash | ' | ' | -1,000,000 | 1,000,000 | ||||
Net cash used in investing activities | ' | ' | -1,000,000 | 1,000,000 | ||||
Issuance of debt | 150,000,000 | ' | ' | ' | ||||
Debt issuance costs paid | -2,000,000 | ' | ' | ' | ||||
Repurchase of shares | ' | -320,000,000 | -100,000,000 | ' | ||||
Net cash (used in) provided by financing activities | 148,000,000 | -320,000,000 | -100,000,000 | ' | ||||
Net increase (decrease) in cash and cash equivalents | -1,000,000 | -174,000,000 | 174,000,000 | -14,000,000 | ||||
Cash and cash equivalents at beginning of period | 1,000,000 | 175,000,000 | 1,000,000 | 15,000,000 | ||||
Cash and cash equivalents at end of period | ' | 1,000,000 | 175,000,000 | 1,000,000 | ||||
AerCap Aviation Solutions B.V [Member] | ' | ' | ' | ' | ||||
Net income | -12,000,000 | -5,000,000 | ' | ' | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ||||
Amortization of debt issuance costs and debt, discount | 1,000,000 | 1,000,000 | ' | ' | ||||
Cash flow from operating activities before changes in working capital | -11,000,000 | -4,000,000 | ' | ' | ||||
Working capital | 11,000,000 | -291,000,000 | ' | ' | ||||
Net cash provided by operating activities | ' | -295,000,000 | ' | ' | ||||
Issuance of debt | ' | 300,000,000 | ' | ' | ||||
Debt issuance costs paid | ' | -5,000,000 | ' | ' | ||||
Net cash (used in) provided by financing activities | ' | 295,000,000 | ' | ' | ||||
AerCap Ireland [Member] | ' | ' | ' | ' | ||||
Net income | 140,000,000 | -49,000,000 | 102,000,000 | 128,000,000 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ||||
Income from subsidiaries | -202,000,000 | -209,000,000 | -216,000,000 | -177,000,000 | ||||
Dividends received | 3,000,000 | ' | 4,000,000 | ' | ||||
Depreciation | 3,000,000 | 3,000,000 | 4,000,000 | 1,000,000 | ||||
Amortization of debt issuance costs and debt, discount | 1,000,000 | 6,000,000 | 2,000,000 | ' | ||||
Net (gain) loss on sale of assets | 12,000,000 | 132,000,000 | -18,000,000 | -24,000,000 | ||||
Deferred taxes | 6,000,000 | 8,000,000 | -7,000,000 | 18,000,000 | ||||
Cash flow from operating activities before changes in working capital | -37,000,000 | -109,000,000 | -129,000,000 | -54,000,000 | ||||
Working capital | 100,000,000 | 221,000,000 | 369,000,000 | 104,000,000 | ||||
Net cash provided by operating activities | 63,000,000 | 112,000,000 | 240,000,000 | 50,000,000 | ||||
Prepayments on flight equipment | 20,000,000 | -61,000,000 | -93,000,000 | -57,000,000 | ||||
Net cash used in investing activities | 20,000,000 | -61,000,000 | -93,000,000 | -57,000,000 | ||||
Repayment of debt | -107,000,000 | -47,000,000 | -80,000,000 | 33,000,000 | ||||
Maintenance payments received | 3,000,000 | 3,000,000 | 3,000,000 | ' | ||||
Security deposits returned | -3,000,000 | -1,000,000 | -1,000,000 | -7,000,000 | ||||
Net cash (used in) provided by financing activities | -107,000,000 | -45,000,000 | -78,000,000 | 26,000,000 | ||||
Net increase (decrease) in cash and cash equivalents | -24,000,000 | 6,000,000 | 69,000,000 | 19,000,000 | ||||
Effect of exchange rate changes | 1,000,000 | -1,000,000 | 6,000,000 | ' | ||||
Cash and cash equivalents at beginning of period | 163,000,000 | 158,000,000 | 83,000,000 | 64,000,000 | ||||
Cash and cash equivalents at end of period | 140,000,000 | 163,000,000 | 158,000,000 | 83,000,000 | ||||
Non-Guarantors [Member] | ' | ' | ' | ' | ||||
Net income | 318,000,000 | 169,000,000 | 194,000,000 | 246,000,000 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ||||
Income from subsidiaries | 62,000,000 | 258,000,000 | 114,000,000 | 49,000,000 | ||||
Amalgamation gain | ' | ' | ' | -31,000,000 | ||||
Depreciation | 335,000,000 | 354,000,000 | 381,000,000 | 333,000,000 | ||||
Asset impairment | 26,000,000 | 13,000,000 | 24,000,000 | 14,000,000 | ||||
Amortization of debt issuance costs and debt, discount | 44,000,000 | 63,000,000 | 51,000,000 | 42,000,000 | ||||
Amortization of intangibles | 9,000,000 | 12,000,000 | 17,000,000 | 22,000,000 | ||||
Provision for doubtful accounts | ' | ' | 5,000,000 | 1,000,000 | ||||
Net (gain) loss on sale of assets | -42,000,000 | -79,000,000 | -10,000,000 | -15,000,000 | ||||
Loss on discontinued operations (AeroTurbine) | ' | ' | 53,000,000 | ' | ||||
Mark-to-market of non-hedged derivatives | -12,000,000 | 2,000,000 | 23,000,000 | 1,000,000 | ||||
Deferred taxes | 15,000,000 | -1,000,000 | 31,000,000 | ' | ||||
Cash flow from operating activities before changes in working capital | 755,000,000 | 791,000,000 | 883,000,000 | 662,000,000 | ||||
Working capital | 30,000,000 | -98,000,000 | -753,000,000 | -22,000,000 | ||||
Net cash provided by operating activities | 785,000,000 | 693,000,000 | 130,000,000 | 640,000,000 | ||||
Purchase of flight equipment | -1,783,000,000 | -1,039,000,000 | -763,000,000 | -1,940,000,000 | ||||
Proceeds from sale/disposal of assets | 664,000,000 | 781,000,000 | 141,000,000 | 665,000,000 | ||||
Prepayments on flight equipment | -233,000,000 | 25,000,000 | 45,000,000 | -84,000,000 | ||||
Purchase of subsidiaries, net of cash acquired | ' | ' | ' | 104,000,000 | ||||
Capital contributions | -13,000,000 | ' | -3,000,000 | -8,000,000 | ||||
Purchase of intangibles | ' | ' | ' | -9,000,000 | ||||
Proceeds from the disposal of subsidiaries, net of cash disposed | ' | ' | 120,000,000 | ' | ||||
Movement in restricted cash | 8,000,000 | -58,000,000 | -11,000,000 | -69,000,000 | ||||
Net cash used in investing activities | -1,357,000,000 | -291,000,000 | -471,000,000 | -1,341,000,000 | ||||
Issuance of debt | 2,150,000,000 | 997,000,000 | 1,672,000,000 | 2,325,000,000 | ||||
Repayment of debt | -1,783,000,000 | -1,167,000,000 | -1,567,000,000 | -1,535,000,000 | ||||
Debt issuance costs paid | -43,000,000 | -38,000,000 | -37,000,000 | -60,000,000 | ||||
Maintenance payments received | 98,000,000 | 129,000,000 | 107,000,000 | 90,000,000 | ||||
Maintenance payments returned | -57,000,000 | -50,000,000 | -55,000,000 | -42,000,000 | ||||
Security deposits received | 23,000,000 | 26,000,000 | 20,000,000 | 30,000,000 | ||||
Security deposits returned | -12,000,000 | -21,000,000 | -36,000,000 | -33,000,000 | ||||
Issuance of equity interest | ' | ' | ' | 110,000,000 | ||||
Capital contributions from non-controlling interests | ' | ' | ' | 32,000,000 | ||||
Dividends paid | -3,000,000 | ' | -4,000,000 | ' | ||||
Net cash (used in) provided by financing activities | 373,000,000 | -124,000,000 | 100,000,000 | 917,000,000 | ||||
Net increase (decrease) in cash and cash equivalents | -199,000,000 | 278,000,000 | -241,000,000 | 216,000,000 | ||||
Effect of exchange rate changes | -1,000,000 | -1,000,000 | ' | ' | ||||
Cash and cash equivalents at beginning of period | 356,000,000 | 79,000,000 | 320,000,000 | 104,000,000 | ||||
Cash and cash equivalents at end of period | 156,000,000 | 356,000,000 | 79,000,000 | 320,000,000 | ||||
Eliminations [Member] | ' | ' | ' | ' | ||||
Net income | -443,000,000 | -120,000,000 | -295,000,000 | -345,000,000 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ||||
Income from subsidiaries | 455,000,000 | 127,000,000 | 279,000,000 | 341,000,000 | ||||
Dividends received | -3,000,000 | ' | -4,000,000 | ' | ||||
Net (gain) loss on sale of assets | -12,000,000 | -7,000,000 | 16,000,000 | 4,000,000 | ||||
Cash flow from operating activities before changes in working capital | -3,000,000 | ' | -4,000,000 | ' | ||||
Net cash provided by operating activities | -3,000,000 | ' | -4,000,000 | ' | ||||
Dividends paid | 3,000,000 | ' | 4,000,000 | ' | ||||
Net cash (used in) provided by financing activities | $3,000,000 | ' | $4,000,000 | ' | ||||
[1] | Certain reclassifications have been made to the prior years Consolidated Statement of Cash Flows to reflect the current year presentation. | |||||||
[2] | Certain reclassifications have been made to the prior year Consolidated Balance Sheet to reflect the current year presentation. |
Supplemental_Guarantor_Financi6
Supplemental Guarantor Financial Information (Condensed Consolidated Statement Of Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||
Net income attributable to AerCap Holdings N.V. | $292,410,000 | $163,655,000 | $172,224,000 | $208,000,000 | |||
Other comprehensive income: | ' | ' | ' | ' | |||
Net change in fair value of derivatives, net of tax | 4,975,000 | [1] | -1,360,000 | [1] | -13,518,000 | [1] | 5,000,000 |
Net change in pension obligations (Note 17), net of tax | -464,000 | [2] | -4,528,000 | [2] | ' | ' | |
Total other comprehensive income: | 4,511,000 | -5,888,000 | -13,518,000 | 5,000,000 | |||
Total comprehensive income | 296,921,000 | 157,767,000 | 158,706,000 | 213,000,000 | |||
AerCap Holdings N.V. [Member] | ' | ' | ' | ' | |||
Net income attributable to AerCap Holdings N.V. | 292,000,000 | 164,000,000 | 172,000,000 | 208,000,000 | |||
Other comprehensive income: | ' | ' | ' | ' | |||
Share of other comprehensive income (loss) from subsidiaries | 5,000,000 | -6,000,000 | -14,000,000 | 5,000,000 | |||
Total comprehensive income | 297,000,000 | 158,000,000 | 158,000,000 | 213,000,000 | |||
AerCap Aviation Solutions B.V [Member] | ' | ' | ' | ' | |||
Net income attributable to AerCap Holdings N.V. | -12,000,000 | -5,000,000 | ' | ' | |||
Other comprehensive income: | ' | ' | ' | ' | |||
Total comprehensive income | -12,000,000 | -5,000,000 | ' | ' | |||
AerCap Ireland [Member] | ' | ' | ' | ' | |||
Net income attributable to AerCap Holdings N.V. | 140,000,000 | -49,000,000 | 102,000,000 | 128,000,000 | |||
Other comprehensive income: | ' | ' | ' | ' | |||
Net change in pension obligations (Note 17), net of tax | ' | -3,000,000 | ' | ' | |||
Total other comprehensive income: | ' | -3,000,000 | ' | ' | |||
Share of other comprehensive income (loss) from subsidiaries | 5,000,000 | -3,000,000 | -14,000,000 | 5,000,000 | |||
Total comprehensive income | 145,000,000 | -55,000,000 | 88,000,000 | 133,000,000 | |||
Non-Guarantors [Member] | ' | ' | ' | ' | |||
Net income attributable to AerCap Holdings N.V. | 315,000,000 | 174,000,000 | 193,000,000 | 217,000,000 | |||
Other comprehensive income: | ' | ' | ' | ' | |||
Net change in fair value of derivatives, net of tax | 5,000,000 | -1,000,000 | -14,000,000 | 5,000,000 | |||
Net change in pension obligations (Note 17), net of tax | ' | -2,000,000 | ' | ' | |||
Total other comprehensive income: | 5,000,000 | -3,000,000 | -14,000,000 | 5,000,000 | |||
Total comprehensive income | 320,000,000 | 171,000,000 | 179,000,000 | 222,000,000 | |||
Eliminations [Member] | ' | ' | ' | ' | |||
Net income attributable to AerCap Holdings N.V. | -443,000,000 | -120,000,000 | -295,000,000 | -345,000,000 | |||
Other comprehensive income: | ' | ' | ' | ' | |||
Share of other comprehensive income (loss) from subsidiaries | -10,000,000 | 9,000,000 | 28,000,000 | -10,000,000 | |||
Total comprehensive income | ($453,000,000) | ($111,000,000) | ($267,000,000) | ($355,000,000) | |||
[1] | In 2011, 2012 and 2013 we entered into interest rate swaps for which we achieved cash flow hedge accounting treatment. During these years no amounts were reclassified from accumulated other comprehensive (loss) income to the income statement. | ||||||
[2] | We recognize the actuarial gains or losses that arise during the period as a component of other comprehensive (loss) income. |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Event [Line Items] | ' |
Credit facility, current borrowing capacity | $2,750,000,000 |
Credit facility, term | '4 years |
International Lease Finance Corporation [Member] | ' |
Subsequent Event [Line Items] | ' |
Credit facility, current borrowing capacity | $2,300,000 |