Supplemental Guarantor Financial Information | 31 . Supplemental guarantor financial information The following supplemental financial information is presented to comply with Rule 3-10 of Regulation S-X. AerCap Aviation Notes In May 2012, AerCap Aviation Solutions B.V. (“AerCap Aviation Solutions”), a 100% - owned finance subsidiary of AerCap Holdings N.V. (the “Parent Guarantor”) , 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 the Parent Guarantor. I n November 2012, we entered into a $285 .0 million unsecured revolving credit facility which was guaranteed by AerCap Aviation Solutions and AerCap Ireland Limited (“AerCap Ireland”) . The guarantee by AerCap Ireland under this facility triggered a springing guarantee under the AerCap Aviation Notes indenture. The following condensed consolidating financial information presents the Condensed Consolidating Balan ce Sheets as of December 31, 2015 and 2014 , the Condensed Consolidating Income Statement s , Condensed Consolidating Statements of Cash Flows and Condensed Consolidating Statement s of Comprehensive Income for t he years ended December 31, 2015, 2014 and 2013 of (i ) the Parent Guarantor; (ii ) AerCap Aviation Solutions ; (iii ) AerCap Ireland ; (iv ) the non-guarantor subsidiaries ; (v ) elimination entries necessary to consolidate the Parent Guarantor with AerCap Aviation Solutions, AerCap Ireland and the non-guarantor subsidiaries ; and (vi ) 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 AerCap Ireland and AerCap Aviation Solutions have not been provided because AerCap Ireland and AerCap Aviation Solutions are 100%- owned by the Parent Guarantor, all guarantees are full and unconditional and the Parent Guarantor’s financial statements have been filed in this annual report for the periods specified by Rules 3-01 and 3-02 of Regulation S-X . 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, 2015 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total Assets Cash and cash equivalents 14 - 1,193 1,196 - 2,403 Restricted cash - - 18 401 - 419 Flight equipment held for operating leases, net - - 1,034 31,185 - 32,219 Maintenance rights intangible and lease premium, net - - 80 3,059 - 3,139 Flight equipment held for sale - - - 71 - 71 Net investment in finance and sales-type leases - - 22 447 - 469 Prepayments on flight equipment - - - 3,300 - 3,300 Investments including investments in subsidiaries 8,290 - 3,385 115 (11,675) 115 Intercompany receivables 46 5 6,157 4,652 (10,860) - Other assets 61 2 378 1,338 - 1,779 Total Assets 8,411 7 12,267 45,764 (22,535) 43,914 Liabilities and Equity Debt - 300 78 29,429 - 29,807 Intercompany payables 4 - 4,525 6,331 (10,860) - Other liabilities 58 2 184 5,437 - 5,681 Total Liabilities 62 302 4,787 41,197 (10,860) 35,488 Total AerCap Holdings N.V. shareholders' equity 8,349 (295) 7,480 4,490 (11,675) 8,349 Non-controlling interest - - - 77 - 77 Total Equity 8,349 (295) 7,480 4,567 (11,675) 8,426 Total Liabilities and Equity 8,411 7 12,267 45,764 (22,535) 43,914 Condensed Consolidating Balance Sheet December 31, 2014 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total Assets Cash and cash equivalents 7 - 816 667 - 1,490 Restricted cash - - 7 710 - 717 Flight equipment held for operating leases, net - - 568 31,417 - 31,985 Maintenance rights intangible and lease premium, net - - 3 3,903 - 3,906 Flight equipment held for sale - - - 14 - 14 Net investment in finance and sales-type leases - - 25 322 - 347 Prepayments on flight equipment - - 2 3,485 - 3,487 Investments including investments in subsidiaries 7,902 - 2,298 116 (10,200) 116 Intercompany receivables 534 260 6,397 4,255 (11,446) - Other assets 18 3 229 1,555 - 1,805 Total Assets 8,461 263 10,345 46,444 (21,646) 43,867 Liabilities and Equity Debt - 300 111 29,991 - 30,402 Intercompany payables 575 1 3,749 7,121 (11,446) - Other liabilities 22 - 77 5,423 - 5,522 Total Liabilities 597 301 3,937 42,535 (11,446) 35,924 Total AerCap Holdings N.V. shareholders' equity 7,864 (38) 6,408 3,830 (10,200) 7,864 Non-controlling interest - - - 79 - 79 Total Equity 7,864 (38) 6,408 3,909 (10,200) 7,943 Total Liabilities and Equity 8,461 263 10,345 46,444 (21,646) 43,867 Condensed Consolidating Income Statement Year Ended December 31, 2015 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total Revenues and other income Lease revenue - - 110 4,882 - 4,992 Net gain on sale of assets - - 14 169 - 183 Other income (loss) 9 - 430 476 (802) 113 Total Revenues and other income 9 - 554 5,527 (802) 5,288 Expenses Depreciation and amortization - - 52 1,791 - 1,843 Asset impairment - - - 16 - 16 Interest expense 12 20 268 1,397 (597) 1,100 Leasing expenses - - 50 472 - 522 Transaction, integration and restructuring related expenses - - - 59 - 59 Selling, general and administrative expenses 108 - 202 277 (205) 382 Total Expenses 120 20 572 4,012 (802) 3,922 (Loss) income before income taxes and income of investments accounted for under the equity method (111) (20) (18) 1,515 - 1,366 Provision for income taxes 28 5 2 (225) - (190) Equity in net earnings of investments accounted for under the equity method - - - 1 - 1 Net (loss) income before income from subsidiaries (83) (15) (16) 1,291 - 1,177 Income (loss) from subsidiaries 1,262 - 1,088 (16) (2,334) - Net income (loss) 1,179 (15) 1,072 1,275 (2,334) 1,177 Net loss attributable to non-controlling interest - - - 2 - 2 Net income (loss) attributable to AerCap Holdings N.V. 1,179 (15) 1,072 1,277 (2,334) 1,179 Condensed Consolidating Income Statement Year Ended December 31, 2014 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total Revenues and other income Lease revenue - - 81 3,369 - 3,450 Net gain on sale of assets - - 10 28 - 38 Other income (loss) 25 - 254 377 (552) 104 Total Revenues and other income 25 - 345 3,774 (552) 3,592 Expenses Depreciation and amortization - - 9 1,273 - 1,282 Asset impairment - - - 22 - 22 Interest expense 13 20 244 932 (428) 781 Leasing expenses - - 96 46 - 142 Transaction, integration and restructuring related expenses - - - 149 - 149 Selling, general and administrative expenses 83 - 72 269 (124) 300 Total Expenses 96 20 421 2,691 (552) 2,676 (Loss) income before income taxes and income of investments accounted for under the equity method (71) (20) (76) 1,083 - 916 Provision for income taxes (1) - (93) (43) - (137) Equity in net earnings of investments accounted for under the equity method - - - 29 - 29 Net (loss) income before income from subsidiaries (72) (20) (169) 1,069 - 808 Income (loss) from subsidiaries 882 - 869 (169) (1,582) - Net income (loss) 810 (20) 700 900 (1,582) 808 Net loss attributable to non-controlling interest - - - 2 - 2 Net income (loss) attributable to AerCap Holdings N.V. 810 (20) 700 902 (1,582) 810 Condensed Consolidating Income Statement Year Ended December 31, 2013 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total Revenues and other income Lease revenue - - 7 969 - 976 Net (loss) gain on sale of assets - - (12) 42 12 42 Other income (loss) 5 8 157 10 (148) 32 Total Revenues and other income 5 8 152 1,021 (136) 1,050 Expenses Depreciation and amortization - - 3 335 - 338 Asset impairment - - - 26 - 26 Interest expense 10 20 152 171 (127) 226 Other leasing expenses - - - 49 - 49 Transaction, integration and restructuring related expenses - - - 11 - 11 Selling, general and administrative expenses 18 - 53 40 (21) 90 Total Expenses 28 20 208 632 (148) 740 (Loss) income 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) Equity in net earnings of investments accounted for under the equity method - - - 11 - 11 Net (loss) income before income from subsidiaries (23) (12) (62) 380 12 295 Income (loss) from subsidiaries 315 - 202 (62) (455) - Net income (loss) 292 (12) 140 318 (443) 295 Net income attributable to non-controlling interest - - - (3) - (3) Net income (loss) attributable to AerCap Holdings N.V. 292 (12) 140 315 (443) 292 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2015 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total Net income (loss) 1,179 (15) 1,072 1,275 (2,334) 1,177 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (1,262) - (1,088) 16 2,334 - Depreciation and amortization - - 52 1,791 - 1,843 Asset impairment - - - 16 - 16 Amortization of debt issuance costs and debt discount 1 1 9 35 - 46 Amortization of lease premium intangibles - - - 23 - 23 Amortization of fair value adjustments on debt - - - (443) - (443) Accretion of fair value adjustments on deposits and maintenance liabilities - - 1 75 - 76 Maintenance rights write off - - 7 622 - 629 Maintenance liability release to income - - (4) (240) - (244) Net gain on sale of assets - - (14) (169) - (183) Deferred income taxes (28) (5) (2) 145 - 110 Restructuring expenses - - - 49 - 49 Other 64 - 26 - - 90 Cash flow from operating activities before changes in working capital (46) (19) 59 3,195 - 3,189 Working capital 846 19 537 (1,231) - 171 Net cash provided by operating activities 800 - 596 1,964 - 3,360 Purchase of flight equipment - - (299) (2,473) - (2,772) Proceeds from sale or disposal of assets - - 94 1,474 - 1,568 Prepayments on flight equipment - - - (792) - (792) Collections of finance and sales-type leases - - 3 52 - 55 Movement in restricted cash - - (11) 309 - 298 Other - - - (73) - (73) Net cash used in investing activities - - (213) (1,503) - (1,716) Issuance of debt 300 - - 3,614 - 3,914 Repayment of debt (300) - (8) (3,736) - (4,044) Debt issuance costs paid - - (1) (48) - (49) Maintenance payments received - - 19 757 - 776 Maintenance payments returned - - (20) (538) - (558) Security deposits received - - 20 151 - 171 Security deposits returned - - (7) (137) - (144) Repurchase of shares and tax withholdings on share-based compensation (794) - - - - (794) Net cash (used in) provided by financing activities (794) - 3 63 - (728) Net increase in cash and cash equivalents 6 - 386 524 - 916 Effect of exchange rate changes 1 - (9) 5 - (3) Cash and cash equivalents at beginning of period 7 - 816 667 - 1,490 Cash and cash equivalents at end of period 14 - 1,193 1,196 - 2,403 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2014 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total Net income (loss) 810 (20) 700 900 (1,582) 808 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (882) - (869) 169 1,582 - Dividend received - - 12 - (12) - Depreciation and amortization - - 9 1,273 - 1,282 Asset impairment - - - 22 - 22 Amortization of debt issuance costs and debt discount 3 1 - 82 - 86 Amortization of lease premium intangibles - - - 18 - 18 Amortization of fair value adjustments on debt - - - (331) - (331) Accretion of fair value adjustments on deposits and maintenance liabilities - - - 72 - 72 Maintenance rights write off - - - 131 - 131 Maintenance liability release to income - - - (92) - (92) Net gain on sale of assets - - (10) (27) - (37) Deferred income taxes - - 93 23 - 116 Other 43 - 7 52 - 102 Cash flow from operating activities before changes in working capital (26) (19) (58) 2,292 (12) 2,177 Working capital 163 19 1,131 (1,176) - 137 Net cash provided by (used in) operating activities 137 - 1,073 1,116 (12) 2,314 Purchase of flight equipment - - (1,198) (892) - (2,090) Proceeds from sale or disposal of assets 21 - 737 (188) - 570 Prepayments on flight equipment - - (2) (456) - (458) Acquisition of ILFC, net of cash acquired - - - (195) - (195) Collections of finance and sales-type leases - - - 41 - 41 Movement in restricted cash - - 1 281 - 282 Net cash provided by (used in) investing activities 21 - (462) (1,409) - (1,850) Issuance of debt 75 - 43 5,294 - 5,412 Repayment of debt (225) - (10) (4,592) - (4,827) Debt issuance costs paid - - - (135) - (135) Maintenance payments received - - 26 536 - 562 Maintenance payments returned - - - (286) - (286) Security deposits received - - 9 98 - 107 Security deposits returned - - (2) (97) - (99) Dividend paid - - - (12) 12 - Net cash (used in) provided by financing activities (150) - 66 806 12 734 Net increase in cash and cash equivalents 8 - 677 513 - 1,198 Effect of exchange rate changes (1) - (1) (2) - (4) Cash and cash equivalents at beginning of period - - 140 156 - 296 Cash and cash equivalents at end of period 7 - 816 667 - 1,490 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2013 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total Net income (loss) 292 (12) 140 318 (443) 295 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (315) - (202) 62 455 - Dividend received - - 3 - (3) - Depreciation and amortization - - 3 335 - 338 Asset impairment - - - 26 - 26 Amortization of debt issuance costs and debt discount 1 1 1 44 - 47 Amortization of lease premium intangibles - - - 9 - 9 Maintenance liability release to income - - - (13) - (13) Net loss (gain) on sale of assets - - 12 (42) (12) (42) Deferred income taxes - - 6 15 - 21 Other 9 - - (12) - (3) Cash flow from operating activities before changes in working capital (13) (11) (37) 742 (3) 678 Working capital (136) 11 100 40 - 15 Net cash (used in) provided by operating activities (149) - 63 782 (3) 693 Purchase of flight equipment - - - (1,783) - (1,783) Proceeds from sale or disposal of assets - - - 664 - 664 Prepayments on flight equipment - - 20 (233) - (213) Capital contributions to equity investments - - - (13) - (13) Collections of finance and sales-type leases - - - 3 - 3 Movement in restricted cash - - - 8 - 8 Net cash provided by (used in) investing activities - - 20 (1,354) - (1,334) 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 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 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2015 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total Net income (loss) attributable to AerCap Holdings N.V. 1,179 (15) 1,072 1,277 (2,334) 1,179 Other comprehensive income: Change in fair value of derivatives, net of tax - - - - - - Actuarial gain on pension obligations, net of tax - - - - - - Total other comprehensive income - - - - - - Share of other comprehensive loss from subsidiaries - - - - - - Total comprehensive income (loss) attributable to AerCap Holdings N.V. 1,179 (15) 1,072 1,277 (2,334) 1,179 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2014 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total Net income (loss) attributable to AerCap Holdings N.V. 810 (20) 700 902 (1,582) 810 Other comprehensive income: Change in fair value of derivatives, net of tax - - - 5 - 5 Actuarial gain (loss) on pension obligations, net of tax - - 3 (5) - (2) Total other comprehensive income - - 3 - - 3 Share of other comprehensive income (loss) from subsidiaries 3 - - - (3) - Total comprehensive income (loss) attributable to AerCap Holdings N.V. 813 (20) 703 902 (1,585) 813 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2013 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total Net income (loss) attributable to AerCap Holdings N.V. 292 (12) 140 315 (443) 292 Other comprehensive income: Change in fair value of derivatives, net of tax - - - 5 - 5 Actuarial gain on pension obligations, net of tax - - - - - - Total other comprehensive income - - - 5 - 5 Share of other comprehensive income (loss) from subsidiaries 5 - 5 - (10) - Total comprehensive income (loss) attributable to AerCap Holdings N.V. 297 (12) 145 320 (453) 297 AGAT/AICL Notes In May 2014, AerCap Trust and AerCap Ireland Capital Limited co-issued the Acquisition Notes . In September 2014, AerCap Trust and AerCap Ireland Capital Limited co-issued the September 2014 Notes . In June 2015, AerCap Trust and AerCap Ireland Capital Limited co-issued the June 2015 Notes. In October 2015, AerCap Trust and AerCap Ireland Capital Limited co-issued the October 2015 Notes . The AGAT/AICL Notes are jointly and severally and fully and unconditionally guaranteed by the Parent Guarantor and by AerCap Ireland, AerCap Aviation Solutions, International Lease Finance Corporation and AerCap U.S. Global Aviation LLC (together, the “ Subsidiary Guarantors ”) . The following condensed consolidating financial information presents the Condensed Consolidating Balance Sheet s as of December 31, 2015 and 2014 , the Condensed Consolidating Income Statement s, Condensed Consolidating Statements of Cash Flows and Condensed Consolidating Statement s of Comprehensive Income for the years ended December 31, 2015, 2014 and 2013 of (i ) the Parent Guarantor; (ii ) AerCap Trust ; (iii) AerCap Ireland Capital Limited; (iv ) the Subsidiary Guarantors on a combined basis; (v ) the non-guarantor subsidiaries on a combined b asis; (vi ) elimination entries necessary to consolidate the Parent Guarantor with AerCap Trust and AerCap Ireland Capital Limited , the Subsidiary Guarantors and the non-guarantor subsidiaries ; and (vii ) the Company on a consolidated basis. Investments in consolidated subsidiaries are presented under the equity method of accounting. A portion of our cash and cash equivalents is held by subsidiaries and access to such cash by us for group purposes is limited. In accordance with Rule 3-10 of Regulation S-X, separate financial statements and other disclosures with respect to AerCap Trust, AerCap Ireland Capital Limited and the Subsidiary Guarantors have not been provided, as AerCap Trust, AerCap Ireland Capital Limited and the Subsidiary Guarantors are 100%- owned by the Parent Guarantor, all guarantees of the AGAT/AICL Notes are joint and several and full and unconditional and the Parent Guarantor’s financial statements have been filed in this annual report for the periods specified by Rules 3-01 and 3-02 of Regulation S-X. Condensed Consolidating Balance Sheet December 31, 2015 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Ltd. Guarantors (a) Non- Guarantors Eliminations Total Assets Cash and cash equivalents 14 769 62 1,366 192 - 2,403 Restricted cash - - - 18 401 - 419 Flight equipment held for operating leases, net - 13,913 - 1,171 17,135 - 32,219 Maintenance rights intangible and lease premium, net - 1,789 - 82 1,268 - 3,139 Flight equipment held for sale - 12 - - 59 - 71 Net investment in finance and sales-type leases - 193 - 57 219 - 469 Prepayments on flight equipment - 3,022 - 6 272 - 3,300 Investments including investments in subsidiaries 8,290 633 6,319 4,211 115 (19,453) 115 Intercompany receivables 46 11,541 - 6,152 5,739 (23,478) - Other assets 61 675 41 583 448 (29) 1,779 Total Assets 8,411 32,547 6,422 13,646 25,848 (42,960) 43,914 Liabilities and Equity Debt - 19,512 - 378 9,917 - 29,807 Intercompany payables 4 4,025 4,872 5,473 9,104 (23,478) - Other liabilities 58 2,676 14 234 2,728 (29) 5,681 Total Liabilities 62 26,213 4,886 6,085 21,749 (23,507) 35,488 Total AerCap Holdings N.V. shareholders' equity 8,349 6,334 1,536 7,484 4,099 (19,453) 8,349 Non-controlling interest - - - 77 - - 77 Total Equity 8,349 6,334 1,536 7,561 4,099 (19,453) 8,426 Total Liabilities and Equity 8,411 32,547 6,422 13,646 25,848 (42,960) 43,914 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ire land Ltd. a nd ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date. Condensed Consolidating Balance Sheet December 31, 2014 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Ltd. Guarantors (a) Non- Guarantors Eliminations Total Assets Cash and cash equivalents 7 225 14 1,006 238 - 1,490 Restricted cash - - - 7 710 - 717 Flight equipment held for operating leases, net - 14,102 - 781 17,102 - 31,985 Maintenance rights intangible and lease premium, net - 2,235 - 18 1,653 - 3,906 Flight equipment held for sale - 5 - - 9 - 14 Net investment in finance and sales-type leases - 29 - 71 160 87 347 Prepayments on flight equipment - 3,154 - 15 318 - 3,487 Investments including investments in subsidiaries 7,902 493 5,242 3,170 126 (16,817) 116 Intercompany receivables 534 10,833 34 8,124 8,638 (28,163) - Other assets 18 582 31 417 757 - 1,805 Total Assets 8,461 31,658 5,321 13,609 29,711 (44,893) 43,867 Liabilities and Equity Debt - 19,457 - 453 10,492 - 30,402 Intercompany payables 575 4,490 4,721 6,012 12,278 (28,076) - Other liabilities 22 2,469 9 205 2,817 - 5,522 Total Liabilities 597 26,416 4,730 6,670 25,587 (28,076) 35,924 Total AerCap Holdings N.V. shareholders' equity 7,864 5,242 591 6,862 4,122 (16,817) 7,864 Non-controlling interest - - - 77 2 - 79 Total Equity 7,864 5,242 591 6,939 4,124 (16,817) 7,943 Total Liabilities and Equity 8,461 31,658 5,321 13,609 29,711 (44,893) 43,867 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solut ions B.V., AerCap Ireland Ltd. a nd ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date. Condensed Consolidating Income Statement Year Ended December 31, 2015 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Ltd. Guarantors (a) Non- Guarantors Eliminations Total Revenues and other income Lease revenue - 2,355 - 134 2,503 - 4,992 Net gain on sale of assets - 168 - 13 2 - 183 Other income (loss) 9 599 14 479 319 (1,307) 113 Total Revenues and other income 9 3,122 14 626 2,824 (1,307) 5,288 Expenses Depreciation and amortization - 868 - 65 910 - 1,843 Asset impairment - 3 - - 13 - 16 Interest expense 12 780 164 359 735 (950) 1,100 Leasing expenses - 266 - 61 195 - 522 Transaction, integration and restructuring related expenses - - - 9 50 - 59 Selling, general and administrative expenses 108 112 - 257 262 (357) 382 Total Expenses 120 2,029 164 751 2,165 (1,307) 3,922 (Loss) income before income taxes and income of investments accounted for under the equity method (111) 1,093 (150) (125) 659 - 1,366 Provision for income taxes 28 (136) 19 38 (139) - (190) Equity in net earnings of investments accounted for under the equity method - - - - 1 - 1 Net (loss) income before income from subsidiaries (83) 957 (131) (87) 521 - 1,177 Income (loss) from subsidiaries 1,262 104 1,060 933 (1,090) (2,269) - Net income (loss) 1,179 1,061 929 846 (569) (2,269) 1,177 Net loss attributable to non-controlling interest - - - - 2 - 2 Net income (loss) attributable to AerCap Holdings N.V. 1,179 1,061 929 846 (567) (2,269) 1,179 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solut ions B.V., AerCap Ireland Ltd. a nd ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date. Condensed Consolidating Income Statement Year Ended December 31, 2014 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Ltd. Guarantors (a) Non- Guarantors Eliminations Total Revenues and other income Lease revenue - 789 10 220 2,431 - 3,450 Net gain on sale of assets - 8 - 10 20 - 38 Other income (loss) 25 317 - 333 342 (913) 104 Total Revenues and other income 25 1,114 10 563 2,793 (913) 3,592 Expenses Depreciation and amortization - 501 - 53 728 - 1,282 Asset impairment - 3 - - 19 - 22 Interest expense 13 443 18 317 715 (725) 781 Leasing expenses - (446) 11 124 453 - 142 Transaction, integration and restructuring related expenses - - 94 26 29 - 149 Selling, general and administrative expenses 83 80 3 142 180 (188) 300 Total Expenses 96 581 126 662 2,124 (913) 2,676 (Loss) income before income taxes and income of investments accounted for under the equity method (71) 533 (116) (99) 669 - 916 Provision for income taxes (1) (56) 10 (33) (57) - (137) Equity in net earnings of investments accounted for under the equity method - - - - 29 - 29 Net (loss) income before income from subsidiaries (72) 477 (106) (132) 641 - 808 Income (loss) from subsidiaries 882 205 683 988 79 (2,837) - Net income (loss) 810 682 577 856 720 (2,837) 808 Net loss attributable to non-controlling interest - - - - 2 - 2 Net income (loss) attributable to AerCap Holdings N.V. 810 682 577 856 722 (2,837) 810 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solut ions B.V., AerCap Ireland Ltd. a nd ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date. Condensed Consolidating Income Statement Year Ended December 31, 2013 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Ltd. Guarantors (a) Non- Guarantors Eliminations Total Revenues and other income Lease revenue - - - 7 969 - 976 Net (loss) gain on sale of assets - - - (12) 42 12 42 Other income (loss) 5 - - 165 10 (148) 32 Total Revenues and other income 5 - - 160 1,021 (136) 1,050 Expenses Depreciation and amortization - - - 3 335 - 338 Asset impairment - - - - 26 - 26 Interest expense 10 - - 172 171 (127) 226 Other leasing expenses - - - - 49 - 49 Transaction, integration and restructuring related expenses - - 11 - - - 11 Selling, general and administrative expenses 18 - - 53 40 (21) 90 Total Expenses 28 - 11 228 621 (148) 740 (Loss) income before income taxes and income of investments accounted for under the equity method (23) - (11) (68) 400 12 310 Provision for income taxes - - - (6) (20) - (26) Equity in net earnings of investments accounted for under the equity method - - - - 11 - 11 Net (loss) income before income from subsidiaries (23) - (11) (74) 391 12 295 Income (loss) from subsidiaries 315 - - 202 (62) (455) - Net income (loss) 292 - (11) 128 329 (443) 295 Net income attributable to non-controlling interest - - - - (3) - (3) Net income (loss) attributable to AerCap Holdings N.V. 292 - (11) 128 326 (443) 292 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solut ions B.V., AerCap Ireland Ltd. a nd ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2015 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Ltd. Guarantors (a) Non- Guarantors Eliminations Total Net income (loss) 1,179 1,061 929 846 (569) (2,269) 1,177 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (1,262) (104) (1,060) (933) 1,090 2,269 - Depreciation and amortization - 868 - 65 910 - 1,843 Asset impairment - 3 - - 13 - 16 Amortization of debt issuance costs and debt discount 1 10 5 10 20 - 46 Amortization of lease premium intangibles - 7 - - 16 - 23 Amortization of fair value adjustments on debt - (435) - - (8) - (443) Accretion of fair value adjustments on deposits and maintenance liabilities - 65 - 1 10 - 76 Maintenance rights write off - 350 - 17 262 - 629 Maintenance liability release to income - (141) - (8) (95) - (244) Net gain on sale of assets - (168) - (13) (2) - (183) Deferred income taxes (28) 136 (19) (38) 59 - 110 Restructuring expenses - - - - 49 - 49 Other 64 (36) - 34 28 - 90 Cash flow from operating activities before changes in working capital (46) 1,616 (145) (19) 1,783 - 3,189 Working capital 846 (587) 193 618 (899) - 171 Net cash provided by operating activities 800 1,029 48 599 884 - 3,360 Purchase of flight equipment - (1,476) - (299) (997) - (2,772) Proceeds from sale or disposal of assets - 1,083 - 94 391 - 1,568 Prepayments on flight equipment - (585) - - (207) - (792) Collections of finance and sales-type leases - 17 - 12 26 - 55 Movement in restricted cash - - - (11) 309 - 298 Other - (73) - - - - (73) Net cash used in investing activities - (1,034) - (204) (478) - (1,716) Issuance of debt 300 2,500 - - 1,114 - 3,914 Repayment of debt (300) (2,010) - (8) (1,726) - (4,044) Debt issuance costs paid - (17) - - (32) - (49) Maintenance payments received - 306 - 24 446 - 776 Maintenance payments returned - (244) - (20) (294) - (558) Security deposits received - 97 - 25 49 - 171 Security deposits returned - (83) - (47) (14) - (144) Repurchase of shares and tax withholdings on share-based compensation (794) - - - - - (794) Net cash (used in) provided by financing activities (794) 549 - (26) (457) - (728) Net increase (decrease) in cash and cash equivalents 6 544 48 369 (51) - 916 Effect of exchange rate changes 1 - - (9) 5 - (3) Cash and cash equivalents at beginning of period 7 225 14 1,006 238 - 1,490 Cash and cash equivalents at end of period 14 769 62 1,366 192 - 2,403 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Irel and Ltd. a nd ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2014 (U.S. dollar amounts in millions) AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Ltd. Guarantors (a) Non- Guarantors Eliminations Total Net income (loss) 810 682 577 856 720 (2,837) 808 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (882) (205) (683) (988) (79) 2,837 - Dividend received - - - 12 - (12) - Depreciation and amortization - 501 - 53 728 - 1,282 Asset impairment - 3 - - 19 - 22 Amortization of debt issuance costs and debt discount 3 304 - 25 (246) - 86 Amortization of lease premium intangibles - 5 - - 13 - 18 Amortization of fair value adjustments on debt - (325) - - (6) - (331) Accretion of fair value adjustments on deposits and maintenance liabilities - 38 - 1 33 - 72 Maintenance rights write off - 68 - 9 54 - 131 Maintenance liability release to income - (24) - (5) (63) - (92) Net gain on sale of assets - (8) - (10) (20) - (38) Deferred income taxes - 56 10 33 17 - 116 Other 43 - - 17 42 - 102 Cash flow from operating activities before changes in working capital (26) 1,095 (96) 3 1,212 (12) 2,176 Working capital 163 389 110 (718) 194 - 138 Net cash provided by (used in) operating activities 137 1,484 14 (715) 1,406 (12) 2,314 Purchase of flight equipment - - - (1,198) (892) - (2,090) Proceeds from sale or disposal of assets 21 - - 738 (189) - 570 Prepayments on flight equipment - - - (2) (456) - (458) Acquisition of ILFC, net of cash acquired - (2,400) - 2,205 - - (195) Collections of finance and sales-type leases - (4) - 12 33 - 41 Movement in restricted cash - - - (2) 284 - 282 Net cash provided by (used in) investing activities 21 (2,404) - 1,753 (1,220) - (1,850) Issuance of debt 75 3,400 - 43 1,894 - 5,412 Repayment of debt (225) (2,353) - (10) (2,239) - (4,827) Debt issuance costs paid |