Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Entity Information [Line Items] | |
Document Type | 20-F |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2019 |
Document Registration Statement | false |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-33159 |
Entity Registrant Name | AerCap Holdings N.V. |
Entity Incorporation, State or Country Code | P7 |
Entity Address, Address Line One | AerCap House |
Entity Address, Address Line Two | 65 St. Stephen’s Green |
Entity Address, City or Town | Dublin |
Entity Address, Postal Zip Code | D02 YX20 |
Entity Address, Country | IE |
Title of 12(b) Security | Ordinary Shares |
Trading Symbol | AER |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 131,583,489 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001378789 |
Current Fiscal Year End Date | --12-31 |
Business Contact | |
Entity Information [Line Items] | |
Entity Address, Address Line One | AerCap House |
Entity Address, Address Line Two | 65 St. Stephen’s Green |
Entity Address, City or Town | Dublin |
Entity Address, Postal Zip Code | D02 YX20 |
Entity Address, Country | IE |
Contact Personnel Name | Vincent Drouillard |
City Area Code | 353 |
Local Phone Number | 1 819 2010 |
Contact Personnel Fax Number | +353 1 672 0270 |
5.875% Fixed-Rate Reset Junior Subordinated Notes due 2079 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.875% Fixed-Rate Reset Junior Subordinated Notes due 2079 |
Trading Symbol | AER79 |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 1,121,396 | $ 1,204,018 |
Restricted cash | 178,951 | 211,017 |
Trade receivables | 47,935 | 40,379 |
Flight equipment held for operating leases, net | 35,870,781 | 35,052,335 |
Maintenance rights and lease premium, net | 809,615 | 1,113,190 |
Flight equipment held for sale | 336,592 | 184,129 |
Net investment in finance and sales-type leases | 1,011,549 | 1,003,286 |
Prepayments on flight equipment | 2,954,478 | 3,024,520 |
Other intangibles, net | 307,394 | 328,570 |
Deferred income tax assets | 95,077 | 138,281 |
Other assets | 1,015,476 | 909,190 |
Total Assets | 43,749,244 | 43,208,915 |
Liabilities and Equity | ||
Accounts payable, accrued expenses and other liabilities | 1,032,623 | 1,009,945 |
Accrued maintenance liability | 2,190,159 | 2,237,494 |
Lessee deposit liability | 747,790 | 768,677 |
Debt | 29,486,131 | 29,507,587 |
Deferred income tax liabilities | 910,336 | 804,598 |
Commitments and contingencies | ||
Total Liabilities | 34,367,039 | 34,328,301 |
Ordinary share capital, €0.01 par value, 350,000,000 ordinary shares authorized as of December 31, 2019 and 2018; 141,847,345 and 151,847,345 ordinary shares issued and 131,583,489 and 142,674,664 ordinary shares outstanding (including 2,354,318 and 2,429,442 shares of unvested restricted stock) as of December 31, 2019 and 2018, respectively | 1,754 | 1,866 |
Additional paid-in capital | 2,209,462 | 2,712,417 |
Treasury shares, at cost (10,263,856 and 9,172,681 ordinary shares as of December 31, 2019 and 2018, respectively) | (537,341) | (476,085) |
Accumulated other comprehensive loss | (93,587) | (1,824) |
Accumulated retained earnings | 7,734,609 | 6,591,674 |
Total AerCap Holdings N.V. shareholders’ equity | 9,314,897 | 8,828,048 |
Non-controlling interest | 67,308 | 52,566 |
Total Equity | 9,382,205 | 8,880,614 |
Total Liabilities and Equity | 43,749,244 | 43,208,915 |
Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash | 78,187 | 87,584 |
Flight equipment held for operating leases, net | 2,091,022 | 2,230,634 |
Other assets | 64,908 | 82,995 |
Liabilities and Equity | ||
Accounts payable, accrued expenses and other liabilities | 81,335 | 89,598 |
Accrued maintenance liability | 42,603 | 44,073 |
Debt | $ 1,395,022 | $ 1,497,144 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - € / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Ordinary share capital, par value (in EUR per share) | € 0.01 | € 0.01 |
Ordinary share capital, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Ordinary share capital, shares issued (in shares) | 141,847,345 | 151,847,345 |
Ordinary share capital, shares outstanding (in shares) | 131,583,489 | 142,674,664 |
Unvested restricted stock (in shares) | 2,354,318 | 2,429,442 |
Treasury stock, at cost, shares (in shares) | 10,263,856 | 9,172,681 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues and other income | |||
Lease revenue | $ 4,682,266 | ||
Lease revenue | $ 4,537,093 | $ 4,713,802 | |
Net gain on sale of assets | 188,835 | 201,323 | 229,093 |
Other income | 66,239 | 61,564 | 94,598 |
Total Revenues and other income | 4,937,340 | 4,799,980 | 5,037,493 |
Expenses | |||
Depreciation and amortization | 1,676,121 | 1,679,074 | 1,727,296 |
Asset impairment | 70,149 | 44,186 | 61,286 |
Interest expense | 1,295,020 | 1,174,074 | 1,112,391 |
Leasing expenses | 287,950 | 446,487 | 537,752 |
Restructuring related expenses | 0 | 0 | 14,605 |
Selling, general and administrative expenses | 267,458 | 305,226 | 348,291 |
Total Expenses | 3,596,698 | 3,649,047 | 3,801,621 |
Income before income taxes and income of investments accounted for under the equity method | 1,340,642 | 1,150,933 | 1,235,872 |
Provision for income taxes | (167,714) | (144,079) | (164,718) |
Equity in net earnings of investments accounted for under the equity method | (6,151) | 10,643 | 9,199 |
Net income | 1,166,777 | 1,017,497 | 1,080,353 |
Net income attributable to non-controlling interest | (21,083) | (1,865) | (4,202) |
Net income attributable to AerCap Holdings N.V. | $ 1,145,694 | $ 1,015,632 | $ 1,076,151 |
Basic earnings per share (in USD per share) | $ 8.51 | $ 7 | $ 6.68 |
Diluted earnings per share (in USD per share) | $ 8.43 | $ 6.83 | $ 6.43 |
Weighted average shares outstanding—basic (in shares) | 134,570,169 | 145,162,220 | 161,059,552 |
Weighted average shares outstanding—diluted (in shares) | 135,898,139 | 148,706,266 | 167,287,508 |
Basic lease rents | |||
Revenues and other income | |||
Lease revenue | $ 4,281,260 | ||
Lease revenue | $ 4,145,552 | $ 4,194,224 | |
Maintenance rents and other receipts | |||
Revenues and other income | |||
Lease revenue | $ 401,006 | ||
Lease revenue | $ 391,541 | $ 519,578 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 1,166,777 | $ 1,017,497 | $ 1,080,353 |
Other comprehensive income (loss): | |||
Net change in fair value of derivatives (Note 11), net of tax of $12,845, $2,080 and $(2,131), respectively | (89,918) | (14,559) | 14,918 |
Actuarial gain (loss) on pension obligations, net of tax of $265, $215 and $(257), respectively | (1,845) | (1,539) | 1,125 |
Total other comprehensive income (loss) | (91,763) | (16,098) | 16,043 |
Comprehensive income | 1,075,014 | 1,001,399 | 1,096,396 |
Comprehensive income attributable to non-controlling interest | (21,083) | (1,865) | (4,202) |
Total comprehensive income attributable to AerCap Holdings N.V. | $ 1,053,931 | $ 999,534 | $ 1,092,194 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net changes in fair value of cash flow hedges, tax | $ 12,845 | $ 2,080 | $ (2,131) |
Actuarial gain (loss) on pension obligations, tax | $ 265 | $ 215 | $ (257) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement of Cash Flows [Abstract] | ||||
Net income (loss) | $ 1,166,777 | $ 1,017,497 | $ 1,080,353 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 1,676,121 | 1,679,074 | 1,727,296 | |
Asset impairment | 70,149 | 44,186 | 61,286 | |
Amortization of debt issuance costs, debt discount, debt premium and lease premium | 79,645 | 76,499 | 79,052 | |
Amortization of fair value adjustments on debt | (79,098) | (142,596) | (194,728) | |
Maintenance rights write-off (a) | [1] | 244,748 | 287,119 | 539,772 |
Maintenance liability release to income | (207,849) | (228,081) | (302,408) | |
Net gain on sale of assets | (188,835) | (201,323) | (229,093) | |
Deferred income taxes | 162,498 | 147,588 | 157,021 | |
Collections of finance and sales-type leases | 98,365 | |||
Other | 165,527 | 155,628 | 156,946 | |
Changes in operating assets and liabilities: | ||||
Trade receivables | (8,751) | 19,839 | (10,567) | |
Other assets | (73,646) | 9,800 | 55,309 | |
Accounts payable, accrued expenses and other liabilities | 31 | (24,858) | 19,978 | |
Net cash provided by operating activities | 3,105,682 | 2,840,372 | 3,140,217 | |
Purchase of flight equipment | (3,359,092) | (4,036,194) | (3,956,671) | |
Proceeds from sale or disposal of assets | 1,773,766 | 1,822,601 | 1,779,321 | |
Prepayments on flight equipment | (1,369,400) | (1,912,215) | (1,268,585) | |
Collections of finance and sales-type leases | 0 | 94,703 | 91,918 | |
Other | (17) | (21,505) | (38,102) | |
Net cash used in investing activities | (2,954,743) | (4,052,610) | (3,392,119) | |
Issuance of debt | 6,539,310 | 5,589,825 | 5,596,402 | |
Repayment of debt | (6,504,830) | (4,360,520) | (4,695,453) | |
Debt issuance costs paid, net of debt premium received | (36,592) | (57,831) | (81,396) | |
Maintenance payments received | 736,423 | 743,256 | 756,314 | |
Maintenance payments returned | (352,032) | (459,326) | (523,403) | |
Security deposits received | 232,219 | 208,259 | 187,378 | |
Security deposits returned | (233,222) | (220,452) | (188,362) | |
Dividend paid to non-controlling interest holders and others | (6,341) | (8,403) | (266) | |
Repurchase of shares and tax withholdings on share-based compensation | (639,941) | (834,398) | (1,138,782) | |
Net cash (used in) provided by financing activities | (265,006) | 600,410 | (87,568) | |
Net decrease in cash, cash equivalents and restricted cash | (114,067) | (611,828) | (339,470) | |
Effect of exchange rate changes | (621) | 2,738 | (1,032) | |
Cash, cash equivalents and restricted cash at beginning of period | 1,415,035 | 2,024,125 | 2,364,627 | |
Cash, cash equivalents and restricted cash at end of period | 1,300,347 | 1,415,035 | 2,024,125 | |
Supplemental cash flow information: | ||||
Interest paid, net of amounts capitalized | 1,270,532 | 1,228,788 | 1,231,539 | |
Income taxes paid, net | $ 2,352 | $ 679 | $ 18,957 | |
[1] | Maintenance rights write-off consisted of the following: EOL and MR contract maintenance rights expense $ 76,611 $ 157,792 $ 355,845 MR contract maintenance rights write-off due to maintenance liability release 19,848 29,656 77,494 EOL contract maintenance rights write-off due to cash receipt 148,289 99,671 106,433 Maintenance rights write-off $ 244,748 $ 287,119 $ 539,772 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
EOL and MR contract maintenance rights expense | $ 76,611 | $ 157,792 | $ 355,845 | |
MR contract maintenance rights write-off due to maintenance liability release | 19,848 | 29,656 | 77,494 | |
EOL contract maintenance rights write-off due to cash receipt | 148,289 | 99,671 | 106,433 | |
Maintenance rights write-off | [1] | 244,748 | 287,119 | 539,772 |
Non-Cash Investing And Financing Activities | ||||
Flight equipment reclassified to net investment in finance and sales-type leases | 143,400 | 76,900 | 332,200 | |
Flight equipment reclassified to held for sale, net | 1,600,000 | 979,200 | 1,696,700 | |
Accrued maintenance liability settled with buyers upon sale or disposal of assets | $ 249,187 | 261,240 | 275,400 | |
Non-Cash Investing And Financing Activities | Other Assets | ||||
Flight equipment reclassified to inventory, net | $ 38,400 | $ 20,600 | ||
[1] | Maintenance rights write-off consisted of the following: EOL and MR contract maintenance rights expense $ 76,611 $ 157,792 $ 355,845 MR contract maintenance rights write-off due to maintenance liability release 19,848 29,656 77,494 EOL contract maintenance rights write-off due to cash receipt 148,289 99,671 106,433 Maintenance rights write-off $ 244,748 $ 287,119 $ 539,772 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | AerCap Holdings N.V. shareholders’ equity | Ordinary share capital | Additional paid-in capital | Treasury shares | Accumulated other comprehensive income (loss) | Accumulated retained earnings | Non-controlling interest |
Beginning balance (in shares) at Dec. 31, 2016 | 187,847,345 | |||||||
Beginning balance at Dec. 31, 2016 | $ 8,582,264 | $ 8,524,447 | $ 2,282 | $ 4,505,019 | $ (490,092) | $ (1,769) | $ 4,509,007 | $ 57,817 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividends paid | (2,915) | 0 | (2,915) | |||||
Repurchase of shares | (1,124,724) | (1,124,724) | (1,124,724) | |||||
Share cancellation (in shares) | (20,000,000) | |||||||
Share cancellation | $ (224) | (860,324) | 860,548 | |||||
Share-based compensation | 107,719 | 107,719 | 107,719 | |||||
Ordinary shares issued, net of tax withholdings | (19,926) | (19,926) | (37,851) | 22,826 | (4,901) | |||
Total comprehensive income (loss) | 1,096,396 | 1,092,194 | 16,043 | 1,076,151 | 4,202 | |||
Ending balance (in shares) at Dec. 31, 2017 | 167,847,345 | |||||||
Ending balance at Dec. 31, 2017 | 8,638,814 | 8,579,710 | $ 2,058 | 3,714,563 | (731,442) | 14,274 | 5,580,257 | 59,104 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividends paid | (8,403) | 0 | (8,403) | |||||
Repurchase of shares | (726,640) | (726,640) | (726,640) | |||||
Share cancellation (in shares) | (16,000,000) | |||||||
Share cancellation | $ (192) | (800,544) | 800,736 | |||||
Share-based compensation | 95,176 | 95,176 | 95,176 | |||||
Ordinary shares issued, net of tax withholdings | (120,973) | (120,973) | (296,778) | 181,261 | (5,456) | |||
Total comprehensive income (loss) | 1,001,399 | 999,534 | (16,098) | 1,015,632 | 1,865 | |||
Ending balance (in shares) at Dec. 31, 2018 | 151,847,345 | |||||||
Ending balance at Dec. 31, 2018 | 8,880,614 | 8,828,048 | $ 1,866 | 2,712,417 | (476,085) | (1,824) | 6,591,674 | 52,566 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividends paid | (6,341) | 0 | (6,341) | |||||
Repurchase of shares | $ (607,343) | (607,343) | (607,343) | |||||
Share cancellation (in shares) | (10,000,000) | (10,000,000) | ||||||
Share cancellation | $ (112) | (503,005) | 503,117 | |||||
Share-based compensation | $ 69,410 | 69,410 | 69,410 | |||||
Ordinary shares issued, net of tax withholdings | (29,149) | (29,149) | (69,360) | 42,970 | (2,759) | |||
Total comprehensive income (loss) | 1,075,014 | 1,053,931 | (91,763) | 1,145,694 | 21,083 | |||
Ending balance (in shares) at Dec. 31, 2019 | 141,847,345 | |||||||
Ending balance at Dec. 31, 2019 | $ 9,382,205 | $ 9,314,897 | $ 1,754 | $ 2,209,462 | $ (537,341) | $ (93,587) | $ 7,734,609 | $ 67,308 |
General
General | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General The Company We are the global leader in aircraft leasing with 1,334 aircraft owned, managed or on order, and total assets of $43.7 billion as of December 31, 2019 . Our ordinary shares are listed on the New York Stock Exchange under the ticker symbol AER. Our headquarters is located in Dublin, and we have offices in Shannon, Los Angeles, Singapore, Amsterdam, Shanghai and Abu Dhabi. We also have representative offices at the world’s largest aircraft manufacturers, Boeing in Seattle and Airbus in Toulouse. The Consolidated Financial Statements presented herein include the accounts of AerCap Holdings N.V. and its subsidiaries. AerCap Holdings N.V. was incorporated in the Netherlands as a public limited liability company (“ naamloze vennootschap” or “N.V. ”) on July 10, 2006. |
Basis of presentation
Basis of presentation | 12 Months Ended |
Dec. 31, 2019 | |
Basis Of Presentation [Abstract] | |
Basis of presentation | Basis of presentation General Our Consolidated Financial Statements are presented in accordance with U.S. GAAP. We consolidate all companies in which we have direct and indirect legal or effective control and all VIEs for which we are deemed the PB under ASC 810. All intercompany balances and transactions with consolidated subsidiaries are eliminated. The results of consolidated entities are included from the effective date of control or, in the case of VIEs, from the date that we are or become the PB. 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 VIEs, when we cease to be the PB. Unconsolidated investments where we have significant influence are reported using the equity method of accounting. Our Consolidated Financial Statements are stated in U.S. dollars, which is our functional currency. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Use of estimates The preparation of Consolidated Financial Statements in conformity with U.S. 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. The use of estimates is or could be a significant factor affecting the reported carrying values of flight equipment, intangible assets, net investment in finance and sales-type leases, investments, trade receivables and notes receivable, deferred income tax assets and accruals and reserves. Actual results may differ from our estimates under different conditions, sometimes materially. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies Cash and cash equivalents Cash and cash equivalents include cash and highly liquid investments with original maturities of three months or less. Restricted cash Restricted cash includes cash held by banks that is subject to withdrawal restrictions. Such amounts are typically restricted under secured debt agreements and can be used only to maintain the aircraft securing the debt and to provide debt service payments of principal and interest. Trade receivables Trade receivables represent unpaid, current lessee rental obligations under existing lease contracts. An allowance for credit losses on trade receivables is established when the risk of non-recovery is probable. 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 allowance for credit losses is classified as leasing expenses in our Consolidated Income Statements. Flight equipment held for operating leases, net Flight equipment held for operating leases is stated at cost less accumulated depreciation and impairment. Flight equipment is depreciated to its estimated residual value on a straight-line basis over the useful life of the aircraft, which is generally 25 years from the date of manufacture, or a different period depending on the disposition strategy. The costs of improvements to flight equipment are normally recorded as leasing expenses unless the improvement increases the long-term value of the flight equipment. In that case, the capitalized improvement cost is depreciated over the estimated remaining useful life of the aircraft. The residual value of our flight equipment is generally 15% of estimated industry price, except where more relevant information indicates that a different residual value is more appropriate. We periodically review the estimated useful lives and residual values of our flight equipment based on our industry knowledge, external factors, such as current market conditions, and changes in our disposition strategies, to determine if they are appropriate, and record adjustments to depreciation rates prospectively on an individual aircraft basis, as necessary. We perform event-driven impairment assessments of our aircraft held for operating leases each quarter. These quarterly impairment assessments primarily result from potential aircraft sale transactions or aircraft repossessions. On an annual basis, we also perform an assessment of all aircraft held for operating leases that are older than five years to identify potential impairment events, and perform a quantitative impairment test on those aircraft that are identified as having had a potential impairment event. Potential impairment events may include potential aircraft sales, redeliveries of older aircraft, and early terminations of leases. We apply significant judgment in assessing whether a quantitative impairment test is necessary and in establishing significant assumptions, including the future lease rates and discount rates applied when performing quantitative impairment tests. The quantitative impairment test is performed at the lowest level for which identifiable cash flows are largely independent of other groups of assets, which is the individual aircraft, including the lease-related assets and liabilities of that aircraft, such as the maintenance rights assets, lease incentives, and maintenance liabilities (the “Asset Group”). If the sum of the expected undiscounted future cash flows is less than the Asset Group, an impairment loss is recognized. The loss is measured as the excess of the carrying amount of the impaired aircraft over its estimated fair value. Fair value reflects the present value of future cash flows expected to be generated from the aircraft, including its expected residual value, discounted at a rate commensurate with the associated risk. Future cash flows are assumed to occur under 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 and industry trends. Capitalization of interest We capitalize interest on prepayments of forward order flight equipment and add such amounts to prepayments on flight equipment. The amount of interest capitalized is the amount of interest costs which could have been avoided in the absence of such prepayments. Net investment in finance and sales-type leases If a lease meets specific criteria under U.S. GAAP, we recognize the lease in net investment in finance and sales-type leases in our Consolidated Balance Sheets and de-recognize the aircraft from flight equipment held for operating leases. For sales-type leases, we recognize the difference between the aircraft carrying value and the amount recognized in net investment in finance and sales-type leases in net gain on sale of assets in our Consolidated Income Statements. The amounts recognized for finance and sales-type leases consist of lease receivables and the estimated unguaranteed residual value of the flight equipment on the lease termination date, less the unearned income. Expected unguaranteed residual values are based on our assessment of the values of the flight equipment and, if applicable, the estimated end of lease payments expected at the expiration of the lease. The unearned income is recognized as lease revenue over the lease term, using the interest method to produce a constant yield over the life of the lease. Definite-lived intangible assets We recognize intangible assets acquired in a business combination at fair value on the date of acquisition. The rate of amortization of definite-lived intangible assets is calculated based on the period over which we expect to derive economic benefits from such assets. Maintenance rights and lease premium, net Maintenance rights assets are recognized when we acquire aircraft subject to existing leases. These assets represent the contractual right to receive the aircraft in a specified maintenance condition at the end of the lease under EOL contracts, or our right to receive the aircraft in better maintenance condition due to our obligation to contribute towards the cost of the maintenance events performed by the lessee either through reimbursement of maintenance deposit rents held under MR contracts, or through a lessor contribution to the lessee. For EOL contracts, upon lease termination, we recognize receipt of EOL cash compensation as lease revenue to the extent those receipts exceed the EOL contract maintenance rights asset, and we recognize leasing expenses when the EOL contract maintenance rights asset exceeds the EOL cash received. For MR contracts, we recognize maintenance rights expense at the time the lessee submits a reimbursement claim and provides the required documentation related to the cost of a qualifying maintenance event that relates to pre-acquisition usage. Lease premium assets represent the value of an acquired lease where the contractual rental payments are above the market rate. We amortize the lease premium assets on a straight-line basis over the term of the lease as a reduction of lease revenue. Other definite-lived intangible assets, net Other definite-lived intangible assets primarily consist of customer relationships recorded at fair value on the ILFC Transaction closing date. These intangible assets are amortized over the period during which we expect to derive economic benefits from such assets. The amortization expense is recorded in depreciation and amortization. We evaluate all definite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. Other assets Other assets consist of debt issuance costs, lease incentives, investments, notes receivable, operating lease ROU assets, derivative assets, other tangible fixed assets, straight-line rents, prepaid expenses and other receivables. Lease incentives We capitalize amounts paid or value provided to lessees as lease incentives. We amortize lease incentives on a straight-line basis over the term of the related lease as a reduction of lease revenue. Investments Unconsolidated investments where we have significant influence are reported using the equity method of accounting. Under the equity method of accounting, we recognize our share of earnings and losses based on our ownership percentage of such investments in equity in net earnings (losses) of investments accounted for under the equity method. Notes receivable Notes receivable represent amounts advanced in the normal course of our operations and also arise from the restructuring and deferral of trade receivables from lessees experiencing financial difficulties. An allowance for credit losses on notes receivable is established when the risk of non-recovery is probable. The assessment of the risk of non-recovery where lessees are experiencing financial difficulties 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 the debtor and the economic conditions persisting in the debtor’s operating environment. Derivative financial instruments We use derivative financial instruments to manage our exposure to interest rate risks. We recognize derivatives in our Consolidated Balance Sheets at fair value. When cash flow hedge accounting treatment is applied, the changes in fair values related to the effective portion of the derivatives are recorded in AOCI, and the ineffective portion is recognized immediately in interest expense. Amounts reflected in AOCI related to the effective portion are reclassified into interest expense in the same period or periods during which the hedged transaction affects interest expense. 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 the 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 recognize the changes in the fair value in current-period earnings. The remaining balance in AOCI at the time we discontinue hedge accounting is not recognized in our Consolidated Income Statements unless it is probable that the forecasted cash flows will not occur. Such amounts are recognized in interest expense when the hedged transaction affects interest expense. When cash flow hedge accounting treatment is not applied, the changes in fair values related to interest rate-related derivatives between periods are recognized in interest expense in our Consolidated Income Statements. Net cash received or paid under derivative contracts is classified as operating cash flows in our Consolidated Statements of Cash Flows. Other tangible fixed assets Other tangible fixed assets consist primarily of leasehold improvements, computer equipment and office furniture, and are recorded at historical acquisition cost and depreciated at various rates over the asset’s estimated useful life on a straight-line basis. Depreciation expense on other tangible fixed assets is recorded in depreciation and amortization in our Consolidated Income Statements. Fair value measurements Fair value is defined as the amount 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. We measure the fair value of our derivatives on a recurring basis and measure the fair value of flight equipment and definite-lived intangible assets on a non-recurring basis. See Note 28 — Fair value measurements . Income taxes We recognize an uncertain tax benefit only to the extent that it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Deferred income tax assets and liabilities We report deferred income taxes 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 income 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. Accrued maintenance liability Under our aircraft leases, the lessee is responsible for maintenance and repairs and other operating expenses related to the flight equipment during the term of the lease. When an aircraft is not subject to a lease, we may incur maintenance and repair expenses for our aircraft. Maintenance and repair expenses are recorded in leasing expenses; to the extent such expenses are incurred by us. We may be obligated to make additional payments to the lessee for maintenance-related expenses, primarily related to usage of major life-limited components prior to commencement of the lease (“lessor maintenance contributions”). For all lease contracts, lessor maintenance contributions are recognized as leasing expenses when incurred. In the case we have established an accrual as an assumed liability for such payment in connection with the purchase of an aircraft with a lease attached, such payments are charged against the existing accrual. For all lease contracts acquired as part of the ILFC Transaction, we determined the fair value of our maintenance liability, including lessor maintenance contributions, using the present value of the expected cash outflows. The discounted amounts are accreted in subsequent periods to their respective nominal values up until the expected maintenance event dates using the effective interest method. The accretion amounts are recorded as increases to interest expense in our Consolidated Income Statements. Debt and deferred debt issuance costs Long-term debt is carried at the principal amount borrowed, including unamortized discounts and premiums, fair value adjustments and debt issuance costs, where applicable. The fair value adjustments reflect the application of the acquisition method of accounting to the debt assumed as part of the ILFC Transaction. We amortize the amount of discounts, premiums and fair value adjustments over the period the debt is outstanding using the effective interest method. The costs we incur for issuing debt are capitalized and amortized as an increase to interest expense over the life of the debt using the effective interest method. Debt issuance costs related to our line-of-credit arrangements are presented within other assets. Revenue recognition We lease flight equipment principally under operating leases and recognize rental income on a straight-line basis over the life of the lease. At lease inception, we review all necessary criteria to determine proper lease classification. We account for lease agreements that include uneven rental payments on a straight-line basis. The amount of the difference between rental revenue recognized and cash received is included in other assets, or in the event it is a liability, in accounts payable, accrued expenses and other liabilities. Lease agreements where rent is based on floating interest rates are included in minimum lease payments based on the floating interest rate that existed at the commencement of the lease. Increases or decreases in lease payments that result from subsequent changes in the floating interest rate are considered contingent rentals and are recorded as increases or decreases in lease revenue in the period of the interest rate change. Our lease contracts normally include default covenants, which generally obligate the lessee to pay us damages to put us in the position we would have been in had the lessee performed under the lease in full. There are no additional payments required which would increase the minimum lease payments. We cease revenue recognition on a lease contract when the collectability of rentals is no longer probable. Subsequently, we recognize revenues based on lessee cash collections until such time that collection is probable. Revenue from net investment in finance and sales-type leases is recognized using the interest method to produce a constant yield over the life of the lease and is included in lease revenue. Most of our lease contracts require rental payments in advance. Rental payments received but unearned are recorded as deferred revenue in our Consolidated Balance Sheets. Under our aircraft leases, the lessee is responsible for maintenance, repairs and other operating expenses during the term of the lease. Under the provisions of many of our leases, the lessee is required to make payments of supplemental maintenance rents which are calculated with reference to the utilization of the airframe, engines and other major life-limited components during the lease. We record as lease revenue all supplemental maintenance rent receipts not expected to be reimbursed to the lessee. We estimate the total amount of maintenance reimbursements for the lease term and only record maintenance revenue after we have received sufficient maintenance rents to cover the total amount of estimated maintenance reimbursements during the remaining lease term . In most lease contracts not requiring the payment of supplemental maintenance rents, and to the extent that the aircraft is redelivered in a different condition than at acceptance, we generally receive EOL cash compensation for the difference at redelivery. Upon lease termination, we recognize receipt of EOL cash compensation as lease revenue to the extent those receipts exceed the EOL contract maintenance rights asset, and we recognize leasing expenses when the EOL contract maintenance rights asset exceeds the EOL cash received. The accrued maintenance liability existing at lease termination is recognized as lease revenue net of the MR contract maintenance rights asset. When flight equipment is sold, the portion of the accrued maintenance liability not specifically assigned to the buyer is released net of any maintenance rights asset balance and is included in net gain on sale of assets. Other income consists of interest revenue, management fee revenue, lease termination fees, inventory part sales, net gain on sale of equity investments accounted for under the equity method, insurance proceeds, and income related to other miscellaneous activities. Interest revenue from secured loans, notes receivable and other interest-bearing instruments is recognized using the effective yield method as interest accrues under the associated contracts. Management fee revenue is recognized as income as it accrues over the life of the contract. Income from the receipt of lease termination penalties is recorded at the time cash is received or when the lease is terminated, if revenue recognition criteria are met. Net gain on sales of aircraft We sell aircraft in the normal course of our operations to manage our fleet and to realize the residual value of the aircraft at the end of their economic life. These sales may include aircraft on lease to airlines as well as aircraft that are not on lease. In some cases, the terms and conditions of aircraft sale transactions may include continuing equity or debt investments in the aircraft, post-sale performance guarantees of aircraft cash flows or servicing arrangements. The presence of any of these terms and conditions requires us to determine whether control of the underlying aircraft has been transferred to the buyer, and whether we no longer have significant ownership risk in the aircraft, both of which are required for a sale and resulting gain or loss to be recognized. Share-based compensation Employees may receive AerCap share-based awards, consisting of restricted stock units or restricted stock. Share-based compensation expense is determined by reference to the fair value of the restricted stock units or restricted stock on the grant date and is recognized on a straight-line basis over the requisite service period. Share-based compensation expense is classified in selling, general and administrative expenses. Foreign currency Foreign currency transactions are translated into U.S. dollars at the exchange rate prevailing at the time of the transaction. Receivables or payables denominated in foreign currencies are remeasured into U.S. dollars at the exchange rate prevailing at the balance sheet date. All resulting exchange gains and losses are recorded in selling, general and administrative expenses in our Consolidated Income Statements. Variable interest entities We consolidate VIEs in which we have determined that we are the PB. We use judgment when determining (i) whether an entity is a VIE; (ii) who are the variable interest holders; (iii) the elements and degree of control that each variable interest holder has; and (iv) ultimately which party is the PB. When determining which party is the PB, we perform an analysis which considers (i) the design of the VIE; (ii) the capital structure of the VIE; (iii) the contractual relationships between the variable interest holders; (iv) the nature of the VIE’s operations; and (v) the purposes and interests of all parties involved, including related parties. While we consider these factors, our conclusion about whether to consolidate ultimately depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE. We continually re-evaluate whether we are the PB for VIEs in which we hold a variable interest. Earnings per share Basic EPS 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 EPS, 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 stock units, restricted stock and stock options. Reportable segments We manage our business and analyze and report our results of operations on the basis of one business segment: leasing, financing, sales and management of commercial aircraft and engines. Recent accounting standards adopted during the year ended December 31, 2019 : Lease accounting In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (ASC 842). The standard requires lessees to recognize lease-related assets and liabilities on the balance sheet. In certain circumstances, the lessee is required to remeasure the lease payments. Qualitative and quantitative disclosures, regarding the significant judgments made by management, are required to provide insight into the extent of revenue and expense recognized and expected to be recognized from existing contracts. We adopted the new standard on its required effective date of January 1, 2019 using the optional transition method provided under ASU 2018-11, Targeted Improvements. Under this optional transition method, we applied the new lease standard at the effective date and will continue to report prior comparative periods in accordance with ASC 840, Leases. We have elected the package of practical expedients, which permits us not to reassess lease identification, lease classification or initial direct costs. Upon adoption, we recognized operating lease-related assets and liabilities where we are the lessee of $58 million . In accordance with ASC 842, commencing on January 1, 2019, we classify collections of finance and sales-type leases as part of operating cash flows. In periods prior to the adoption of ASC 842, these finance and sales-type leases cash flows are classified as part of investing activity cash flows. Leases where we are the lessee As a lessee, we lease office space in several locations globally. In accordance with ASC 842, we determine if an arrangement is a lease at its inception. For leases with terms greater than 12 months, operating lease right-of-use (“ROU”) assets and liabilities are included in other assets (Note 9 ) and accounts payable, accrued expenses and other liabilities (Note 12 ), respectively, in our Consolidated Balance Sheets, and finance leases are included in flight equipment held for operating leases (Note 5 ) and debt (Note 14 ). ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our contractual obligation to make lease payments. Operating lease ROU assets and liabilities are recognized at the lease commencement date and are calculated based on the present value of lease payments over the lease term. To determine the present value of lease payments, we use our incremental borrowing rate based on the information available at the lease commencement date. Our assumed lease terms, where we are the lessee, include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Leases where we are the lessor As a lessor, we lease most of our aircraft under operating leases. Under the new lease standard, the accounting for leases as a lessor is similar to the previous standard. Future application of accounting standards: Allowance for credit losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (ASC 326). The standard requires entities to estimate lifetime expected credit losses for most financial assets measured at amortized cost and certain other instruments, including loan and other receivables, net investment in finance and sales-type leases and off-balance sheet credit exposures. The standard also requires additional disclosures, including how the entity develops its allowance for credit losses for financial assets measured at amortized cost and disaggregated information on the credit quality of net investment in finance and sales-type leases measured at amortized cost by year of the asset’s origination for up to five annual periods. The standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted in any interim or annual period beginning after December 15, 2018. The new standard must be adopted using the modified retrospective transition approach through a cumulative-effect adjustment to opening retained earnings. Upon adoption, we expect to recognize an opening cumulative effect adjustment, net to reduce retained earnings of approximately $25 million |
Restricted cash
Restricted cash | 12 Months Ended |
Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Restricted cash | Restricted cash Our restricted cash balance was $179.0 million and $211.0 million as of December 31, 2019 and 2018 , respectively, and was primarily related to our ECA financings and Ex-Im financings, our AerFunding revolving credit facility and other debt. See Note 14 — Debt . The following is a summary of our cash, cash equivalents and restricted cash as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Cash and cash equivalents $ 1,121,396 $ 1,204,018 Restricted cash 178,951 211,017 Total cash, cash equivalents and restricted cash $ 1,300,347 $ 1,415,035 |
Flight equipment held for opera
Flight equipment held for operating leases, net | 12 Months Ended |
Dec. 31, 2019 | |
Property Subject to or Available for Operating Lease, Net [Abstract] | |
Flight equipment held for operating leases, net | Flight equipment held for operating leases, net Movements in flight equipment held for operating leases during the years ended December 31, 2019 and 2018 were as follows: Year Ended December 31, 2019 2018 Net book value at beginning of period $ 35,052,335 $ 32,396,827 Additions 4,621,821 5,877,691 Depreciation (1,650,450 ) (1,649,710 ) Disposals and transfers to held for sale (1,940,133 ) (1,417,825 ) Transfers to net investment in finance and sales-type leases/inventory (143,409 ) (115,330 ) Impairment (Note 23) (69,383 ) (39,318 ) Net book value at end of period $ 35,870,781 $ 35,052,335 Accumulated depreciation as of December 31, 2019 and 2018, respectively $ (7,526,636 ) $ (6,850,869 ) |
Net investment in finance and s
Net investment in finance and sales-type leases | 12 Months Ended |
Dec. 31, 2019 | |
Flight Equipment, Net [Abstract] | |
Net investment in finance and sales-type leases | Net investment in finance and sales-type leases Components of net investment in finance and sales-type leases as of December 31, 2019 and 2018 were as follows: As of December 31, 2019 2018 Future minimum lease payments to be received $ 715,085 $ 792,265 Estimated residual values of leased flight equipment 577,353 528,916 Less: Unearned income (280,889 ) (317,895 ) $ 1,011,549 $ 1,003,286 As of December 31, 2019 , the cash flows receivable, including the estimated residual value at lease termination, from finance and sales-type leases were as follows: Cash flows receivable 2020 $ 154,323 2021 131,054 2022 202,302 2023 135,388 2024 109,098 Thereafter 560,273 Undiscounted cash flows receivable $ 1,292,438 Less: Unearned income (280,889 ) 1,011,549 During the year ended December 31, 2019 , we recognized impairment charges of $22.0 million related to our finance and sales-type leases where we do not expect to recover the finance lease balances. Impairment charges on our finance and sales-type leases are included in leasing expenses in the Consolidated Income Statement. |
Intangibles
Intangibles | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles | Intangibles Maintenance rights and lease premium, net Maintenance rights and lease premium, net consisted of the following as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Maintenance rights $ 794,798 $ 1,088,246 Lease premium, net 14,817 24,944 $ 809,615 $ 1,113,190 Movements in maintenance rights during the years ended December 31, 2019 and 2018 were as follows: Year Ended December 31, 2019 2018 Maintenance rights at beginning of period $ 1,088,246 $ 1,464,599 EOL and MR contract maintenance rights expense (76,611 ) (157,792 ) MR contract maintenance rights write-off due to maintenance liability release (19,848 ) (29,656 ) EOL contract maintenance rights write-off due to cash receipt (148,289 ) (99,671 ) EOL and MR contract maintenance rights write-off due to sale of aircraft (48,700 ) (89,234 ) Maintenance rights at end of period $ 794,798 $ 1,088,246 Other intangibles Other intangibles consisted of the following as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Goodwill $ 58,094 $ 58,094 Customer relationships, net 240,765 261,941 Contractual vendor intangible assets 8,535 8,535 $ 307,394 $ 328,570 The following tables present details of customer relationships and related accumulated amortization as of December 31, 2019 and 2018 : As of December 31, 2019 Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 360,000 $ (119,235 ) $ 240,765 As of December 31, 2018 Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 360,000 $ (98,059 ) $ 261,941 During the years ended December 31, 2019 , 2018 and 2017 , we recorded annual amortization expense for customer relationships of $21.2 million . |
Flight equipment held for sale
Flight equipment held for sale | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Flight equipment held for sale | Flight equipment held for sale Generally, an aircraft is classified as held for sale when the sale is probable, the aircraft is available for sale in its present condition, and the aircraft is expected to be sold within one year. Aircraft are reclassified from flight equipment held for operating leases to flight equipment held for sale at the lower of the aircraft carrying value or fair value, less costs to sell. Depreciation is no longer recognized for aircraft classified as held for sale. As of December 31, 2019 , 14 aircraft with a total net book value of $336.6 million met the held for sale criteria and were classified as flight equipment held for sale. Aggregate maintenance and security deposit amounts received from lessees of approximately $91 million will be assumed by the buyers of these aircraft upon consummation of the individual sale transactions. As of December 31, 2018 , seven aircraft with a total net book value of $184.1 million were classified as flight equipment held for sale in our Consolidated Balance Sheet. During the first quarter of 2019 , the sale of six of those aircraft closed. The sale of the remaining aircraft closed during the third quarter of 2019 . |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Other assets | Other assets Other assets consisted of the following as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Lease incentives $ 239,607 $ 251,961 Investments (Note 10) 123,279 132,113 Straight-line rents, prepaid expenses and other 98,443 79,792 Notes receivable 87,745 58,994 Operating lease ROU assets (Note 16) 43,668 — Debt issuance costs 26,393 36,814 Other tangible fixed assets 26,018 29,151 Derivative assets (Note 11) 11,664 69,105 Inventory 3,157 30,971 Other receivables 355,502 220,289 $ 1,015,476 $ 909,190 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | Investments Investments accounted for under the equity method of accounting consisted of the following as of December 31, 2019 and 2018 : % Ownership as of December 31, 2019 As of December 31, 2019 2018 AerDragon 16.7 $ 68,673 $ 65,920 AerLift 39.3 35,188 47,644 ACSAL 19.4 16,118 15,248 $ 119,979 $ 128,812 Our share of undistributed earnings of investments in which our ownership interest is less than 50% was $39.4 million and $48.2 million as of December 31, 2019 and 2018 , respectively. We also have an investment in Peregrine of $3.3 million as of December 31, 2019 and 2018 , which is accounted for in accordance with the cost method of accounting. Please refer to Note 25 — Variable interest entities for further details. |
Derivative financial instrument
Derivative financial instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | Derivative financial instruments We have entered into interest rate derivatives to hedge the current and future interest rate payments on our variable rate debt. These derivative financial instruments can include interest rate swaps, caps, floors, options and forward contracts. As of December 31, 2019 , we had interest rate caps and swaps outstanding, with underlying variable benchmark interest rates ranging from one to six-month U.S. dollar LIBOR. Some of our agreements with derivative counterparties require a two-way cash collateralization of derivative fair values. As of December 31, 2019 and 2018 , we had cash collateral of $0.6 million and $5.5 million , respectively, from various counterparties and the obligation to return such collateral was recorded in accounts payable, accrued expenses and other liabilities. We had no t advanced any cash collateral to counterparties as of December 31, 2019 or 2018 . The counterparties to our interest rate derivatives are primarily major international financial institutions. We continually monitor our positions and the credit ratings of the counterparties involved and limit the amount of credit exposure to any one party. We could be exposed to potential losses due to the credit risk of non-performance by these counterparties. We have not experienced any losses to date. Our derivative assets are recorded in other assets and our derivative liabilities are recorded in accounts payable, accrued expenses and other liabilities in our Consolidated Balance Sheets. The following tables present notional amounts and fair values of derivatives outstanding as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Notional amount (a) Fair value Notional amount (a) Fair value Derivative assets not designated as accounting hedges: Interest rate caps $ 2,442,000 $ 3,727 $ 2,523,500 $ 32,547 Derivative assets designated as accounting cash flow hedges: Interest rate swaps $ 488,616 $ 1,578 $ 1,900,957 $ 36,558 Interest rate caps 400,000 6,359 — — Total derivative assets $ 11,664 $ 69,105 (a) The notional amount is excluded for caps and swaps which are not yet effective. As of December 31, 2019 2018 Notional Fair value Notional Fair value Derivative liabilities designated as accounting cash flow hedges: Interest rate swaps $ 3,776,000 $ 97,066 $ 1,375,000 $ 29,321 Total derivative liabilities $ 97,066 $ 29,321 (a) The notional amount is excluded for swaps which are not yet effective. 11. Derivative financial instruments (Continued) We recorded the following in other comprehensive income related to derivative financial instruments for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Gain (Loss) Effective portion of change in fair market value of derivatives designated as accounting cash flow hedges: Interest rate swaps $ (102,725 ) $ (16,639 ) $ 17,049 Interest rate caps (38 ) — — Income tax effect 12,845 2,080 (2,131 ) Net changes in cash flow hedges, net of tax $ (89,918 ) $ (14,559 ) $ 14,918 We expect to reclassify approximately $22 million from AOCI as an increase in interest expense in our Consolidated Income Statements over the next 12 months. The following table presents the effect of derivatives recorded as reductions to or (increases) in interest expense in our Consolidated Income Statements for the years ended December 31, 2019 , 2018 and 2017 . Year Ended December 31, 2019 2018 2017 Gain (Loss) Derivatives not designated as accounting hedges: Interest rate caps $ (29,714 ) $ 5,158 $ (14,178 ) Reclassification to Consolidated Income Statements: Reclassification of amounts previously recorded in AOCI 3,381 6,874 — Effect from derivatives on interest expense $ (26,333 ) $ 12,032 $ (14,178 ) |
Accounts payable, accrued expen
Accounts payable, accrued expenses and other liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities Accounts payable, accrued expenses and other liabilities consisted of the following as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Deferred revenue $ 389,958 $ 421,542 Accrued interest 255,369 262,559 Accounts payable and accrued expenses 239,086 296,523 Derivative liabilities (Note 11) 97,066 29,321 Operating lease liabilities (Note 16) 51,144 — $ 1,032,623 $ 1,009,945 |
Accrued maintenance liability
Accrued maintenance liability | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Maintenance Liability [Abstract] | |
Accrued maintenance liability | Accrued maintenance liability Movements in accrued maintenance liability during the years ended December 31, 2019 and 2018 were as follows: Year Ended December 31, 2019 2018 Accrued maintenance liability at beginning of period $ 2,237,494 $ 2,461,799 Maintenance payments received 736,423 743,256 Maintenance payments returned (352,032 ) (459,326 ) Release to income upon sale (249,187 ) (261,240 ) Release to income other than upon sale (207,849 ) (228,081 ) Lessor contribution, top ups and other 25,310 (18,914 ) Accrued maintenance liability at end of period $ 2,190,159 $ 2,237,494 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt As of December 31, 2019 , the principal amount of our outstanding indebtedness totaled $29.5 billion , which excluded fair value adjustments of $96.0 million and debt issuance costs, debt discounts and debt premium of $138.1 million , and our undrawn lines of credit were approximately $6.6 billion , availability of which is subject to certain conditions, including compliance with certain financial covenants. As of December 31, 2019 , we remained in compliance with the financial covenants across our various debt agreements. The following table provides a summary of our indebtedness as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Debt obligation Collateral (number of aircraft) Commitment Undrawn Amount outstanding Weighted average interest rate (a) Maturity Amount outstanding Unsecured ILFC Legacy Notes $ 2,900,000 $ — $ 2,900,000 7.09 % 2020 - 2022 $ 4,900,000 AerCap Trust & AICDC Notes 12,500,000 — 12,500,000 4.13 % 2020 - 2028 10,749,864 Asia Revolving Credit Facility 950,000 950,000 — — 2022 200,000 Citi Revolving Credit Facility 4,000,000 4,000,000 — — 2024 — Other unsecured debt 2,024,000 — 2,024,000 3.28 % 2020 - 2023 1,160,000 Fair value adjustment NA NA 99,093 NA NA 177,450 TOTAL UNSECURED $ 22,374,000 $ 4,950,000 $ 17,523,093 $ 17,187,314 Secured Export credit facilities 18 565,312 — 565,312 2.43 % 2021 - 2030 849,372 Institutional secured term loans & secured portfolio loans 191 7,303,496 — 7,303,496 3.62 % 2022 - 2030 7,533,028 AerFunding Revolving Credit Facility 16 2,500,000 1,624,855 875,145 3.72 % 2022 919,484 Other secured debt (b) 42 1,062,756 — 1,062,756 4.06 % 2021 - 2037 1,633,099 Fair value adjustment NA NA (2,835 ) NA NA (2,103 ) TOTAL SECURED $ 11,431,564 $ 1,624,855 $ 9,803,874 $ 10,932,880 Subordinated Subordinated notes 2,250,000 — 2,250,000 5.18 % 2045 - 2079 1,500,000 Subordinated debt issued by joint ventures 47,521 — 47,521 — 2020 - 2023 48,234 Fair value adjustment NA NA (222 ) NA NA (225 ) TOTAL SUBORDINATED $ 2,297,521 $ — $ 2,297,299 $ 1,548,009 Debt issuance costs, debt discounts and debt premium NA NA (138,135 ) NA NA (160,616 ) 267 $ 36,103,085 $ 6,574,855 $ 29,486,131 $ 29,507,587 (a) The weighted average interest rate for our floating rate debt is calculated based on the applicable U.S. dollar LIBOR rate as of the most recent interest payment date of the respective debt, and excludes the impact of related derivative financial instruments which we hold to hedge our exposure to floating interest rates, as well as any amortization of debt issuance costs, debt discounts and debt premium . The institutional secured term loans and secured portfolio loans also contain base rate interest alternatives. (b) In addition to the 42 aircraft, 74 engines are pledged as collateral. 14. Debt (Continued) As of December 31, 2019 , all debt was issued or guaranteed by AerCap with the exception of the AerFunding Revolving Credit Facility, a $370.6 million secured portfolio loan and $104.0 million of debt included in other secured debt that is limited recourse in nature. Maturities of our debt financings (excluding fair value adjustments, debt issuance costs, debt discounts and debt premium) as of December 31, 2019 were as follows: Maturities of debt financing (a) 2020 $ 3,454,301 2021 4,450,347 2022 6,859,785 2023 3,532,951 2024 3,010,218 Thereafter 8,220,628 $ 29,528,230 (a) For further detail on debt maturities, please refer to “ Item 5. Operating and Financial Review and Prospects—Contractual obligations ”. During the years ended December 31, 2019 , 2018 and 2017 , we amortized as interest expense debt issuance costs, debt discounts and debt premium of $ 69.5 million , $64.2 million and $65.4 million , respectively. ILFC Legacy Notes The following table provides a summary of the outstanding senior unsecured notes issued by ILFC prior to the ILFC Transaction (the “ILFC Legacy Notes”) as of December 31, 2019 : Maturities of ILFC Legacy Notes 2020 $ 1,000,000 2021 500,000 2022 1,400,000 $ 2,900,000 All of the ILFC Legacy Notes bear interest at fixed rates ranging from 4.625% to 8.625% and are not subject to redemption prior to their stated maturity, and there are no sinking fund requirements. Upon consummation of the ILFC Transaction, AerCap Trust became the successor issuer under the ILFC Legacy Notes indentures. ILFC also agreed to continue to be co-obligor. In addition, AerCap Holdings N.V. and certain of its subsidiaries became guarantors of the ILFC Legacy Notes. The indentures governing the ILFC Legacy Notes contain customary covenants that, among other things, restrict our, and our restricted subsidiaries’, ability to incur liens on assets and to consolidate, merge, sell, or otherwise dispose of all or substantially all of our assets. The indentures also provide for customary events of default, including, but not limited to, the failure to pay scheduled principal and interest payments on the ILFC Legacy Notes, the failure to comply with covenants and agreements specified in the indentures, the acceleration of certain other indebtedness resulting from non-payment of that indebtedness and certain events of insolvency. If any event of default occurs, any amount then outstanding under the indentures may immediately become due and payable. 14. Debt (Continued) AerCap Trust & AICDC Notes From time to time since the completion of the ILFC Transaction, AerCap Trust and AICDC have co-issued additional senior unsecured notes (the “AGAT/AICDC Notes”). The following table provides a summary of the outstanding AGAT/AICDC Notes as of December 31, 2019 : Maturities of AGAT/AICDC Notes 2020 $ 1,500,000 2021 2,600,000 2022 2,100,000 2023 1,200,000 2024 1,650,000 Thereafter 3,450,000 $ 12,500,000 All of the AGAT/AICDC Notes bear interest at fixed rates ranging from 2.875% to 5.0% . The AGAT/AICDC Notes are jointly and severally and fully and unconditionally guaranteed by AerCap Holdings N.V. and by AerCap Ireland, AerCap Aviation Solutions B.V., ILFC and AerCap U.S. Global Aviation LLC. Except as described below, the AGAT/AICDC Notes are not subject to redemption prior to their stated maturity and there are no sinking fund requirements. We may redeem each series of the AGAT/AICDC Notes in whole or in part, at any time, at a price equal to 100% of the aggregate principal amount plus the applicable “make-whole” premium plus accrued and unpaid interest, if any, to the redemption date. The indentures governing the AGAT/AICDC Notes contain customary covenants that, among other things, restrict our, and our restricted subsidiaries’, ability to incur liens on assets and to consolidate, merge, sell, or otherwise dispose of all or substantially all of our assets. The indentures also provide for customary events of default, including, but not limited to, the failure to pay scheduled principal and interest payments on the AGAT/AICDC Notes, the failure to comply with covenants and agreements specified in the indentures, the acceleration of certain other indebtedness resulting from non-payment of that indebtedness and certain events of insolvency. If any event of default occurs, any amount then outstanding under the indentures may immediately become due and payable. 14. Debt (Continued) Revolving credit facilities In March 2018, AerCap entered into a $950.0 million unsecured revolving and term loan agreement (the “Asia Revolver”) with a maturity of March 2022 . In March 2014, AICDC entered a senior unsecured revolving credit facility (the “Citi Revolver”) which was subsequently upsized and amended. In October 2019, AICDC amended the Citi Revolver, increased the size to $4.0 billion (with an option for AerCap to increase the size by an additional $0.5 billion ) and extended the maturity to February 2024. The obligations under the Asia Revolver and the Citi Revolver are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. Availability of borrowings under the Asia Revolver and the Citi Revolver is subject to the satisfaction of customary conditions precedent. We have the right to terminate or cancel, in whole or in part, the unused portions of the commitment amounts. Both the Asia Revolver and the Citi Revolver contain covenants customary for unsecured financings of this type, including financial covenants that require us to maintain compliance with a maximum ratio of consolidated indebtedness to shareholders’ equity, a minimum fixed charge coverage ratio and a maximum ratio of unencumbered assets to certain financial indebtedness. The facilities also contain covenants that, among other things, restrict, subject to certain exceptions, the ability of AerCap to sell assets, make certain restricted payments and incur certain liens. Export credit facilities The principal amounts under the export credit facilities amortize over ten - to 12 -year terms. The export credit facilities require that SPEs controlled by the respective borrowers hold legal title to the financed aircraft. Obligations under the export credit facilities are secured by, among other things, a pledge of the shares of the SPEs. The obligations under the export credit facilities are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries, as well as various export credit agencies. Institutional secured term loans and secured portfolio loans The following table provides details regarding the terms of our outstanding institutional secured term loans and secured portfolio loans: Collateral (Number of aircraft) (a) Amount outstanding Weighted average Maturity Institutional secured term loans Hyperion 58 $ 1,050,000 3.69 % 2023 Vancouver (b) 20 350,000 3.69 % 2022 Secured portfolio loans Celtago & Celtago II 25 1,095,174 3.43 % 2022 - 2024 Cesium 15 853,844 3.71 % 2025 Goldfish 13 723,326 3.34 % 2025 Scandium 10 678,953 3.96 % 2025 Rhodium 11 594,619 3.46 % 2026 Other secured facilities 39 1,957,580 3.65 % 2022 - 2030 191 $ 7,303,496 (a) These loans are secured by a combination of aircraft and the equity interests in the borrower and certain SPE subsidiaries of the borrower that own the aircraft. (b) In January 2020, the Vancouver term loan was fully repaid and terminated. 14. Debt (Continued) Institutional secured term loans The Hyperion and Vancouver institutional term loans were originally entered into in 2014 and 2012, respectively. The obligations of the respective borrowers of each loan are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. The Hyperion and Vancouver loans each contain customary covenants and events of default for financings of this type, including covenants that limit the ability of the subsidiary borrowers and their subsidiaries to incur additional indebtedness and create liens, and covenants that limit the ability of the guarantors, the subsidiary borrowers and their subsidiaries to consolidate, merge or dispose of all or substantially all of their assets and enter into transactions with affiliates. Secured portfolio loans The obligations of each of the respective borrowers under each secured portfolio loan are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. These loans contain customary covenants and events of default for financings of this type, including covenants that limit the ability of the borrower and its subsidiaries to incur additional indebtedness and create liens, and covenants that limit the ability of the guarantors and the borrower and its subsidiaries to consolidate, merge or dispose of all or substantially all of their assets or enter into transactions with affiliates. AerFunding Revolving Credit Facility AerFunding 1 Limited (“AerFunding”) is a SPE whose share capital is owned 95% by a charitable trust and 5% by AerCap Ireland. AerFunding is a consolidated subsidiary formed for the purpose of acquiring aircraft assets. In April 2006, AerFunding entered into a non-recourse senior secured revolving credit facility that was subsequently increased in 2017 to $2.5 billion . The facility has a three -year revolving period, which expires in December 2020, following which there is a two -year term out period. The final maturity date of the AerFunding Revolving Credit Facility is December 2022. 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. Other secured debt AerCap has entered into a number of financings, provided by a range of banks and non-bank financial institutions, to fund the purchase of aircraft and for general corporate purposes. The majority of the financings are guaranteed by AerCap and are secured by, among other things, a pledge of the shares of the subsidiaries owning the related aircraft and, in certain cases, a mortgage on the applicable aircraft. All of our financings contain affirmative covenants customary for secured financings of this type. Subordinated debt The following table provides a summary of the outstanding subordinated debt as of December 31, 2019 : As of December 31, 2019 Amount Weighted average interest rate Maturity ECAPS Subordinated Notes $ 1,000,000 4.00 % 2065 2045 Subordinated Notes 500,000 6.50 % 2045 2079 Subordinated Notes 750,000 5.88 % 2079 $ 2,250,000 14. Debt (Continued) ECAPS Subordinated Notes In December 2005, ILFC issued two tranches of subordinated notes in an aggregate principal amount of $1.0 billion . Both the $400.0 million and $600.0 million tranches have a floating interest rate, with margins of 1.80% and 1.55% respectively, plus the highest of three-month LIBOR, ten -year constant maturity U.S. Treasury, and 30 -year constant maturity U.S. Treasury. Upon consummation of the ILFC Transaction, the subordinated notes were assumed by AerCap Trust, and AerCap Holdings N.V. and certain of its subsidiaries became guarantors. ILFC remains a co-obligor under the indentures governing the subordinated notes. The addition of these subsidiary guarantors did not affect the subordinated ranking of these notes. The ECAPS contain customary financial tests, including a minimum ratio of equity to total managed assets and a minimum fixed charge coverage ratio. Failure to comply with these financial tests will result in a “mandatory trigger event.” If a mandatory trigger event occurs and we are unable to raise sufficient capital in a manner permitted by the terms of the subordinated debt to cover the next interest payment on the subordinated debt, a “mandatory deferral event” will occur, requiring us to defer all interest payments and prohibiting the payment of cash dividends on AerCap Trust’s or ILFC’s capital stock or its equivalent until both financial tests are met or we have raised sufficient capital to pay all accumulated and unpaid interest on the subordinated debt. Mandatory trigger events and mandatory deferral events are not events of default under the indenture governing the subordinated debt. 2045 Junior Subordinated Notes In June 2015, AerCap Trust issued $500.0 million of junior subordinated notes due 2045 (the “2045 Junior Subordinated Notes”). The 2045 Junior Subordinated Notes currently bear interest at a fixed interest rate of 6.5% and, beginning in June 2025, will bear interest at a rate of three-month LIBOR (or, if three-month LIBOR is no longer quoted at such time, the last quote available for three-month LIBOR) plus 4.3% . The 2045 Junior Subordinated Notes are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. We may defer any interest payments on the 2045 Junior Subordinated Notes for up to five consecutive deferral periods. At the end of five years following the commencement of any deferral period, we must pay all accrued and unpaid deferred interest, including compounded interest. We may at our option redeem the 2045 Junior Subordinated Notes before their maturity in whole or in part, at any time and from time to time, on or after June 15, 2025 at 100% of their principal amount plus any accrued and unpaid interest thereon. The 2045 Junior Subordinated Notes are junior subordinated unsecured obligations, rank equally with all of the issuer’s and the guarantors’ future equally ranking junior subordinated indebtedness, if any, and are subordinate and junior in right of payment to all of the issuer’s and the guarantors’ existing and future unsubordinated indebtedness. 14. Debt (Continued) 2079 Junior Subordinated Notes In October 2019, AerCap Holdings N.V. issued $750.0 million of junior subordinated notes due 2079 (the “2079 Junior Subordinated Notes”). The 2079 Junior Subordinated Notes currently bear interest at a fixed interest rate of 5.875% and, from October 2024, will bear interest at a rate equal to the five-year U.S. Treasury Rate plus 4.535% , to be reset on each subsequent five-year anniversary. We may forgo payment of interest on the 2079 Junior Subordinated Notes for any interest period. Upon a forgoing of interest, we will have no obligation to pay the forgone interest on the payment date or at any future date. The 2079 Junior Subordinated Notes are guaranteed by certain of AerCap Holdings N.V.’s subsidiaries. We may at our option redeem the 2079 Junior Subordinated Notes before their maturity in whole or in part on October 10, 2024 (the “First Call Date”) and on each subsequent five-year anniversary of the First Call Date, at 100% of their principal amount plus any accrued and unpaid interest thereon for the then-current six-month interest period. The 2079 Junior Subordinated Notes are junior subordinated unsecured obligations, rank equally with all of the issuer’s and the guarantors’ future equally ranking junior subordinated obligations, if any, and are subordinate and junior in right of payment to all of the issuer’s and the guarantors’ present and future creditors (i) who are unsubordinated creditors, (ii) who are subordinated only to the claims of unsubordinated creditors, or (iii) who are subordinated creditors except those whose claims rank equally with or junior to the 2079 Junior Subordinated Notes. As of December 31, 2019, the 2079 Junior Subordinated Notes rank senior only to the issuer’s and the guarantors’ common and preferred stock. Subordinated debt issued by joint ventures In 2008 and 2010, AerCap and our joint venture partner each purchased subordinated loan notes issued by the joint ventures. The subordinated debt held by AerCap is eliminated in consolidation of the joint ventures. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes Our subsidiaries are subject to taxation in a number of tax jurisdictions, principally Ireland, the United States, and the Netherlands. The following table presents our provision for income taxes by tax jurisdiction for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Deferred tax expense (benefit) Ireland $ 154,134 $ 140,621 $ 144,532 United States 11,327 6,510 56,650 The Netherlands 7,316 4,136 (7,470 ) Other 7,658 8,881 (14,188 ) 180,435 160,148 179,524 Deferred tax (benefit) expense related to a (decrease) increase in changes in valuation allowance of deferred tax assets Ireland 2,358 368 1,366 United States (18,425 ) (2,838 ) (29,147 ) The Netherlands 87 (2,302 ) (8,518 ) Other (1,957 ) (7,788 ) 13,796 (17,937 ) (12,560 ) (22,503 ) Current tax (benefit) expense Ireland — (27 ) 5,606 United States 789 (3,691 ) (1,659 ) The Netherlands 261 (307 ) 717 Other 4,166 516 3,033 5,216 (3,509 ) 7,697 Provision for income taxes $ 167,714 $ 144,079 $ 164,718 The following table provides a reconciliation of the statutory income tax expense to provision for income taxes for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Income tax expense at statutory income tax rate of 12.5% $ 167,580 $ 143,866 $ 154,484 Permanent differences (949 ) (a) 1,016 (b) 23,737 (c) Foreign rate differential 1,083 (803 ) (13,503 ) 134 213 10,234 Provision for income taxes $ 167,714 $ 144,079 $ 164,718 (a) The 2019 permanent differences included non-deductible interest, non-deductible share-based compensation in Ireland and in the Netherlands, and a valuation allowance change in respect of U.S., Dutch and Irish tax losses. (b) The 2018 permanent differences i ncluded non-deductible share-based compensation in Ireland and in the Netherlands, and a valuation allowance change in respect of U.S., Dutch and Irish tax losses. (c) The 2017 permanent differences included non-deductible share-based compensation in Ireland and in the Netherlands, impacts of the change in tax rate in the United States, and a valuation allowance change in respect of U.S., Dutch and Irish tax losses. 15. Income taxes (Continued) The following tables present our foreign rate differential by tax jurisdiction for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 Pre-tax income (loss) Local statutory tax rate (a) Variance to Irish statutory tax rate of 12.5% Tax variance as a result of global activities (b) Tax jurisdiction Ireland $ 1,324,100 12.5 % 0.0 % $ — United States (30,041 ) 21.0 % 8.5 % (2,553 ) The Netherlands 30,656 25.0 % 12.5 % 3,832 Other 8,331 10.1 % (2.4 )% (196 ) Taxable income $ 1,333,046 $ 1,083 Permanent differences (c) 7,596 Income from continuing operations before income tax $ 1,340,642 Year Ended December 31, 2018 Pre-tax income (loss) Local statutory tax rate (a) Variance to Irish statutory tax rate of 12.5% Tax variance as a result of global activities (b) Tax jurisdiction Ireland $ 1,163,574 12.5 % 0.0 % $ — United States (85 ) 22.0 % 9.5 % (8 ) The Netherlands 6,108 25.0 % 12.5 % 764 Other (10,977 ) 26.7 % 14.2 % (1,559 ) Taxable income $ 1,158,620 $ (803 ) Permanent differences (d) (7,687 ) Income from continuing operations before income tax $ 1,150,933 15. Income taxes (Continued) Year Ended December 31, 2017 Pre-tax income (loss) Local statutory tax rate (a) Variance to Irish statutory tax rate of 12.5% Tax variance as a result of global activities (b) Tax jurisdiction Ireland $ 1,212,029 12.5 % 0.0 % $ — United States 72,390 35.7 % 23.2 % 16,744 The Netherlands (61,086 ) 25.0 % 12.5 % (7,636 ) Isle of Man 185,882 0.0 % (12.5 )% (23,235 ) Other 9,138 19.3 % 6.8 % 624 Taxable income $ 1,418,353 $ (13,503 ) Permanent differences (e) (182,481 ) Income from continuing operations before income tax $ 1,235,872 (a) The local statutory income tax expense for our significant tax jurisdictions (Ireland, the United States and the Netherlands) does not differ from the actual income tax expense. (b) The tax variance as a result of global activities is primarily caused by our operations in countries with a higher or lower statutory tax rate than the statutory tax rate in Ireland. (c) The 2019 permanent differences included non-deductible interest, non-deductible share-based compensation in Ireland and in the Netherlands, and a valuation allowance change in respect of U.S., Dutch and Irish tax losses. (d) The 2018 permanent differences included non-deductible share-based compensation in Ireland and in the Netherlands, and a valuation allowance change in respect of U.S., Dutch and Irish tax losses. (e) The 2017 permanent differences included non-deductible share-based compensation in Ireland and in the Netherlands, impacts of the change in tax rate in the United States, and a valuation allowance change in respect of U.S., Dutch and Irish tax losses. 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 provide details regarding the principal components of our deferred income tax liabilities and assets by jurisdiction as of December 31, 2019 and 2018 : As of December 31, 2019 Ireland United States The Netherlands Other Total Depreciation/Impairment $ (1,924,492 ) $ (606 ) $ 6,873 $ (1,253 ) $ (1,919,478 ) Intangibles (4,594 ) (5,222 ) — — (9,816 ) Accrued maintenance liability (3,456 ) 1,666 — — (1,790 ) Obligations under capital leases and debt obligations (3,806 ) — — — (3,806 ) Investments — (7,996 ) — — (7,996 ) Deferred losses on sale of assets — 24,178 — — 24,178 Valuation allowance (5,654 ) (38,720 ) (16,025 ) (13,962 ) (74,361 ) Losses and credits forward 1,146,434 58,099 20,568 19,090 1,244,191 Other (58,691 ) (99 ) (1,773 ) (5,818 ) (66,381 ) Net deferred income tax (liabilities) assets $ (854,259 ) $ 31,300 $ 9,643 $ (1,943 ) $ (815,259 ) 15. Income taxes (Continued) As of December 31, 2018 Ireland United States The Netherlands Other Total Depreciation/Impairment $ (1,612,534 ) $ 254 $ 5,974 $ (887 ) $ (1,607,193 ) Intangibles (7,011 ) (6,108 ) — — (13,119 ) Accrued maintenance liability (3,242 ) 4,509 — — 1,267 Obligations under capital leases and debt obligations (4,255 ) — — — (4,255 ) Investments — (8,619 ) — — (8,619 ) Deferred losses on sale of assets — 28,770 — — 28,770 Valuation allowance (3,296 ) (57,145 ) (15,938 ) (15,919 ) (92,298 ) Losses and credits forward 996,676 62,351 28,770 23,018 1,110,815 Other (77,973 ) 502 (1,760 ) (2,454 ) (81,685 ) Net deferred income tax (liabilities) assets $ (711,635 ) $ 24,514 $ 17,046 $ 3,758 $ (666,317 ) The net deferred income tax liabilities as of December 31, 2019 of $815.3 million were recognized in our Consolidated Balance Sheet as deferred income tax assets of $95.1 million and as deferred income tax liabilities of $910.3 million . The net deferred income tax liabilities as of December 31, 2018 of $666.3 million were recognized in our Consolidated Balance Sheet as deferred income tax assets of $138.3 million and as deferred income tax liabilities of $804.6 million . The following table presents the movements in the valuation allowance for deferred income tax assets during the years ended December 31, 2019 and 2018 : Year Ended December 31, 2019 2018 Valuation allowance at beginning of period $ 92,298 $ 104,858 Decrease of allowance to income tax provision (17,937 ) (12,560 ) Valuation allowance at end of period $ 74,361 $ 92,298 As of December 31, 2019 and 2018 , we had $30.1 million and $29.8 million , respectively, of unrecognized tax benefits. Substantially all of the unrecognized tax benefits as of December 31, 2019 , if recognized, would affect our effective tax rate. Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next 12 months, based on the information currently available, we do not expect any change to be material to our consolidated financial condition. Our primary tax jurisdictions are Ireland, the United States and the Netherlands. Our tax returns are open for examination in Ireland from 2015 forward, in the United States from 2014 forward and in the Netherlands from 2014 forward. 15. Income taxes (Continued) Ireland Since 2006, the enacted Irish corporate income tax rate has been 12.5% . Some of our Irish tax-resident operating subsidiaries have significant loss carry forwards as of December 31, 2019 which give rise to deferred income tax assets. The availability of these loss carry forwards 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. Based on projected taxable profits in our Irish subsidiaries, we expect to recover the majority of the value of our Irish tax assets and have not recognized a valuation allowance against such assets, with the exception of $5.7 million , as of December 31, 2019 . United States Our U.S. subsidiaries are assessable to federal and state U.S. taxes. During 2019, we had two significant groups of U.S. companies that file consolidated returns. The blended federal and state tax rate applicable to our combined U.S. group was 21.0% for the year ended December 31, 2019 . In late 2015, we started a restructuring of our activities in the United States and based on this restructuring we did not expect to generate sufficient sources of taxable income to realize a portion of our deferred income tax asset in the United States. As a result, we recognized a partial valuation allowance in 2015. In late 2019, we further restructured our U.S. tax groups reducing to one significant U.S. consolidated filing group and this, combined with other activities, has led to a revised forecast of sources of taxable income. Based on this revised forecast we have partially released the valuation allowance that was recognized as part of the 2015 restructuring. Additionally, certain tax attributes are subject to annual limitations as a result of changes in ownership in 2015 as defined under Internal Revenue Code Section 382. Our U.S. federal net operating losses generated for tax years beginning before December 31, 2017, expire between 2026 and 2039 . Any U.S. federal net operating losses generated in tax years beginning after December 31, 2017 will have an unlimited carry forward period. The Netherlands The majority of our Dutch subsidiaries form one fiscal unity and are included in one consolidated tax filing. The current tax expense primarily arises due to the existence of interest bearing receivables. Deferred income tax is calculated using the Dutch corporate income tax rate, which will decrease from the current rate of 25.0% to 21.7% in 2021 and future years. In respect of the year ended December 31, 2019 , tax losses in the Netherlands can generally be carried back one year and carried forward six years before expiry. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases We lease office space in several locations globally under operating lease arrangements, and in limited instances may enter into finance leases for flight equipment. Our leases have remaining lease terms of up to 18 years , and in some cases we have options to extend the lease terms for up to ten years. Our finance lease arrangements may be terminated prior to their original expiration date at our discretion. As of December 31, 2019 , operating lease ROU assets net of lease incentives included in other assets were $43.7 million , and operating lease liabilities included in accounts payable, accrued expenses and other liabilities were $51.1 million . Finance lease liabilities included in debt were $136.2 million . As of December 31, 2019 , supplemental balance sheet information related to leases was as follows: Operating leases Finance leases Weighted average remaining lease term (years) 9.0 16.3 Weighted average discount rate 6.4 % 6.5 % As of December 31, 2019 , maturities of operating and finance lease liabilities were as follows: Operating leases Finance leases 2020 $ 9,113 $ 11,677 2021 8,337 11,677 2022 8,406 11,677 2023 8,468 11,677 2024 6,358 11,677 Thereafter 27,663 188,682 Total lease payments $ 68,345 $ 247,067 Less imputed interest (17,201 ) (110,839 ) Present value of lease liabilities $ 51,144 $ 136,228 As of December 31, 2018 , maturities of operating and finance lease liabilities were as follows: Operating leases Finance leases 2019 $ 9,181 $ 2,359 2020 9,305 2,515 2021 9,201 2,681 2022 9,262 2,857 2023 9,337 3,046 Thereafter 35,243 105,327 Total lease payments $ 81,529 $ 118,785 |
Leases | Leases We lease office space in several locations globally under operating lease arrangements, and in limited instances may enter into finance leases for flight equipment. Our leases have remaining lease terms of up to 18 years , and in some cases we have options to extend the lease terms for up to ten years. Our finance lease arrangements may be terminated prior to their original expiration date at our discretion. As of December 31, 2019 , operating lease ROU assets net of lease incentives included in other assets were $43.7 million , and operating lease liabilities included in accounts payable, accrued expenses and other liabilities were $51.1 million . Finance lease liabilities included in debt were $136.2 million . As of December 31, 2019 , supplemental balance sheet information related to leases was as follows: Operating leases Finance leases Weighted average remaining lease term (years) 9.0 16.3 Weighted average discount rate 6.4 % 6.5 % As of December 31, 2019 , maturities of operating and finance lease liabilities were as follows: Operating leases Finance leases 2020 $ 9,113 $ 11,677 2021 8,337 11,677 2022 8,406 11,677 2023 8,468 11,677 2024 6,358 11,677 Thereafter 27,663 188,682 Total lease payments $ 68,345 $ 247,067 Less imputed interest (17,201 ) (110,839 ) Present value of lease liabilities $ 51,144 $ 136,228 As of December 31, 2018 , maturities of operating and finance lease liabilities were as follows: Operating leases Finance leases 2019 $ 9,181 $ 2,359 2020 9,305 2,515 2021 9,201 2,681 2022 9,262 2,857 2023 9,337 3,046 Thereafter 35,243 105,327 Total lease payments $ 81,529 $ 118,785 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Equity | Equity The following table presents our share repurchase programs for the years ended December 31, 2019 and 2018 : Program approval date Program end date Authorized amount Program completion date February 2018 June 30, 2018 $ 200,000 May 14, 2018 April 2018 December 31, 2018 200,000 November 2, 2018 October 2018 March 31, 2019 200,000 January 9, 2019 December 2018 March 31, 2019 100,000 March 22, 2019 February 2019 September 30, 2019 200,000 July 22, 2019 June 2019 December 31, 2019 200,000 December 5, 2019 November 2019 June 30, 2020 200,000 Not yet completed In January 2020, our Board of Directors approved a share repurchase program authorizing total repurchases of up to $250 million of AerCap ordinary shares through June 30, 2020. See Note 30 — Subsequent events . During the year ended December 31, 2019 , we repurchased an aggregate of 11,950,824 of our ordinary shares under our share repurchase programs at an average price, including commissions, of $50.82 per ordinary share. Between January 1, 2020 and March 3, 2020 , we repurchased an aggregate of 1,659,269 of our ordinary shares under our share repurchase programs at an average price, including commissions, of $57.44 per ordinary share. During the year ended December 31, 2019 , our Board of Directors cancelled 10,000,000 ordinary shares which were acquired through the share repurchase programs in accordance with the authorizations obtained from the Company’s shareholders. In February 2020, we cancelled 3,000,000 ordinary shares, which were acquired through the share repurchase programs in accordance with the authorizations obtained from the Company’s shareholders. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-based compensation | Share-based compensation Under our equity incentive plans, we have granted restricted stock units and restricted stock and, previously, stock options to directors, officers and employees to attract and retain them on competitive terms, and to incentivize superior performance with a view to creating long-term value for the benefit of the Company, its shareholders and other stakeholders. AerCap equity grants In March 2012, we implemented an equity incentive plan (the “Equity Incentive Plan 2012”) which provides for the grant of equity awards to participants of the plan selected by the Nomination and Compensation Committee of our Board of Directors. The maximum number of equity awards available under the plan is equivalent to 8,064,081 ordinary shares. The Equity Incentive Plan 2012 is not open for equity awards to our directors. On May 14, 2014, we implemented an equity incentive plan (the “Equity Incentive Plan 2014”) which provides for the grant of equity awards to participants of the plan selected by the Nomination and Compensation Committee of our Board of Directors. The maximum number of equity awards available under the plan is equivalent to 4,500,000 ordinary shares. The Equity Incentive Plan 2014 is open for equity awards to our directors. The Equity Incentive Plan 2014 replaced an equity incentive plan that was implemented in October 2006 (the “Equity Incentive Plan 2006”). The Equity Incentive Plan 2014, Equity Incentive Plan 2012 and Equity Incentive Plan 2006 are collectively referred to herein as “AerCap Equity Plans.” Prior awards remain in effect pursuant to their terms and conditions. The terms and conditions of the Equity Incentive Plan 2006 and the Equity Incentive Plan 2014 are substantially the same. The terms and conditions, including the vesting conditions, of the equity awards granted under AerCap Equity Plans are determined by the Nomination and Compensation Committee and, for our directors, by the Board of Directors in line with the remuneration policies approved by the General Meeting of Shareholders. The vesting periods of the majority of equity awards range between three years and five years . Our long-term equity awards are subject to long-term performance vesting criteria, based on the Company’s U.S. GAAP EPS budget over the specified periods, 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 that are granted are dependent on the Company’s actual performance relative to the U.S. GAAP EPS budget and the respective officer’s personal performance during the financial year. All outstanding awards of restricted stock units are convertible into ordinary shares of the Company at a ratio of one -to-one, prior to deduction for payroll withholding taxes. Ordinary shares subject to outstanding equity awards, which are not issued or delivered by reason of, amongst others, the cancellation or forfeiture of such awards or the withholding of such ordinary shares to settle tax obligations, shall again be available under the AerCap Equity Plans. 18. Share-based compensation (Continued) The following table presents movements in the outstanding restricted stock units and restricted stock under the AerCap Equity Plans during the year ended December 31, 2019 : Year Ended December 31, 2019 Number of time-based restricted stock units and restricted stock Number of performance-based restricted stock units and restricted stock Weighted average grant date fair value of time-based grants ($) Weighted average grant date fair value of performance-based grants ($) Number at beginning of period 2,305,202 2,493,307 $ 48.72 $ 50.18 Granted (a) 413,289 378,557 54.20 53.44 Vested (b) (1,203,452 ) (382,237 ) 46.71 44.63 Forfeited (10,845 ) (3,491 ) 56.20 50.51 Number at end of period 1,504,194 2,486,136 $ 51.78 $ 51.53 (a) Includes 580,943 shares of restricted stock granted under the AerCap Equity Plans, of which 372,239 shares of restricted stock were issued with the remaining 208,704 ordinary shares being withheld and applied to pay the taxes involved. As part of the 208,704 ordinary shares withheld to pay for taxes, 89,299 ordinary shares were treated as granted and subsequently vested on the grant date under specific Irish tax legislation. As a result, we recognized an expense of $4.7 million on the grant dates associated with these ordinary shares. (b) 432,427 restricted stock units, which were previously granted under the AerCap Equity Plans, vested. In connection with the vesting of the restricted stock units, the Company issued, in full satisfaction of its obligations, 250,470 ordinary shares to the holders of these restricted stock units, with the remainder being withheld and applied to pay the taxes in respect of those awards. Restrictions on 1,006,177 shares of restricted stock ( 681,825 shares of restricted stock net of withholding for taxes) lapsed during the period. In addition, 89,299 ordinary shares were treated as granted and subsequently vested on the grant dates, as described in (a) above. During the year ended December 31, 2019 , 435,000 restricted stock units were converted to 435,000 shares of restricted stock, of which 162,806 shares were withheld and applied to pay the taxes involved. As part of the 162,806 shares withheld to pay for taxes, 57,786 were treated as converted and subsequently vested on the conversion date under specific Irish tax legislation. As a result, we recognized an expense of $3.0 million on the conversion dates associated with these shares. The amount of share-based compensation expense is determined by reference to the fair value of the restricted stock units or restricted stock on the grant date, based on the trading price of the Company’s shares on the grant date and reflective of the probability of vesting. All outstanding options have been fully expensed. The following table presents our expected share-based compensation expense based on existing grants, assuming that the established performance criteria are met and that no forfeitures occur: Expected share-based compensation expense (U.S. Dollars in millions) 2020 $ 57.1 2021 35.3 2022 16.9 2023 3.2 2024 0.5 |
Geographic information
Geographic information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Geographic information | Geographic information The following table presents the percentage of lease revenue attributable to individual countries representing at least 10% of our total lease revenue in any year presented, based on each lessee’s principal place of business, for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Amount % Amount % Amount % China (a) $ 874,145 18.7 % $ 639,316 14.1 % $ 648,343 13.8 % United States 511,676 10.9 % 528,687 11.6 % 568,999 12.1 % Other countries (b) 3,296,445 70.4 % 3,369,090 74.3 % 3,496,460 74.1 % Total $ 4,682,266 100.0 % $ 4,537,093 100.0 % $ 4,713,802 100.0 % (a) Includes mainland China, Hong Kong and Macau. (b) No individual country within this category including Ireland, where our headquarters is located, accounts for more than 10% of our lease revenue. The following table presents the percentage of long-lived assets, including flight equipment held for operating leases, flight equipment held for sale, net investment in finance and sales-type leases and maintenance rights assets, attributable to individual countries representing at least 10% of our total long-lived assets in any year presented, based on each lessee’s principal place of business, as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Amount % Amount % China (a) $ 7,965,456 21.0 % $ 7,639,347 20.5 % United States 4,395,161 11.6 % 4,381,348 11.8 % Other countries (b) 25,609,668 67.4 % 25,234,447 67.7 % Total $ 37,970,285 100.0 % $ 37,255,142 100.0 % (a) Includes mainland China, Hong Kong and Macau. (b) No individual country within this category including Ireland, where our headquarters is located, accounts for more than 10% of our long-lived assets. During the years ended December 31, 2019 , 2018 and 2017 , we had no lessees that represented more than 10% of total lease revenue. |
Selling, general and administra
Selling, general and administrative expenses | 12 Months Ended |
Dec. 31, 2019 | |
Selling, General and Administrative Expense [Abstract] | |
Selling, general and administrative expenses | Selling, general and administrative expenses Selling, general and administrative expenses consisted of the following for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Personnel expenses $ 122,453 $ 132,694 $ 156,726 Share-based compensation 69,410 95,176 107,719 Professional services 24,287 24,264 28,585 Travel expenses 17,604 21,790 19,774 Office expenses 14,095 14,784 16,105 Directors’ expenses 3,042 3,169 3,345 Other expenses 16,567 13,349 16,037 $ 267,458 $ 305,226 $ 348,291 |
Other income
Other income | 12 Months Ended |
Dec. 31, 2019 | |
Component of Operating Income [Abstract] | |
Other income | Other income Other income consisted of the following for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Management fees $ 12,445 $ 14,539 $ 13,426 Interest and other income 53,794 47,025 81,172 $ 66,239 $ 61,564 $ 94,598 |
Lease revenue
Lease revenue | 12 Months Ended |
Dec. 31, 2019 | |
Lease Revenue [Abstract] | |
Lease revenue | Lease revenue Our current operating lease agreements expire up to and over the next 15 years . The contracted minimum future lease payments receivable from lessees for flight equipment on non-cancelable operating leases for our owned aircraft and engines as of December 31, 2019 were as follows: Contracted minimum future lease payments receivable 2020 $ 4,106,827 2021 3,870,189 2022 3,615,500 2023 3,348,230 2024 3,016,714 Thereafter 10,848,862 $ 28,806,322 |
Asset impairment
Asset impairment | 12 Months Ended |
Dec. 31, 2019 | |
Asset Impairment Charges [Abstract] | |
Asset impairment | Asset impairment Asset impairment consisted of the following for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Flight equipment held for operating leases (Note 5) $ 69,383 $ 39,318 $ 54,331 Flight equipment held for sale 766 4,868 6,955 $ 70,149 $ 44,186 $ 61,286 During the years ended December 31, 2019 , 2018 and 2017 , we recognized impairment charges related to sales transactions and lease terminations, which were fully or partially offset by maintenance revenue recognized when we retained maintenance-related balances or received EOL compensation. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share Basic EPS is calculated by dividing net income by the weighted average number of our ordinary shares outstanding, which excludes 2,354,318 , 2,429,442 and 3,007,752 shares of unvested restricted stock as of December 31, 2019 , 2018 and 2017 , respectively. For the calculation of diluted EPS, the weighted average of our ordinary shares outstanding for basic EPS is adjusted by the effect of dilutive securities provided under our equity compensation plans. The number of ordinary shares excluded from diluted shares outstanding was 163,067 , 90,929 and 509,677 for the years ended December 31, 2019 , 2018 and 2017 , respectively, because the effect of including those shares in the calculation would have been anti-dilutive. The computations of basic and diluted EPS for the years ended December 31, 2019 , 2018 and 2017 were as follows: Year Ended December 31, 2019 2018 2017 Net income for the computation of basic EPS $ 1,145,694 $ 1,015,632 $ 1,076,151 Weighted average ordinary shares outstanding—basic 134,570,169 145,162,220 161,059,552 Basic EPS $ 8.51 $ 7.00 $ 6.68 Year Ended December 31, 2019 2018 2017 Net income for the computation of diluted EPS $ 1,145,694 $ 1,015,632 $ 1,076,151 Weighted average ordinary shares outstanding—diluted 135,898,139 148,706,266 167,287,508 Diluted EPS $ 8.43 $ 6.83 $ 6.43 The computations of ordinary shares outstanding, excluding shares of unvested restricted stock, as of December 31, 2019 , 2018 and 2017 were as follows: As of December 31, 2019 2018 2017 Number of ordinary shares Ordinary shares issued 141,847,345 151,847,345 167,847,345 Treasury shares (10,263,856 ) (9,172,681 ) (14,855,244 ) Ordinary shares outstanding 131,583,489 142,674,664 152,992,101 Shares of unvested restricted stock (2,354,318 ) (2,429,442 ) (3,007,752 ) Ordinary shares outstanding, excluding shares of unvested restricted stock 129,229,171 140,245,222 149,984,349 |
Variable interest entities
Variable interest entities | 12 Months Ended |
Dec. 31, 2019 | |
Variable Interest Entities [Abstract] | |
Variable interest entities | Variable interest entities We use many forms of entities to achieve our leasing and financing business objectives and we have participated to varying degrees in the design and formation of these entities. Our involvement in VIE s varies and includes being a passive investor in the VIE with involvement from other parties, managing and structuring all the VIE ’s activities, or being the sole shareholder of the VIE . During the year ended December 31, 2019 , we did not provide any financial support to any of our VIE s that we were not contractually obligated to provide. Consolidated VIEs As of December 31, 2019 and 2018 , substantially all assets and liabilities presented in our Consolidated Balance Sheets were held in consolidated VIE s. The assets of our consolidated VIE s that can only be used to settle obligations of these entities, and the liabilities of these VIE s for which creditors do not have recourse to our general credit, are disclosed in our Consolidated Balance Sheets under Supplemental balance sheet information. Further details of debt held by our consolidated VIE s are disclosed in Note 14 — Debt . Wholly-owned ECA and Ex-Im financing vehicles We have created certain wholly-owned subsidiaries for the purpose of purchasing aircraft and obtaining financing secured by such aircraft. The secured debt is guaranteed by the European ECAs and the Export-Import Bank of the United States. These entities meet the definition of a VIE because they do not have sufficient equity to operate without subordinated financial support from us in the form of intercompany notes. We have determined that we are the PB of these entities because we control and manage all aspects of these entities, including directing the activities that most significantly affect the entities’ economic performance, we absorb the majority of the risks and rewards of these entities and we guarantee the activities of these entities. Other secured financings We have created a number of wholly-owned subsidiaries for the purpose of obtaining secured financings. These entities meet the definition of a VIE because they do not have sufficient equity to operate without subordinated financial support from us in the form of intercompany notes. We have determined that we are the PB of these entities because we control and manage all aspects of these entities, including directing the activities that most significantly affect the entities’ economic performance, we absorb the majority of the risks and rewards of these entities and we guarantee the activities of these entities. Wholly-owned leasing entities We have created wholly-owned subsidiaries for the purpose of facilitating aircraft leases with airlines. These entities meet the definition of a VIE because they do not have sufficient equity to operate without subordinated financial support from us in the form of intercompany notes, which serve as equity. We have determined that we are the PB of these entities because we control and manage all aspects of these entities, including directing the activities that most significantly affect the entities’ economic performance, we absorb the majority of the risks and rewards of these entities and we guarantee the activities of these entities. Limited recourse financing structures We have established entities to obtain secured financings for the purchase of aircraft in which we have variable interests. These entities meet the definition of a VIE because they do not have sufficient equity to operate without subordinated financial support from us in the form of intercompany notes. The loans of these entities are non-recourse to us except under limited circumstances. We have determined that we are the PB of these entities because we control and manage all aspects of these entities, including directing the activities that most significantly affect the entities’ economic performance, and we absorb the majority of the risks and rewards of these entities. 25. Variable interest entities (Continued) AerCap Partners I AerCap Partners I Holding Limited (“AerCap Partners I”) is a 50% - 50% joint venture owned by us and Deucalion Aviation Funds. We provide lease management, insurance management and aircraft asset management services to AerCap Partners I for a fee. We have determined that we are the PB of the entity because we direct the activities that most significantly affect the economic performance of the entity and we absorb a significant portion of the risks and rewards of the entity. As of December 31, 2019 , AerCap Partners I had a portfolio consisting of two Boeing 737NG aircraft. As of December 31, 2019 , AerCap Partners I had $62.4 million of subordinated debt outstanding, consisting of $31.2 million from us and $31.2 million from our joint venture partner. The AerCap Partners I senior debt facility was repaid in full in April 2019. AerCap Partners 767 AerCap Partners 767 Limited (“AerCap Partners 767”) is a 50% - 50% joint venture owned by us and Deucalion Aviation Funds. We provide lease management, insurance management and aircraft asset management services to AerCap Partners 767 for a fee. We have determined that we are the PB of the entity because we direct the activities that most significantly affect the economic performance of the entity and we absorb a significant portion of the risks and rewards of the entity. As of December 31, 2019 , AerCap Partners 767 had a portfolio consisting of two Boeing 767-300ER aircraft. As of December 31, 2019 , AerCap Partners 767 had $32.6 million of subordinated debt outstanding, consisting of $16.3 million from us and $16.3 million from our joint venture partner. The AerCap Partners 767 senior debt facility was repaid in full in April 2019. AerFunding We hold a 5% equity investment and 100% of the subordinated fixed rate deferrable interest asset-backed notes (“AerFunding Class E-1 Notes”) in AerFunding. We provide lease management, insurance management and aircraft asset management services to AerFunding for a fee. We have determined that we are the PB of the entity because we direct the activities that most significantly affect the economic performance of the entity and we absorb the majority of the risks and rewards of the entity. As of December 31, 2019 , AerFunding had a portfolio consisting of one Airbus A320 Family aircraft, two Airbus A320neo Family aircraft, two Airbus A350 aircraft, six Boeing 737NG aircraft and five Boeing 787 aircraft. As of December 31, 2019 , AerFunding had $875.1 million outstanding under a secured revolving credit facility and $301.0 million of AerFunding Class E-1 Notes outstanding due to us. Non-consolidated VIEs The following table presents our maximum exposure to loss in non-consolidated VIE s as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Carrying value of debt and equity investments $ 123,279 $ 132,113 Debt guarantees 68,901 88,313 Maximum exposure to loss $ 192,180 $ 220,426 The maximum exposure to loss represents the amount that would be absorbed by us in the event that all of our assets held in the VIE s, for which we are not the PB, had no value and outstanding debt guarantees were called upon in full. 25. Variable interest entities (Continued) AerDragon AerDragon is a joint venture with 50% owned by China Aviation Supplies Holding Company and the other 50% owned in equal parts by us, affiliates of Crédit Agricole Corporate and Investment Bank, and East Epoch Limited. This joint venture enhances our presence in the Chinese market and our ability to lease our aircraft and engines throughout the entire Asia/Pacific region. We provide accounting related services to AerDragon. As of December 31, 2019 , AerDragon owned 28 aircraft. We have determined that AerDragon is a VIE in which we do not have control and are not the PB. We do have significant influence and, accordingly, we account for our investment in AerDragon under the equity method of accounting. AerLift AerLift is a joint venture in which we have a 39% interest. We provide asset and lease management, insurance management and cash management services to AerLift for a fee. As of December 31, 2019 and 2018 , we guaranteed debt of $68.9 million and $88.3 million , respectively, for AerLift. Other than the debt for which we act as a guarantor, the debt obligations of AerLift are non-recourse to us. As of December 31, 2019 , AerLift owned four aircraft. We have determined that AerLift is a VIE in which we do not have control and are not the PB. We do have significant influence and, accordingly, we account for our investment in AerLift under the equity method of accounting. ACSAL In June 2013, we completed a transaction under which we sold eight Boeing 737NG aircraft to ACSAL, an affiliate of Guggenheim, in exchange for cash, and we made a capital contribution to ACSAL in exchange for 19% of its equity. We provide aircraft asset and lease management services to ACSAL for a fee. As of December 31, 2019 , ACSAL owned eight aircraft. We have determined that ACSAL is a VIE in which we do not have control and are not the PB. We do have significant influence and, accordingly, we account for our investment in ACSAL under the equity method of accounting . Peregrine In December 2017, we invested in Peregrine, a vehicle established by NCB Capital for the purpose of acquiring a portfolio of aircraft from us. We have a 9.5% investment in Peregrine , and provide asset and lease management, insurance management, accounting and cash management services to Peregrine for a fee. As of December 31, 2019 , Peregrine owned 21 aircraft. We have determined that Peregrine is a VIE in which we do not have control and are not the PB. We account for our equity investment in Peregrine under the cost method of accounting. Other variable interest entities We have variable interests in other entities in which we have determined we are not the PB because we do not have the power to direct the activities that most significantly affect the entities’ economic performance. Our variable interest in these entities consists of aircraft management servicing fees. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions The following table presents amounts received from related parties for management fees and dividends for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Management fees Dividends Management fees Dividends Management fees Dividends AerDragon $ 675 $ 1,667 $ 497 $ 1,667 $ 507 $ 3,333 ACSAL 480 1,088 480 1,119 480 1,949 AerLift 1,360 393 1,677 394 1,808 3,023 $ 2,515 $ 3,148 $ 2,654 $ 3,180 $ 2,795 $ 8,305 AerCap Partners I During the year ended December 31, 2019 , we sold four aircraft to a subsidiary of our joint venture partner in AerCap Partners I. Purchase of shares During the year ended December 31, 2019 , a member of senior management sold 39,600 ordinary shares to the Company at fair value on the date of the sale for an aggregate sale price of $1.8 million . The proceeds were used to pay taxes in 2019 in connection with his share awards. Waha Capital PJSC transaction During the year ended December 31, 2019 , we repurchased 2,427,790 AerCap ordinary shares from Waha Capital PJSC on the date of the sale for an aggregate sale price of $144.8 million . As of December 31, 2019 , Waha Capital PJSC is no longer a shareholder of AerCap. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies Aircraft on order As of December 31, 2019 , we had commitments to purchase 299 new aircraft. Subsequent to December 31, 2019, we exercised an option to purchase an additional 50 Airbus A320 Family aircraft. These commitments are based upon purchase agreements with Boeing, Airbus and Embraer. These agreements establish the pricing formulas (including adjustments for certain contractual escalation provisions) and various other terms with respect to the purchase of aircraft. Under certain circumstances, we have the right to alter the mix of aircraft types ultimately acquired. As of December 31, 2019 , we had made non-refundable deposits on these purchase commitments (exclusive of capitalized interest and fair value adjustments) of approximately $2.5 billion . A portion of the aggregate purchase price for the acquisition of aircraft will be funded by incurring additional debt. The amount of the indebtedness to be incurred will depend on the final purchase price of the aircraft, which can vary due to a number of factors, including inflation. Movements in prepayments on flight equipment during the years ended December 31, 2019 and 2018 were as follows: Year Ended December 31, 2019 2018 Prepayments on flight equipment at beginning of period $ 3,024,520 $ 2,930,303 Prepayments made during the period 1,329,110 1,811,917 Interest paid and capitalized during the period 97,327 101,755 Prepayments and capitalized interest applied to the purchase of flight equipment (1,496,479 ) (1,819,455 ) Prepayments on flight equipment at end of period $ 2,954,478 $ 3,024,520 The following table presents our contractual commitments for the purchase of flight equipment as of December 31, 2019 , as adjusted to reflect the developments described in footnotes (a) and (b) below: 2020 2021 2022 2023 2024 Thereafter Total Purchase obligations (a) (b) $ 3,470,502 $ 4,351,839 $ 2,992,145 $ 2,651,197 $ 1,807,081 $ 1,270,782 $ 16,543,546 (a) As of December 31, 2019, we had commitments to purchase 297 aircraft and two purchase and leaseback transactions. In February 2020, we exercised an option to purchase an additional 50 Airbus A320neo Family aircraft from Airbus, with deliveries beginning in 2024. These commitments are included in the table above. The timing of payments is based on our estimates of expected delivery dates. (b) In February 2020, we entered into an agreement with Boeing to reschedule the delivery positions of a portion of our Boeing 737 MAX aircraft on order to later dates. These revised delivery positions are reflected in the table above. The delivery positions of our Boeing 737 MAX aircraft are based on our best estimates and incorporate the information currently available to us. Our estimates may be different from the actual delivery dates, and will depend on when the Boeing 737 MAX returns to service and the speed at which Boeing is able to deliver our aircraft on order to us. 27. Commitments and contingencies (Continued) Legal proceedings General In the ordinary course of our business, we are a party to various legal actions, which we believe are incidental to the operations of our business. The Company regularly reviews the possible outcome of such legal actions, and accrues for such legal actions at the time a loss is probable and the amount of the loss can be estimated. In addition, the Company also reviews indemnities and insurance coverage, where applicable. Based on information currently available, we believe the potential outcome of those cases where we are able to estimate reasonably possible losses, and our estimate of the reasonably possible losses exceeding amounts already recognized, on an aggregated basis, is immaterial to our Consolidated Financial Statements. 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 Appellate Court of the State of São Paulo (“TJSP”) 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 Appellate 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. On April 4, 2018, the Federal Supreme Court declined to accept our extraordinary appeal for trial. We appealed this decision on April 25, 2018. On February 23, 2006, VASP commenced a procedure to calculate its alleged damages and since then we, VASP and the court have appointed experts to assist the court in calculating damages. Our appointed expert has concluded that no damages were incurred. The VASP-appointed expert has concluded that substantial damages were incurred, and has claimed that such damages should reflect monetary adjustments and default interest for the passage of time. The court-appointed expert has also concluded that no damages were incurred. Different public prosecutors have issued conflicting opinions. The first public prosecutor had filed an opinion that supports the view of the VASP-appointed expert. In response to that opinion, the court-appointed expert reaffirmed his conclusion. A subsequently-appointed public prosecutor subsequently filed a new opinion that is less supportive of the VASP-appointed expert’s opinion, but the original public prosecutor then issued a third opinion consistent with the first one. On October 30, 2017, the court decided that VASP had suffered no damages. On April 20, 2018, VASP appealed this decision. We believe, however, and we have been advised, that it is not probable that VASP will ultimately be able to recover damages from us even if VASP prevails on the issue of liability. The outcome of the legal process is, however, uncertain. The ultimate amount of damages, if any, payable to VASP cannot reasonably be estimated at this time. We continue to actively pursue all courses of action that may reasonably be available to us and intend to defend our position vigorously. 27. Commitments and contingencies (Continued) 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 filed applications challenging the jurisdiction of the English court, and sought to adjourn the 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 million in damages plus accrued interest. We subsequently applied to the STJ for an order ratifying the English judgment, so that it might be submitted in the VASP bankruptcy. The STJ granted AerCap’s application and entered an order ratifying the English judgment. Although VASP appealed that order, it is fully effective pending a resolution of VASP’s appeal of the order ratifying the English judgment. In addition to our claim in the English courts, AerCap has also brought actions 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 went forward. Upon VASP’s failure to appear, the High Court entered default judgment in favor of AerCap, finding VASP liable for breach of its obligations under the leases. On October 24, 2014, the High Court entered two judgments in favor of AerCap, awarding us aggregate damages in the amount of approximately $36.9 million . We subsequently applied to the STJ for an order ratifying the Irish judgments, so that they might be submitted in the VASP bankruptcy. The STJ granted AerCap’s application and ratified the Irish judgments. AerCap has submitted both the Irish and the English judgments in the VASP bankruptcy. The bankruptcy court has required that the claims submitted limit interest on the judgments to that accrued on or before the commencement of VASP’s bankruptcy, which has resulted in claims of approximately $40 million for the English judgments and approximately $24 million for the Irish judgments. 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. 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 (the “Transbrasil Lawsuit”), 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) as well as 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. 27. Commitments and contingencies (Continued) 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 Transbrasil’s 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 their defense of Transbrasil’s 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. In February 2014, Transbrasil appealed the STJ’s ruling of October 2013 to another panel of the STJ. The appellate panel rejected Transbrasil’s appeal in November 2016, preserving the October 2013 order. All appeals in respect of the Transbrasil Lawsuit have now concluded. In light of the STJ’s ruling of October 2013, the trial court has ordered the dismissal of two of Transbrasil’s Provisional Enforcement Actions—those seeking statutory penalties and attorneys’ fees. The TJSP has since affirmed the dismissals of those actions and Transbrasil has appealed that order. Transbrasil’s Provisional Enforcement Action with respect to the Indemnity Claim remains pending. Yemen Airways-Yemenia litigation ILFC is named in a lawsuit in connection with the 2009 crash of an Airbus A310-300 aircraft owned by ILFC and on lease to Yemen Airways-Yemenia, a Yemeni carrier (“Hassanati Action”). The Hassanati plaintiffs are families of deceased occupants of the flight and seek unspecified damages for wrongful death, costs, and fees. The Hassanati Action commenced in January 2011 and was pending in the United States District Court for the Central District of California. On February 18, 2014, the district court granted summary judgment in ILFC’s favor and dismissed all of the Hassanati plaintiffs’ remaining claims. The Hassanati plaintiffs appealed. On March 22, 2016, the appellate court rejected the appeal. On April 22, 2016, the Hassanati plaintiffs refiled their action at the trial court. The trial court granted ILFC’s motion to dismiss the Hassanati plaintiffs’ second complaint on November 22, 2016, and entered judgment in favor of ILFC. The Hassanati plaintiffs appealed and the appellate court rejected their appeal on September 17, 2018. On August 29, 2014, a new group of plaintiffs filed a lawsuit against ILFC in the United States District Court for the Central District of California (the “Abdallah Action”). The Abdallah Action claims unspecified damages from ILFC on the same theory as does the Hassanati Action. On June 30, 2017, the parties to the Abdallah action executed a Master Settlement Agreement setting forth terms on which Yemenia’s insurance carrier proposes to settle the case with each claimant family. Upon the claimant families’ execution of individual release and discharge agreements and upon ILFC’s and Yemenia’s confirmation of a sufficient number of participating claimants, the claims by such participating claimants against ILFC and Yemenia in the Abdallah Action will be dismissed in exchange for payment from Yemenia’s insurance carrier. We believe that ILFC has substantial defenses on the merits and is adequately covered by available liability insurance in respect of both the Hassanati Action and the Abdallah Action. |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair value measurements 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 our 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 primarily based on management’s own estimates and are calculated based upon 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. The degree of judgment used in measuring the fair value of a financial and non-financial asset or liability generally correlates with the level of pricing observability. We classify our fair value measurements based on the observability and significance of the inputs used in making the measurement, as provided below: 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 our own assumptions about market risk developed based on the best information available, subject to cost benefit analysis. Inputs may include our own data. Fair value measurements are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Assets and liabilities measured at fair value on a recurring basis As of December 31, 2019 and 2018 , our derivative portfolio consisted of interest rate swaps and caps. The fair value of derivatives is based on dealer quotes for identical instruments. We have also considered the credit rating and risk of the counterparty of the derivative contract based on quantitative and qualitative factors. As such, the valuation of these instruments was classified as Level 2. The following tables present our financial assets and liabilities that we measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2019 and 2018 : December 31, 2019 Total Level 1 Level 2 Level 3 Assets Derivative assets $ 11,664 $ — $ 11,664 $ — Liabilities Derivative liabilities $ 97,066 $ — $ 97,066 $ — December 31, 2018 Total Level 1 Level 2 Level 3 Assets Derivative assets $ 69,105 $ — $ 69,105 $ — Liabilities Derivative liabilities $ 29,321 $ — $ 29,321 $ — 28. Fair value measurements (Continued) Assets and liabilities measured at fair value on a non-recurring basis We measure the fair value of certain definite-lived intangible assets and our flight equipment on a non-recurring basis, when U.S. GAAP requires the application of fair value, including when events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. Management develops the assumptions used in the fair value measurements. Therefore, the fair value measurements of definite-lived intangible assets and flight equipment are classified as Level 3 valuations. Definite-lived intangible assets We use the income approach to measure the fair value of definite-lived intangible assets, which is based on the present value of estimated future cash flows to be generated from the asset. Flight equipment Inputs to non-recurring fair value measurements categorized as Level 3 We use the income approach to measure the fair value of flight equipment, which is based on the present value of estimated future cash flows. Key inputs to the income statement approach include the discount rate, current contractual lease cash flows, projected future non-contractual lease or sale cash flows, extended to the end of the aircraft’s estimated holding period in its highest and best use, and a contractual or estimated disposition value. The current contractual lease cash flows are based on the in-force lease rates. The projected future non-contractual lease cash flows are estimated based on the aircraft type, age, and the airframe and engine configuration of the aircraft. The projected non-contractual lease cash flows are applied to follow-on lease terms, which are estimated based on the age of the aircraft at the time of re-lease and are assumed through the estimated holding period of the aircraft. The estimated holding period is the period over which future cash flows are assumed to be generated. Shorter holding periods can result when a potential sale or future part-out of an individual aircraft has been contracted for, or is likely. In instances of a potential sale or part-out, the holding period is based on the estimated sale or part-out date. The disposition value is generally estimated based on aircraft type. In situations where the aircraft will be disposed of, the disposition value assumed is based on an estimated part-out value or the contracted sale price. The estimated future cash flows, as described above, are then discounted to present value. The discount rate used is based on the aircraft type and incorporates assumptions market participants would use regarding the likely debt and equity financing components, and the required returns of those financing components. Sensitivity to changes in unobservable inputs When estimating the fair value measurement of flight equipment, we consider the effect of a change in a particular assumption independently of changes in any other assumptions. In practice, simultaneous changes in assumptions may not always have a linear effect on inputs. The significant unobservable inputs utilized in the fair value measurement of flight equipment are the discount rate, the remaining estimated holding period and the non-contractual cash flows. The discount rate is affected by movements in the aircraft funding markets, including fluctuations in required rates of return in debt and equity, and loan to value ratios. The remaining estimated holding period and non-contractual cash flows represent management’s estimate of the remaining service period of an aircraft and the estimated non-contractual cash flows over the remaining life of the aircraft. An increase in the discount rate would decrease the fair value measurement of the aircraft, while an increase in the remaining estimated holding period or the estimated non-contractual cash flows would increase the fair value measurement of the aircraft. 28. Fair value measurements (Continued) Fair value disclosures of financial instruments The fair value of restricted cash and cash and cash equivalents approximates their carrying value because of their short-term nature (Level 1). The fair value of our long-term unsecured debt is estimated using quoted market prices for similar or identical instruments, depending on the frequency and volume of activity in the market. The fair value of our long-term secured debt is estimated using a discounted cash flow analysis based on current market interest rates and spreads for debt with similar characteristics (Level 2). Derivatives are recognized in our Consolidated Balance Sheets at their fair value. The fair value of derivatives is based on dealer quotes for identical instruments. We have also considered the credit rating and risk of the counterparties of the derivative contracts based on quantitative and qualitative factors (Level 2). All of our financial instruments are measured at amortized cost, other than derivatives which are measured at fair value on a recurring basis. The carrying amounts and fair values of our most significant financial instruments as of December 31, 2019 and 2018 were as follows: December 31, 2019 Carrying value Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 1,121,396 $ 1,121,396 $ 1,121,396 $ — $ — Restricted cash 178,951 178,951 178,951 — — Derivative assets 11,664 11,664 — 11,664 — $ 1,312,011 $ 1,312,011 $ 1,300,347 $ 11,664 $ — Liabilities Debt $ 29,624,266 (a) $ 30,219,588 $ — $ 30,219,588 $ — Derivative liabilities 97,066 97,066 — 97,066 — $ 29,721,332 $ 30,316,654 $ — $ 30,316,654 $ — (a) Excludes debt issuance costs, debt discounts and debt premium. December 31, 2018 Carrying value Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 1,204,018 $ 1,204,018 $ 1,204,018 $ — $ — Restricted cash 211,017 211,017 211,017 — — Derivative assets 69,105 69,105 — 69,105 — $ 1,484,140 $ 1,484,140 $ 1,415,035 $ 69,105 $ — Liabilities Debt $ 29,668,203 (a) $ 29,031,153 $ — $ 29,031,153 $ — Derivative liabilities 29,321 29,321 — 29,321 — $ 29,697,524 $ 29,060,474 $ — $ 29,060,474 $ — (a) Excludes debt issuance costs, debt discounts and debt premium. |
Supplemental guarantor financia
Supplemental guarantor financial information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Supplemental guarantor financial information | Supplemental guarantor financial information The following supplemental financial information is presented to comply with Rule 3-10 of Regulation S-X. AGAT/AICDC Notes From time to time since the completion of the ILFC Transaction, AerCap Trust and AICDC have co-issued additional senior unsecured notes (the “AGAT/AICDC Notes”). The proceeds from these offerings have been used for general corporate purposes. Please refer to Note 14 — Debt for further details on the AGAT/AICDC Notes. The AGAT/AICDC Notes are jointly and severally and fully and unconditionally guaranteed by AerCap Holdings N.V. (the “Parent Guarantor”) and by AerCap Ireland, AerCap Aviation Solutions B.V., ILFC and AerCap U.S. Global Aviation LLC (together, the “Subsidiary Guarantors”). The following condensed consolidating financial information presents the Condensed Consolidating Balance Sheets as of December 31, 2019 and 2018 and the Condensed Consolidating Income Statements, Condensed Consolidating Statements of Cash Flows and Condensed Consolidating Statements of Comprehensive Income for the years ended December 31, 2019 , 2018 and 2017 of (i) the Parent Guarantor; (ii) AerCap Trust; (iii) AICDC; (iv) the Subsidiary Guarantors on a combined basis; (v) the non-guarantor subsidiaries on a combined basis; (vi) elimination entries necessary to consolidate the Parent Guarantor with AerCap Trust and AICDC, 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, AICDC and the Subsidiary Guarantors have not been provided, as AerCap Trust, AICDC and the Subsidiary Guarantors are 100%-owned by the Parent Guarantor, all guarantees of the AGAT/AICDC 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. Junior Subordinated Notes In October 2019, AerCap Holdings N.V. issued $750.0 million aggregate principal amount of 5.875% fixed-rate reset junior subordinated notes due 2079 (the “Junior Subordinated Notes”). The Junior Subordinated Notes are jointly and severally and fully and unconditionally guaranteed by AerCap Trust, AICDC, AerCap Ireland Limited, AerCap Aviation Solutions B.V., ILFC and AerCap U.S. Global Aviation LLC (together, the “Junior Subordinated Guarantors”). Condensed consolidating financial information for each of AerCap Trust and AICDC are presented below on a stand-alone basis (before elimination of intercompany transactions and balances). The non-guarantor financial information set forth below accurately represents the condensed consolidating financial information with respect to the subsidiaries of AerCap Holdings N.V. that do not guarantee the Junior Subordinated Notes. In accordance with Rule 3-10 of Regulation S-X, separate financial statements and other disclosures with respect to the Junior Subordinated Guarantors have not been provided, as the Junior Subordinated Guarantors are 100%-owned by AerCap Holdings N.V., all guarantees of the Junior Subordinated Notes are joint and several and full and unconditional and AerCap Holdings N.V.’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. Recent accounting standards adopted during 2019: Lease accounting In February 2016, the FASB issued an accounting standard, ASC 842, Leases, that requires lessees to recognize lease-related assets and liabilities on the balance sheet. We adopted the new standard on its required effective date of January 1, 2019 (refer to Note 3 - Summary of significant accounting policies ”) . We periodically enter into intercompany lease agreements whereby a 100%-owned AerCap legal entity is both a lessor and a lessee of the aircraft asset. As a lessee of the aircraft, the entity is subject to the ASC 842 requirements. Although these leases are eliminated upon consolidation, they are presented discretely within the supplemental guarantor Condensed Consolidating Balance Sheets. As of December 31, 2019, operating lease ROU assets and liabilities are included in other assets and other liabilities, respectively, in our Condensed Consolidating Balance Sheets. Operating lease-related assets and liabilities in AerCap Trust, AICDC, the Subsidiary Guarantors and the non-guarantor subsidiaries totaled $1.3 billion as of December 31, 2019. Condensed Consolidating Balance Sheet December 31, 2019 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Assets Cash and cash equivalents $ 3 $ 154 $ 10 $ 823 $ 131 $ — $ 1,121 Restricted cash — — — 1 178 — 179 Flight equipment held for operating leases, net — 8,874 — 3,500 23,497 — 35,871 Maintenance rights and lease premium, net — 415 — 38 356 — 809 Flight equipment held for sale — 68 — 22 247 — 337 Net investment in finance and sales-type leases — 462 — 62 488 — 1,012 Prepayments on flight equipment — 983 — 3 1,968 — 2,954 Investments including investments in subsidiaries 11,557 1,405 9,320 6,701 123 (28,983 ) 123 Intercompany receivables 182 17,759 64 11,014 4,510 (33,529 ) — Other assets 79 523 133 1,247 707 (1,346 ) 1,343 Total Assets $ 11,821 $ 30,643 $ 9,527 $ 23,411 $ 32,205 $ (63,858 ) $ 43,749 Liabilities and Equity Debt $ 740 $ 16,943 $ 1,505 $ — $ 10,298 $ — $ 29,486 Intercompany payables 1,748 2,544 4,133 9,989 15,144 (33,558 ) — Other liabilities 18 1,817 2 1,710 2,651 (1,317 ) 4,881 Total liabilities 2,506 21,304 5,640 11,699 28,093 (34,875 ) 34,367 Total AerCap Holdings N.V. shareholders’ equity 9,315 9,339 3,887 11,634 4,123 (28,983 ) 9,315 Non-controlling interest — — — 78 (11 ) — 67 Total Equity 9,315 9,339 3,887 11,712 4,112 (28,983 ) 9,382 Total Liabilities and Equity $ 11,821 $ 30,643 $ 9,527 $ 23,411 $ 32,205 $ (63,858 ) $ 43,749 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. Condensed Consolidating Balance Sheet December 31, 2018 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Assets Cash and cash equivalents $ 3 $ 318 $ 6 $ 737 $ 140 $ — $ 1,204 Restricted cash — — — 1 210 — 211 Flight equipment held for operating leases, net — 9,455 — 3,317 22,280 — 35,052 Maintenance rights and lease premium, net — 569 — 58 486 — 1,113 Flight equipment held for sale — 26 — — 158 — 184 Net investment in finance and sales-type leases — 494 — 63 446 — 1,003 Prepayments on flight equipment — 1,338 — 5 1,682 — 3,025 Investments including investments in subsidiaries 10,495 1,336 8,774 5,948 133 (26,553 ) 133 Intercompany receivables 130 17,305 67 12,325 5,375 (35,202 ) — Other assets 79 482 101 351 271 — 1,284 Total Assets $ 10,707 $ 31,323 $ 8,948 $ 22,805 $ 31,181 $ (61,755 ) $ 43,209 Liabilities and Equity Debt $ — $ 17,257 $ 808 $ 8 $ 11,435 $ — $ 29,508 Intercompany payables 1,873 3,480 4,604 11,477 13,768 (35,202 ) — Other liabilities 6 1,791 2 688 2,333 — 4,820 Total liabilities 1,879 22,528 5,414 12,173 27,536 (35,202 ) 34,328 Total AerCap Holdings N.V. shareholders’ equity 8,828 8,795 3,534 10,565 3,659 (26,553 ) 8,828 Non-controlling interest — — — 67 (14 ) — 53 Total Equity 8,828 8,795 3,534 10,632 3,645 (26,553 ) 8,881 Total Liabilities and Equity $ 10,707 $ 31,323 $ 8,948 $ 22,805 $ 31,181 $ (61,755 ) $ 43,209 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. Condensed Consolidating Income Statement Year Ended December 31, 2019 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Revenues and other income Lease revenue $ — $ 1,270 $ — $ 439 $ 2,973 $ — $ 4,682 Net gain on sale of assets — 70 — 11 108 — 189 Other income (loss) 69 739 2 629 239 (1,612 ) 66 Total Revenues and other income 69 2,079 2 1,079 3,320 (1,612 ) 4,937 Expenses Depreciation and amortization — 452 — 182 1,042 — 1,676 Asset impairment — 19 — 15 36 — 70 Interest expense 10 884 224 405 1,107 (1,335 ) 1,295 Leasing expenses — 108 — 55 125 — 288 Selling, general and administrative expenses 63 74 — 140 267 (277 ) 267 Total Expenses 73 1,537 224 797 2,577 (1,612 ) 3,596 (Loss) income before income taxes and income of investments accounted for under the equity method (4 ) 542 (222 ) 282 743 — 1,341 Provision for income taxes 1 (68 ) 28 (40 ) (89 ) — (168 ) Equity in net earnings of investments accounted for under the equity method — — — — (6 ) — (6 ) Net (loss) income before income from subsidiaries (3 ) 474 (194 ) 242 648 — 1,167 Income (loss) from subsidiaries 1,149 68 542 996 (912 ) (1,843 ) — Net income (loss) $ 1,146 $ 542 $ 348 $ 1,238 $ (264 ) $ (1,843 ) $ 1,167 Net income attributable to non-controlling interest — — — (17 ) (4 ) — (21 ) Net income (loss) attributable to AerCap Holdings N.V. $ 1,146 $ 542 $ 348 $ 1,221 $ (268 ) $ (1,843 ) $ 1,146 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. Condensed Consolidating Income Statement Year Ended December 31, 2018 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Revenues and other income Lease revenue $ — $ 1,499 $ — $ 289 $ 2,749 $ — $ 4,537 Net gain on sale of assets — 53 — 18 130 — 201 Other income (loss) 63 648 3 719 275 (1,646 ) 62 Total Revenues and other income 63 2,200 3 1,026 3,154 (1,646 ) 4,800 Expenses Depreciation and amortization — 563 — 130 986 — 1,679 Asset impairment — 4 — 9 31 — 44 Interest expense — 886 169 290 1,183 (1,354 ) 1,174 Leasing expenses — 112 — 50 285 — 447 Selling, general and administrative expenses 80 100 — 139 278 (292 ) 305 Total Expenses 80 1,665 169 618 2,763 (1,646 ) 3,649 (Loss) income before income taxes and income of investments accounted for under the equity method (17 ) 535 (166 ) 408 391 — 1,151 Provision for income taxes 2 (67 ) 21 (54 ) (47 ) — (145 ) Equity in net earnings of investments accounted for under the equity method — — — — 11 — 11 Net (loss) income before income from subsidiaries (15 ) 468 (145 ) 354 355 — 1,017 Income (loss) from subsidiaries 1,031 256 724 692 (718 ) (1,985 ) — Net income (loss) $ 1,016 $ 724 $ 579 $ 1,046 $ (363 ) $ (1,985 ) $ 1,017 Net income attributable to non-controlling interest — — — — (1 ) — (1 ) Net income (loss) attributable to AerCap Holdings N.V. $ 1,016 $ 724 $ 579 $ 1,046 $ (364 ) $ (1,985 ) $ 1,016 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. Condensed Consolidating Income Statement Year Ended December 31, 2017 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Revenues and other income Lease revenue $ — $ 1,671 $ — $ 214 $ 2,829 $ — $ 4,714 Net gain on sale of assets — 113 — 20 96 — 229 Other income (loss) 49 672 4 577 409 (1,617 ) 94 Total Revenues and other income 49 2,456 4 811 3,334 (1,617 ) 5,037 Expenses Depreciation and amortization — 630 — 87 1,010 — 1,727 Asset impairment — 9 — 3 49 — 61 Interest expense — 759 176 410 1,108 (1,341 ) 1,112 Leasing expenses — 258 — 30 250 — 538 Restructuring related expenses — — — — 15 — 15 Selling, general and administrative expenses 97 105 — 135 287 (276 ) 348 Total Expenses 97 1,761 176 665 2,719 (1,617 ) 3,801 (Loss) income before income taxes and income of investments accounted for under the equity method (48 ) 695 (172 ) 146 615 — 1,236 Provision for income taxes 6 (87 ) 21 (33 ) (72 ) — (165 ) Equity in net earnings of investments accounted for under the equity method — — — — 9 — 9 Net (loss) income before income from subsidiaries (42 ) 608 (151 ) 113 552 — 1,080 Income (loss) from subsidiaries 1,118 167 774 831 (901 ) (1,989 ) — Net income (loss) $ 1,076 $ 775 $ 623 $ 944 $ (349 ) $ (1,989 ) $ 1,080 Net income attributable to non-controlling interest — — — — (4 ) — (4 ) Net income (loss) attributable to AerCap Holdings N.V. $ 1,076 $ 775 $ 623 $ 944 $ (353 ) $ (1,989 ) $ 1,076 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2019 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Net income (loss) $ 1,146 $ 542 $ 348 $ 1,238 $ (264 ) $ (1,843 ) $ 1,167 Other comprehensive loss: Net change in fair value of derivatives, net of tax — — — (84 ) (6 ) — (90 ) Actuarial loss on pension obligations, net of tax — — — (2 ) — — (2 ) Total other comprehensive loss — — — (86 ) (6 ) — (92 ) Comprehensive income (loss) 1,146 542 348 1,152 (270 ) (1,843 ) 1,075 Comprehensive income attributable to non-controlling interest — — — (17 ) (4 ) — (21 ) Total comprehensive income (loss) attributable to AerCap Holdings N.V. $ 1,146 $ 542 $ 348 $ 1,135 $ (274 ) $ (1,843 ) $ 1,054 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2018 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Net income (loss) $ 1,016 $ 724 $ 579 $ 1,046 $ (363 ) $ (1,985 ) $ 1,017 Other comprehensive loss: Net change in fair value of derivatives, net of tax — — — (14 ) — — (14 ) Actuarial loss on pension obligations, net of tax — — — (2 ) — — (2 ) Total other comprehensive loss — — — (16 ) — — (16 ) Comprehensive income (loss) 1,016 724 579 1,030 (363 ) (1,985 ) 1,001 Comprehensive income attributable to non-controlling interest — — — — (1 ) — (1 ) Total comprehensive income (loss) attributable to AerCap Holdings N.V. $ 1,016 $ 724 $ 579 $ 1,030 $ (364 ) $ (1,985 ) $ 1,000 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2017 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Net income (loss) $ 1,076 $ 775 $ 623 $ 944 $ (349 ) $ (1,989 ) $ 1,080 Other comprehensive income: Net change in fair value of derivatives, net of tax — — — 13 2 — 15 Actuarial gain on pension obligations, net of tax — — — — 1 — 1 Total other comprehensive (loss) income — — — 13 3 — 16 Comprehensive income (loss) 1,076 775 623 957 (346 ) (1,989 ) 1,096 Comprehensive income attributable to non-controlling interest — — — — (4 ) — (4 ) Total comprehensive income (loss) attributable to AerCap Holdings N.V. $ 1,076 $ 775 $ 623 $ 957 $ (350 ) $ (1,989 ) $ 1,092 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2019 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Net income (loss) $ 1,146 $ 542 $ 348 $ 1,238 $ (264 ) $ (1,843 ) $ 1,167 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (1,149 ) (68 ) (542 ) (996 ) 912 1,843 — Depreciation and amortization — 452 — 182 1,042 — 1,676 Asset impairment — 19 — 15 36 — 70 Amortization of debt issuance costs, debt discount, debt premium and lease premium — 18 5 — 57 — 80 Amortization of fair value adjustments on debt — (78 ) — — (1 ) — (79 ) Maintenance rights write-off — 132 — 37 76 — 245 Maintenance liability release to income — (91 ) — (40 ) (77 ) — (208 ) Net gain on sale of assets — (70 ) — (11 ) (108 ) — (189 ) Deferred income taxes (1 ) 70 (27 ) 39 81 — 162 Collections of finance and sales-type leases — 41 — 24 33 — 98 Other 33 24 — 35 74 — 166 Cash flow from operating activities before changes in working capital 29 991 (216 ) 523 1,861 — 3,188 Working capital (129 ) (50 ) (470 ) (198 ) 765 — (82 ) Net cash (used in) provided by operating activities (100 ) 941 (686 ) 325 2,626 — 3,106 Purchase of flight equipment — (1,035 ) — (584 ) (1,740 ) — (3,359 ) Proceeds from sale or disposal of assets — 587 — 268 918 — 1,773 Prepayments on flight equipment — (560 ) — (1 ) (808 ) — (1,369 ) Other — — — — — — — Net cash used in investing activities — (1,008 ) — (317 ) (1,630 ) — (2,955 ) Issuance of debt 750 2,866 698 4 2,221 — 6,539 Repayment of debt — (3,102 ) — (8 ) (3,394 ) — (6,504 ) Debt issuance costs paid, net of debt premium received (10 ) (3 ) (9 ) — (15 ) — (37 ) Maintenance payments received — 215 — 104 417 — 736 Maintenance payments returned — (89 ) — (45 ) (218 ) — (352 ) Security deposits received — 100 1 56 75 — 232 Security deposits returned — (84 ) — (32 ) (117 ) — (233 ) Dividend paid to non-controlling interest holders — — — — (6 ) — (6 ) Repurchase of shares and tax withholdings on share-based compensation (640 ) — — — — — (640 ) Net cash provided by (used in) financing activities 100 (97 ) 690 79 (1,037 ) — (265 ) Net (decrease) increase in cash and cash equivalents — (164 ) 4 87 (41 ) — (114 ) Effect of exchange rate changes — — — (1 ) — — (1 ) Cash, cash equivalents and restricted cash at beginning of period 3 318 6 738 350 — 1,415 Cash, cash equivalents and restricted cash at end of period $ 3 $ 154 $ 10 $ 824 $ 309 $ — $ 1,300 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2018 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Net income (loss) $ 1,016 $ 724 $ 579 $ 1,046 $ (363 ) $ (1,985 ) $ 1,017 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (1,031 ) (256 ) (724 ) (692 ) 718 1,985 — Depreciation and amortization — 563 — 130 986 — 1,679 Asset impairment — 4 — 9 31 — 44 Amortization of debt issuance costs, debt discount, debt premium and lease premium — 20 5 2 49 — 76 Amortization of fair value adjustments on debt — (142 ) — — (1 ) — (143 ) Maintenance rights write-off — 118 — 18 151 — 287 Maintenance liability release to income — (59 ) — (33 ) (136 ) — (228 ) Net gain on sale of assets — (53 ) — (18 ) (130 ) — (201 ) Deferred income taxes (2 ) 65 (21 ) 54 52 — 148 Other 52 — — 56 48 — 156 Cash flow from operating activities before changes in working capital 35 984 (161 ) 572 1,405 — 2,835 Working capital 781 (228 ) (255 ) (231 ) (62 ) — 5 Net cash provided by (used in) operating activities 816 756 (416 ) 341 1,343 — 2,840 Purchase of flight equipment — (1,228 ) — (1,217 ) (1,591 ) — (4,036 ) Proceeds from sale or disposal of assets — 759 — 245 819 — 1,823 Prepayments on flight equipment — (610 ) — — (1,303 ) — (1,913 ) Collections of finance and sales-type leases — 36 — 20 39 — 95 Other — — — — (22 ) — (22 ) Net cash used in investing activities — (1,043 ) — (952 ) (2,058 ) — (4,053 ) Issuance of debt — 2,383 510 36 2,661 — 5,590 Repayment of debt — (2,046 ) (100 ) (17 ) (2,198 ) — (4,361 ) Debt issuance costs paid, net of debt premium received — (21 ) (2 ) (1 ) (34 ) — (58 ) Maintenance payments received — 245 — 86 412 — 743 Maintenance payments returned — (161 ) — (15 ) (283 ) — (459 ) Security deposits received — 63 — 58 87 — 208 Security deposits returned — (80 ) — (39 ) (102 ) — (221 ) Dividend paid to non-controlling interest holders — — — — (8 ) — (8 ) Repurchase of shares and tax withholdings on share-based compensation (834 ) — — — — — (834 ) Net cash (used in) provided by financing activities (834 ) 383 408 108 535 — 600 Net (decrease) increase in cash and cash equivalents (18 ) 96 (8 ) (503 ) (180 ) — (613 ) Effect of exchange rate changes — — — 4 — — 4 Cash, cash equivalents and restricted cash at beginning of period 21 222 14 1,237 530 — 2,024 Cash, cash equivalents and restricted cash at end of period $ 3 $ 318 $ 6 $ 738 $ 350 $ — $ 1,415 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2017 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Net income (loss) $ 1,076 $ 775 $ 623 $ 944 $ (349 ) $ (1,989 ) $ 1,080 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (1,118 ) (167 ) (774 ) (831 ) 901 1,989 — Depreciation and amortization — 630 — 87 1,010 — 1,727 Asset impairment — 9 — 3 49 — 61 Amortization of debt issuance costs, debt discount, debt premium and lease premium — 18 5 5 51 — 79 Amortization of fair value adjustments on debt — (192 ) — — (3 ) — (195 ) Maintenance rights write-off — 282 — 13 245 — 540 Maintenance liability release to income — (100 ) — (23 ) (179 ) — (302 ) Net gain on sale of assets — (113 ) — (20 ) (96 ) — (229 ) Deferred income taxes (7 ) 87 (19 ) 35 61 — 157 Restructuring related expenses — — — — 5 — 5 Other 62 25 — 46 19 — 152 Cash flow from operating activities before changes in working capital 13 1,254 (165 ) 259 1,714 — 3,075 Working capital 1,143 (163 ) (272 ) 693 (1,336 ) — 65 Net cash provided by (used in) operating activities 1,156 1,091 (437 ) 952 378 — 3,140 Purchase of flight equipment — (1,685 ) — (549 ) (1,723 ) — (3,957 ) Proceeds from sale or disposal of assets — 893 — 137 749 — 1,779 Prepayments on flight equipment — (936 ) — — (332 ) — (1,268 ) Collections of finance and sales-type leases — 49 — 33 10 — 92 Other — (36 ) — — (2 ) — (38 ) Net cash used in investing activities — (1,715 ) — (379 ) (1,298 ) — (3,392 ) Issuance of debt — 2,431 400 — 2,765 — 5,596 Repayment of debt — (2,400 ) — (317 ) (1,978 ) — (4,695 ) Debt issuance costs paid — (28 ) (13 ) (3 ) (37 ) — (81 ) Maintenance payments received — 251 — 65 440 — 756 Maintenance payments returned — (216 ) — (40 ) (267 ) — (523 ) Security deposits received — 58 — 30 98 — 186 Security deposits returned — (79 ) — (11 ) (98 ) — (188 ) Repurchase of shares and tax withholdings on share-based compensation (1,139 ) — — — — — (1,139 ) Net cash (used in) provided by financing activities (1,139 ) 17 387 (276 ) 923 — (88 ) Net increase (decrease) in cash and cash equivalents 17 (607 ) (50 ) 297 3 — (340 ) Cash and cash equivalents at beginning of period 4 829 64 940 527 — 2,364 Cash, cash equivalents and restricted cash at end of period $ 21 $ 222 $ 14 $ 1,237 $ 530 $ — $ 2,024 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events In January 2020 , our Board of Directors approved a share repurchase program authorizing total repurchases of up to $250 million of AerCap ordinary shares through June 30, 2020 . Repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable U.S. federal securities laws. The timing of repurchases and the exact number of ordinary shares to be purchased will be determined by the Company’s management, in its discretion, and will depend upon market conditions and other factors. The program will be funded using the Company’s cash on hand and cash generated from operations. The program may be suspended or discontinued at any time. In February 2020 , we exercised an option to purchase an additional 50 Airbus A320neo Family aircraft from Airbus, with deliveries starting in 2024 . In February 2020 , AerCap entered into an agreement with Boeing to reschedule the delivery positions of a portion of the Boeing 737 MAX aircraft under AerCap’s forward order contract with Boeing to later dates. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
General | General Our Consolidated Financial Statements are presented in accordance with U.S. GAAP. We consolidate all companies in which we have direct and indirect legal or effective control and all VIEs for which we are deemed the PB under ASC 810. All intercompany balances and transactions with consolidated subsidiaries are eliminated. The results of consolidated entities are included from the effective date of control or, in the case of VIEs, from the date that we are or become the PB. 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 VIEs, when we cease to be the PB. Unconsolidated investments where we have significant influence are reported using the equity method of accounting. Our Consolidated Financial Statements are stated in U.S. dollars, which is our functional currency. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. |
Use of estimates | Use of estimates The preparation of Consolidated Financial Statements in conformity with U.S. 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. The use of estimates is or could be a significant factor affecting the reported carrying values of flight equipment, intangible assets, net investment in finance and sales-type leases, investments, trade receivables and notes receivable, deferred income tax assets and accruals and reserves. Actual results may differ from our estimates under different conditions, sometimes materially. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash and highly liquid investments with original maturities of three months or less. |
Restricted cash | Restricted cash Restricted cash includes cash held by banks that is subject to withdrawal restrictions. Such amounts are typically restricted under secured debt agreements and can be used only to maintain the aircraft securing the debt and to provide debt service payments of principal and interest. |
Trade receivables | Trade receivables Trade receivables represent unpaid, current lessee rental obligations under existing lease contracts. An allowance for credit losses on trade receivables is established when the risk of non-recovery is probable. 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 allowance for credit losses is classified as leasing expenses in our Consolidated Income Statements. |
Flight equipment held for operating leases, net | Flight equipment held for operating leases, net Flight equipment held for operating leases is stated at cost less accumulated depreciation and impairment. Flight equipment is depreciated to its estimated residual value on a straight-line basis over the useful life of the aircraft, which is generally 25 years from the date of manufacture, or a different period depending on the disposition strategy. The costs of improvements to flight equipment are normally recorded as leasing expenses unless the improvement increases the long-term value of the flight equipment. In that case, the capitalized improvement cost is depreciated over the estimated remaining useful life of the aircraft. The residual value of our flight equipment is generally 15% of estimated industry price, except where more relevant information indicates that a different residual value is more appropriate. We periodically review the estimated useful lives and residual values of our flight equipment based on our industry knowledge, external factors, such as current market conditions, and changes in our disposition strategies, to determine if they are appropriate, and record adjustments to depreciation rates prospectively on an individual aircraft basis, as necessary. We perform event-driven impairment assessments of our aircraft held for operating leases each quarter. These quarterly impairment assessments primarily result from potential aircraft sale transactions or aircraft repossessions. On an annual basis, we also perform an assessment of all aircraft held for operating leases that are older than five years to identify potential impairment events, and perform a quantitative impairment test on those aircraft that are identified as having had a potential impairment event. Potential impairment events may include potential aircraft sales, redeliveries of older aircraft, and early terminations of leases. We apply significant judgment in assessing whether a quantitative impairment test is necessary and in establishing significant assumptions, including the future lease rates and discount rates applied when performing quantitative impairment tests. The quantitative impairment test is performed at the lowest level for which identifiable cash flows are largely independent of other groups of assets, which is the individual aircraft, including the lease-related assets and liabilities of that aircraft, such as the maintenance rights assets, lease incentives, and maintenance liabilities (the “Asset Group”). If the sum of the expected undiscounted future cash flows is less than the Asset Group, an impairment loss is recognized. The loss is measured as the excess of the carrying amount of the impaired aircraft over its estimated fair value. Fair value reflects the present value of future cash flows expected to be generated from the aircraft, including its expected residual value, discounted at a rate commensurate with the associated risk. Future cash flows are assumed to occur under 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 and industry trends. |
Capitalization of interest | Capitalization of interest We capitalize interest on prepayments of forward order flight equipment and add such amounts to prepayments on flight equipment. The amount of interest capitalized is the amount of interest costs which could have been avoided in the absence of such prepayments. |
Net investment in finance and sales-type leases | Net investment in finance and sales-type leases If a lease meets specific criteria under U.S. GAAP, we recognize the lease in net investment in finance and sales-type leases in our Consolidated Balance Sheets and de-recognize the aircraft from flight equipment held for operating leases. For sales-type leases, we recognize the difference between the aircraft carrying value and the amount recognized in net investment in finance and sales-type leases in net gain on sale of assets in our Consolidated Income Statements. The amounts recognized for finance and sales-type leases consist of lease receivables and the estimated unguaranteed residual value of the flight equipment on the lease termination date, less the unearned income. Expected unguaranteed residual values are based on our assessment of the values of the flight equipment and, if applicable, the estimated end of lease payments expected at the expiration of the lease. The unearned income is recognized as lease revenue over the lease term, using the interest method to produce a constant yield over the life of the lease. |
Definite-lived intangible assets | Definite-lived intangible assets We recognize intangible assets acquired in a business combination at fair value on the date of acquisition. The rate of amortization of definite-lived intangible assets is calculated based on the period over which we expect to derive economic benefits from such assets. Maintenance rights and lease premium, net Maintenance rights assets are recognized when we acquire aircraft subject to existing leases. These assets represent the contractual right to receive the aircraft in a specified maintenance condition at the end of the lease under EOL contracts, or our right to receive the aircraft in better maintenance condition due to our obligation to contribute towards the cost of the maintenance events performed by the lessee either through reimbursement of maintenance deposit rents held under MR contracts, or through a lessor contribution to the lessee. For EOL contracts, upon lease termination, we recognize receipt of EOL cash compensation as lease revenue to the extent those receipts exceed the EOL contract maintenance rights asset, and we recognize leasing expenses when the EOL contract maintenance rights asset exceeds the EOL cash received. For MR contracts, we recognize maintenance rights expense at the time the lessee submits a reimbursement claim and provides the required documentation related to the cost of a qualifying maintenance event that relates to pre-acquisition usage. Lease premium assets represent the value of an acquired lease where the contractual rental payments are above the market rate. We amortize the lease premium assets on a straight-line basis over the term of the lease as a reduction of lease revenue. Other definite-lived intangible assets, net Other definite-lived intangible assets primarily consist of customer relationships recorded at fair value on the ILFC Transaction closing date. These intangible assets are amortized over the period during which we expect to derive economic benefits from such assets. The amortization expense is recorded in depreciation and amortization. We evaluate all definite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. |
Other assets | Other assets Other assets consist of debt issuance costs, lease incentives, investments, notes receivable, operating lease ROU assets, derivative assets, other tangible fixed assets, straight-line rents, prepaid expenses and other receivables. |
Lease incentives | Lease incentives We capitalize amounts paid or value provided to lessees as lease incentives. We amortize lease incentives on a straight-line basis over the term of the related lease as a reduction of lease revenue. |
Investments | Investments Unconsolidated investments where we have significant influence are reported using the equity method of accounting. Under the equity method of accounting, we recognize our share of earnings and losses based on our ownership percentage of such investments in equity in net earnings (losses) of investments accounted for under the equity method. |
Notes receivables | Notes receivable Notes receivable represent amounts advanced in the normal course of our operations and also arise from the restructuring and deferral of trade receivables from lessees experiencing financial difficulties. An allowance for credit losses on notes receivable is established when the risk of non-recovery is probable. The assessment of the risk of non-recovery where lessees are experiencing financial difficulties 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 the debtor and the economic conditions persisting in the debtor’s operating environment. |
Derivative financial instruments | Derivative financial instruments We use derivative financial instruments to manage our exposure to interest rate risks. We recognize derivatives in our Consolidated Balance Sheets at fair value. When cash flow hedge accounting treatment is applied, the changes in fair values related to the effective portion of the derivatives are recorded in AOCI, and the ineffective portion is recognized immediately in interest expense. Amounts reflected in AOCI related to the effective portion are reclassified into interest expense in the same period or periods during which the hedged transaction affects interest expense. 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 the 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 recognize the changes in the fair value in current-period earnings. The remaining balance in AOCI at the time we discontinue hedge accounting is not recognized in our Consolidated Income Statements unless it is probable that the forecasted cash flows will not occur. Such amounts are recognized in interest expense when the hedged transaction affects interest expense. When cash flow hedge accounting treatment is not applied, the changes in fair values related to interest rate-related derivatives between periods are recognized in interest expense in our Consolidated Income Statements. Net cash received or paid under derivative contracts is classified as operating cash flows in our Consolidated Statements of Cash Flows. |
Other tangible fixed assets | Other tangible fixed assets Other tangible fixed assets consist primarily of leasehold improvements, computer equipment and office furniture, and are recorded at historical acquisition cost and depreciated at various rates over the asset’s estimated useful life on a straight-line basis. Depreciation expense on other tangible fixed assets is recorded in depreciation and amortization in our Consolidated Income Statements. |
Fair value measurements | Fair value measurements Fair value is defined as the amount 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. |
Income taxes | Income taxes We recognize an uncertain tax benefit only to the extent that it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. |
Deferred income tax assets and liabilities | Deferred income tax assets and liabilities We report deferred income taxes 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 income 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. |
Accrued maintenance liability | Accrued maintenance liability Under our aircraft leases, the lessee is responsible for maintenance and repairs and other operating expenses related to the flight equipment during the term of the lease. When an aircraft is not subject to a lease, we may incur maintenance and repair expenses for our aircraft. Maintenance and repair expenses are recorded in leasing expenses; to the extent such expenses are incurred by us. We may be obligated to make additional payments to the lessee for maintenance-related expenses, primarily related to usage of major life-limited components prior to commencement of the lease (“lessor maintenance contributions”). For all lease contracts, lessor maintenance contributions are recognized as leasing expenses when incurred. In the case we have established an accrual as an assumed liability for such payment in connection with the purchase of an aircraft with a lease attached, such payments are charged against the existing accrual. For all lease contracts acquired as part of the ILFC Transaction, we determined the fair value of our maintenance liability, including lessor maintenance contributions, using the present value of the expected cash outflows. The discounted amounts are accreted in subsequent periods to their respective nominal values up until the expected maintenance event dates using the effective interest method. The accretion amounts are recorded as increases to interest expense in our Consolidated Income Statements. |
Debt and deferred debt issuance costs | Debt and deferred debt issuance costs Long-term debt is carried at the principal amount borrowed, including unamortized discounts and premiums, fair value adjustments and debt issuance costs, where applicable. The fair value adjustments reflect the application of the acquisition method of accounting to the debt assumed as part of the ILFC Transaction. We amortize the amount of discounts, premiums and fair value adjustments over the period the debt is outstanding using the effective interest method. The costs we incur for issuing debt are capitalized and amortized as an increase to interest expense over the life of the debt using the effective interest method. Debt issuance costs related to our line-of-credit arrangements are presented within other assets. |
Revenue recognition | Revenue recognition We lease flight equipment principally under operating leases and recognize rental income on a straight-line basis over the life of the lease. At lease inception, we review all necessary criteria to determine proper lease classification. We account for lease agreements that include uneven rental payments on a straight-line basis. The amount of the difference between rental revenue recognized and cash received is included in other assets, or in the event it is a liability, in accounts payable, accrued expenses and other liabilities. Lease agreements where rent is based on floating interest rates are included in minimum lease payments based on the floating interest rate that existed at the commencement of the lease. Increases or decreases in lease payments that result from subsequent changes in the floating interest rate are considered contingent rentals and are recorded as increases or decreases in lease revenue in the period of the interest rate change. Our lease contracts normally include default covenants, which generally obligate the lessee to pay us damages to put us in the position we would have been in had the lessee performed under the lease in full. There are no additional payments required which would increase the minimum lease payments. We cease revenue recognition on a lease contract when the collectability of rentals is no longer probable. Subsequently, we recognize revenues based on lessee cash collections until such time that collection is probable. Revenue from net investment in finance and sales-type leases is recognized using the interest method to produce a constant yield over the life of the lease and is included in lease revenue. Most of our lease contracts require rental payments in advance. Rental payments received but unearned are recorded as deferred revenue in our Consolidated Balance Sheets. Under our aircraft leases, the lessee is responsible for maintenance, repairs and other operating expenses during the term of the lease. Under the provisions of many of our leases, the lessee is required to make payments of supplemental maintenance rents which are calculated with reference to the utilization of the airframe, engines and other major life-limited components during the lease. We record as lease revenue all supplemental maintenance rent receipts not expected to be reimbursed to the lessee. We estimate the total amount of maintenance reimbursements for the lease term and only record maintenance revenue after we have received sufficient maintenance rents to cover the total amount of estimated maintenance reimbursements during the remaining lease term . In most lease contracts not requiring the payment of supplemental maintenance rents, and to the extent that the aircraft is redelivered in a different condition than at acceptance, we generally receive EOL cash compensation for the difference at redelivery. Upon lease termination, we recognize receipt of EOL cash compensation as lease revenue to the extent those receipts exceed the EOL contract maintenance rights asset, and we recognize leasing expenses when the EOL contract maintenance rights asset exceeds the EOL cash received. The accrued maintenance liability existing at lease termination is recognized as lease revenue net of the MR contract maintenance rights asset. When flight equipment is sold, the portion of the accrued maintenance liability not specifically assigned to the buyer is released net of any maintenance rights asset balance and is included in net gain on sale of assets. Other income consists of interest revenue, management fee revenue, lease termination fees, inventory part sales, net gain on sale of equity investments accounted for under the equity method, insurance proceeds, and income related to other miscellaneous activities. Interest revenue from secured loans, notes receivable and other interest-bearing instruments is recognized using the effective yield method as interest accrues under the associated contracts. Management fee revenue is recognized as income as it accrues over the life of the contract. Income from the receipt of lease termination penalties is recorded at the time cash is received or when the lease is terminated, if revenue recognition criteria are met. |
Net gain on sales of aircraft | Net gain on sales of aircraft We sell aircraft in the normal course of our operations to manage our fleet and to realize the residual value of the aircraft at the end of their economic life. These sales may include aircraft on lease to airlines as well as aircraft that are not on lease. In some cases, the terms and conditions of aircraft sale transactions may include continuing equity or debt investments in the aircraft, post-sale performance guarantees of aircraft cash flows or servicing arrangements. The presence of any of these terms and conditions requires us to determine whether control of the underlying aircraft has been transferred to the buyer, and whether we no longer have significant ownership risk in the aircraft, both of which are required for a sale and resulting gain or loss to be recognized. |
Share-based compensation | Share-based compensation Employees may receive AerCap share-based awards, consisting of restricted stock units or restricted stock. Share-based compensation expense is determined by reference to the fair value of the restricted stock units or restricted stock on the grant date and is recognized on a straight-line basis over the requisite service period. Share-based compensation expense is |
Foreign currency | Foreign currency Foreign currency transactions are translated into U.S. dollars at the exchange rate prevailing at the time of the transaction. Receivables or payables denominated in foreign currencies are remeasured into U.S. dollars at the exchange rate prevailing at the balance sheet date. All resulting exchange gains and losses are recorded in selling, general and administrative expenses in our Consolidated Income Statements. |
Variable interest entities | Variable interest entities We consolidate VIEs in which we have determined that we are the PB. We use judgment when determining (i) whether an entity is a VIE; (ii) who are the variable interest holders; (iii) the elements and degree of control that each variable interest holder has; and (iv) ultimately which party is the PB. When determining which party is the PB, we perform an analysis which considers (i) the design of the VIE; (ii) the capital structure of the VIE; (iii) the contractual relationships between the variable interest holders; (iv) the nature of the VIE’s operations; and (v) the purposes and interests of all parties involved, including related parties. While we consider these factors, our conclusion about whether to consolidate ultimately depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE. We continually re-evaluate whether we are the PB for VIEs in which we hold a variable interest. |
Earnings per share | Earnings per share Basic EPS 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 EPS, 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 stock units, restricted stock and stock options. |
Reportable segments | Reportable segments We manage our business and analyze and report our results of operations on the basis of one business segment: leasing, financing, sales and management of commercial aircraft and engines. |
Recent accounting standards adopted during the year December 31, 2019 and future application of accounting standards | Recent accounting standards adopted during the year ended December 31, 2019 : Lease accounting In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (ASC 842). The standard requires lessees to recognize lease-related assets and liabilities on the balance sheet. In certain circumstances, the lessee is required to remeasure the lease payments. Qualitative and quantitative disclosures, regarding the significant judgments made by management, are required to provide insight into the extent of revenue and expense recognized and expected to be recognized from existing contracts. We adopted the new standard on its required effective date of January 1, 2019 using the optional transition method provided under ASU 2018-11, Targeted Improvements. Under this optional transition method, we applied the new lease standard at the effective date and will continue to report prior comparative periods in accordance with ASC 840, Leases. We have elected the package of practical expedients, which permits us not to reassess lease identification, lease classification or initial direct costs. Upon adoption, we recognized operating lease-related assets and liabilities where we are the lessee of $58 million . In accordance with ASC 842, commencing on January 1, 2019, we classify collections of finance and sales-type leases as part of operating cash flows. In periods prior to the adoption of ASC 842, these finance and sales-type leases cash flows are classified as part of investing activity cash flows. Leases where we are the lessee As a lessee, we lease office space in several locations globally. In accordance with ASC 842, we determine if an arrangement is a lease at its inception. For leases with terms greater than 12 months, operating lease right-of-use (“ROU”) assets and liabilities are included in other assets (Note 9 ) and accounts payable, accrued expenses and other liabilities (Note 12 ), respectively, in our Consolidated Balance Sheets, and finance leases are included in flight equipment held for operating leases (Note 5 ) and debt (Note 14 ). ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our contractual obligation to make lease payments. Operating lease ROU assets and liabilities are recognized at the lease commencement date and are calculated based on the present value of lease payments over the lease term. To determine the present value of lease payments, we use our incremental borrowing rate based on the information available at the lease commencement date. Our assumed lease terms, where we are the lessee, include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Leases where we are the lessor As a lessor, we lease most of our aircraft under operating leases. Under the new lease standard, the accounting for leases as a lessor is similar to the previous standard. Future application of accounting standards: Allowance for credit losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (ASC 326). The standard requires entities to estimate lifetime expected credit losses for most financial assets measured at amortized cost and certain other instruments, including loan and other receivables, net investment in finance and sales-type leases and off-balance sheet credit exposures. The standard also requires additional disclosures, including how the entity develops its allowance for credit losses for financial assets measured at amortized cost and disaggregated information on the credit quality of net investment in finance and sales-type leases measured at amortized cost by year of the asset’s origination for up to five annual periods. The standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted in any interim or annual period beginning after December 15, 2018. The new standard must be adopted using the modified retrospective transition approach through a cumulative-effect adjustment to opening retained earnings. Upon adoption, we expect to recognize an opening cumulative effect adjustment, net to reduce retained earnings of approximately $25 million |
Restricted cash (Tables)
Restricted cash (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash and cash equivalents | The following is a summary of our cash, cash equivalents and restricted cash as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Cash and cash equivalents $ 1,121,396 $ 1,204,018 Restricted cash 178,951 211,017 Total cash, cash equivalents and restricted cash $ 1,300,347 $ 1,415,035 |
Schedule of restricted cash and cash equivalents | The following is a summary of our cash, cash equivalents and restricted cash as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Cash and cash equivalents $ 1,121,396 $ 1,204,018 Restricted cash 178,951 211,017 Total cash, cash equivalents and restricted cash $ 1,300,347 $ 1,415,035 |
Flight equipment held for ope_2
Flight equipment held for operating leases, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Subject to or Available for Operating Lease, Net [Abstract] | |
Schedule of movements in flight equipment held for operating leases | Movements in flight equipment held for operating leases during the years ended December 31, 2019 and 2018 were as follows: Year Ended December 31, 2019 2018 Net book value at beginning of period $ 35,052,335 $ 32,396,827 Additions 4,621,821 5,877,691 Depreciation (1,650,450 ) (1,649,710 ) Disposals and transfers to held for sale (1,940,133 ) (1,417,825 ) Transfers to net investment in finance and sales-type leases/inventory (143,409 ) (115,330 ) Impairment (Note 23) (69,383 ) (39,318 ) Net book value at end of period $ 35,870,781 $ 35,052,335 Accumulated depreciation as of December 31, 2019 and 2018, respectively $ (7,526,636 ) $ (6,850,869 ) |
Net investment in finance and_2
Net investment in finance and sales-type leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Flight Equipment, Net [Abstract] | |
Schedule of components of net investment in finance and sales-type leases | Components of net investment in finance and sales-type leases as of December 31, 2019 and 2018 were as follows: As of December 31, 2019 2018 Future minimum lease payments to be received $ 715,085 $ 792,265 Estimated residual values of leased flight equipment 577,353 528,916 Less: Unearned income (280,889 ) (317,895 ) $ 1,011,549 $ 1,003,286 |
Schedule of future minimum lease payments to be received on finance and sales-type leases | As of December 31, 2019 , the cash flows receivable, including the estimated residual value at lease termination, from finance and sales-type leases were as follows: Cash flows receivable 2020 $ 154,323 2021 131,054 2022 202,302 2023 135,388 2024 109,098 Thereafter 560,273 Undiscounted cash flows receivable $ 1,292,438 Less: Unearned income (280,889 ) 1,011,549 |
Intangibles (Tables)
Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of movements in maintenance rights intangible | Movements in maintenance rights during the years ended December 31, 2019 and 2018 were as follows: Year Ended December 31, 2019 2018 Maintenance rights at beginning of period $ 1,088,246 $ 1,464,599 EOL and MR contract maintenance rights expense (76,611 ) (157,792 ) MR contract maintenance rights write-off due to maintenance liability release (19,848 ) (29,656 ) EOL contract maintenance rights write-off due to cash receipt (148,289 ) (99,671 ) EOL and MR contract maintenance rights write-off due to sale of aircraft (48,700 ) (89,234 ) Maintenance rights at end of period $ 794,798 $ 1,088,246 |
Schedule of other intangibles | Other intangibles Other intangibles consisted of the following as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Goodwill $ 58,094 $ 58,094 Customer relationships, net 240,765 261,941 Contractual vendor intangible assets 8,535 8,535 $ 307,394 $ 328,570 |
Maintenance Rights Intangible And Lease Premium, Net | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of maintenance rights and lease premiums | Maintenance rights and lease premium, net consisted of the following as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Maintenance rights $ 794,798 $ 1,088,246 Lease premium, net 14,817 24,944 $ 809,615 $ 1,113,190 |
Customer Relationships And Other Intangible Assets | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of maintenance rights and lease premiums | The following tables present details of customer relationships and related accumulated amortization as of December 31, 2019 and 2018 : As of December 31, 2019 Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 360,000 $ (119,235 ) $ 240,765 As of December 31, 2018 Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 360,000 $ (98,059 ) $ 261,941 |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Schedule of other assets | Other assets consisted of the following as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Lease incentives $ 239,607 $ 251,961 Investments (Note 10) 123,279 132,113 Straight-line rents, prepaid expenses and other 98,443 79,792 Notes receivable 87,745 58,994 Operating lease ROU assets (Note 16) 43,668 — Debt issuance costs 26,393 36,814 Other tangible fixed assets 26,018 29,151 Derivative assets (Note 11) 11,664 69,105 Inventory 3,157 30,971 Other receivables 355,502 220,289 $ 1,015,476 $ 909,190 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of investments | Investments accounted for under the equity method of accounting consisted of the following as of December 31, 2019 and 2018 : % Ownership as of December 31, 2019 As of December 31, 2019 2018 AerDragon 16.7 $ 68,673 $ 65,920 AerLift 39.3 35,188 47,644 ACSAL 19.4 16,118 15,248 $ 119,979 $ 128,812 |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of notional amounts and fair values of derivatives outstanding | Our derivative assets are recorded in other assets and our derivative liabilities are recorded in accounts payable, accrued expenses and other liabilities in our Consolidated Balance Sheets. The following tables present notional amounts and fair values of derivatives outstanding as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Notional amount (a) Fair value Notional amount (a) Fair value Derivative assets not designated as accounting hedges: Interest rate caps $ 2,442,000 $ 3,727 $ 2,523,500 $ 32,547 Derivative assets designated as accounting cash flow hedges: Interest rate swaps $ 488,616 $ 1,578 $ 1,900,957 $ 36,558 Interest rate caps 400,000 6,359 — — Total derivative assets $ 11,664 $ 69,105 (a) The notional amount is excluded for caps and swaps which are not yet effective. As of December 31, 2019 2018 Notional Fair value Notional Fair value Derivative liabilities designated as accounting cash flow hedges: Interest rate swaps $ 3,776,000 $ 97,066 $ 1,375,000 $ 29,321 Total derivative liabilities $ 97,066 $ 29,321 (a) The notional amount is excluded for swaps which are not yet effective. |
Schedule of income (loss) recorded in comprehensive income | We recorded the following in other comprehensive income related to derivative financial instruments for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Gain (Loss) Effective portion of change in fair market value of derivatives designated as accounting cash flow hedges: Interest rate swaps $ (102,725 ) $ (16,639 ) $ 17,049 Interest rate caps (38 ) — — Income tax effect 12,845 2,080 (2,131 ) Net changes in cash flow hedges, net of tax $ (89,918 ) $ (14,559 ) $ 14,918 |
Schedule of effect of derivatives recorded in interest expense in Consolidated Income Statements | The following table presents the effect of derivatives recorded as reductions to or (increases) in interest expense in our Consolidated Income Statements for the years ended December 31, 2019 , 2018 and 2017 . Year Ended December 31, 2019 2018 2017 Gain (Loss) Derivatives not designated as accounting hedges: Interest rate caps $ (29,714 ) $ 5,158 $ (14,178 ) Reclassification to Consolidated Income Statements: Reclassification of amounts previously recorded in AOCI 3,381 6,874 — Effect from derivatives on interest expense $ (26,333 ) $ 12,032 $ (14,178 ) |
Accounts payable, accrued exp_2
Accounts payable, accrued expenses and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities consisted of the following as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Deferred revenue $ 389,958 $ 421,542 Accrued interest 255,369 262,559 Accounts payable and accrued expenses 239,086 296,523 Derivative liabilities (Note 11) 97,066 29,321 Operating lease liabilities (Note 16) 51,144 — $ 1,032,623 $ 1,009,945 |
Accrued maintenance liability (
Accrued maintenance liability (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Maintenance Liability [Abstract] | |
Schedule of movements in accrued maintenance liability | Movements in accrued maintenance liability during the years ended December 31, 2019 and 2018 were as follows: Year Ended December 31, 2019 2018 Accrued maintenance liability at beginning of period $ 2,237,494 $ 2,461,799 Maintenance payments received 736,423 743,256 Maintenance payments returned (352,032 ) (459,326 ) Release to income upon sale (249,187 ) (261,240 ) Release to income other than upon sale (207,849 ) (228,081 ) Lessor contribution, top ups and other 25,310 (18,914 ) Accrued maintenance liability at end of period $ 2,190,159 $ 2,237,494 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of indebtedness | The following table provides a summary of our indebtedness as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Debt obligation Collateral (number of aircraft) Commitment Undrawn Amount outstanding Weighted average interest rate (a) Maturity Amount outstanding Unsecured ILFC Legacy Notes $ 2,900,000 $ — $ 2,900,000 7.09 % 2020 - 2022 $ 4,900,000 AerCap Trust & AICDC Notes 12,500,000 — 12,500,000 4.13 % 2020 - 2028 10,749,864 Asia Revolving Credit Facility 950,000 950,000 — — 2022 200,000 Citi Revolving Credit Facility 4,000,000 4,000,000 — — 2024 — Other unsecured debt 2,024,000 — 2,024,000 3.28 % 2020 - 2023 1,160,000 Fair value adjustment NA NA 99,093 NA NA 177,450 TOTAL UNSECURED $ 22,374,000 $ 4,950,000 $ 17,523,093 $ 17,187,314 Secured Export credit facilities 18 565,312 — 565,312 2.43 % 2021 - 2030 849,372 Institutional secured term loans & secured portfolio loans 191 7,303,496 — 7,303,496 3.62 % 2022 - 2030 7,533,028 AerFunding Revolving Credit Facility 16 2,500,000 1,624,855 875,145 3.72 % 2022 919,484 Other secured debt (b) 42 1,062,756 — 1,062,756 4.06 % 2021 - 2037 1,633,099 Fair value adjustment NA NA (2,835 ) NA NA (2,103 ) TOTAL SECURED $ 11,431,564 $ 1,624,855 $ 9,803,874 $ 10,932,880 Subordinated Subordinated notes 2,250,000 — 2,250,000 5.18 % 2045 - 2079 1,500,000 Subordinated debt issued by joint ventures 47,521 — 47,521 — 2020 - 2023 48,234 Fair value adjustment NA NA (222 ) NA NA (225 ) TOTAL SUBORDINATED $ 2,297,521 $ — $ 2,297,299 $ 1,548,009 Debt issuance costs, debt discounts and debt premium NA NA (138,135 ) NA NA (160,616 ) 267 $ 36,103,085 $ 6,574,855 $ 29,486,131 $ 29,507,587 (a) The weighted average interest rate for our floating rate debt is calculated based on the applicable U.S. dollar LIBOR rate as of the most recent interest payment date of the respective debt, and excludes the impact of related derivative financial instruments which we hold to hedge our exposure to floating interest rates, as well as any amortization of debt issuance costs, debt discounts and debt premium . The institutional secured term loans and secured portfolio loans also contain base rate interest alternatives. (b) In addition to the 42 aircraft, 74 engines are pledged as collateral. The following table provides a summary of the outstanding subordinated debt as of December 31, 2019 : As of December 31, 2019 Amount Weighted average interest rate Maturity ECAPS Subordinated Notes $ 1,000,000 4.00 % 2065 2045 Subordinated Notes 500,000 6.50 % 2045 2079 Subordinated Notes 750,000 5.88 % 2079 $ 2,250,000 The following table provides details regarding the terms of our outstanding institutional secured term loans and secured portfolio loans: Collateral (Number of aircraft) (a) Amount outstanding Weighted average Maturity Institutional secured term loans Hyperion 58 $ 1,050,000 3.69 % 2023 Vancouver (b) 20 350,000 3.69 % 2022 Secured portfolio loans Celtago & Celtago II 25 1,095,174 3.43 % 2022 - 2024 Cesium 15 853,844 3.71 % 2025 Goldfish 13 723,326 3.34 % 2025 Scandium 10 678,953 3.96 % 2025 Rhodium 11 594,619 3.46 % 2026 Other secured facilities 39 1,957,580 3.65 % 2022 - 2030 191 $ 7,303,496 (a) These loans are secured by a combination of aircraft and the equity interests in the borrower and certain SPE subsidiaries of the borrower that own the aircraft. (b) In January 2020, the Vancouver term loan was fully repaid and terminated. |
Schedule of maturities of debt financings | The following table provides a summary of the outstanding senior unsecured notes issued by ILFC prior to the ILFC Transaction (the “ILFC Legacy Notes”) as of December 31, 2019 : Maturities of ILFC Legacy Notes 2020 $ 1,000,000 2021 500,000 2022 1,400,000 $ 2,900,000 Maturities of our debt financings (excluding fair value adjustments, debt issuance costs, debt discounts and debt premium) as of December 31, 2019 were as follows: Maturities of debt financing (a) 2020 $ 3,454,301 2021 4,450,347 2022 6,859,785 2023 3,532,951 2024 3,010,218 Thereafter 8,220,628 $ 29,528,230 (a) For further detail on debt maturities, please refer to “ Item 5. Operating and Financial Review and Prospects—Contractual obligations ”. The following table provides a summary of the outstanding AGAT/AICDC Notes as of December 31, 2019 : Maturities of AGAT/AICDC Notes 2020 $ 1,500,000 2021 2,600,000 2022 2,100,000 2023 1,200,000 2024 1,650,000 Thereafter 3,450,000 $ 12,500,000 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes by tax jurisdiction | The following table presents our provision for income taxes by tax jurisdiction for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Deferred tax expense (benefit) Ireland $ 154,134 $ 140,621 $ 144,532 United States 11,327 6,510 56,650 The Netherlands 7,316 4,136 (7,470 ) Other 7,658 8,881 (14,188 ) 180,435 160,148 179,524 Deferred tax (benefit) expense related to a (decrease) increase in changes in valuation allowance of deferred tax assets Ireland 2,358 368 1,366 United States (18,425 ) (2,838 ) (29,147 ) The Netherlands 87 (2,302 ) (8,518 ) Other (1,957 ) (7,788 ) 13,796 (17,937 ) (12,560 ) (22,503 ) Current tax (benefit) expense Ireland — (27 ) 5,606 United States 789 (3,691 ) (1,659 ) The Netherlands 261 (307 ) 717 Other 4,166 516 3,033 5,216 (3,509 ) 7,697 Provision for income taxes $ 167,714 $ 144,079 $ 164,718 |
Schedule of reconciliation of statutory of income tax expense to provision for income taxes | The following table provides a reconciliation of the statutory income tax expense to provision for income taxes for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Income tax expense at statutory income tax rate of 12.5% $ 167,580 $ 143,866 $ 154,484 Permanent differences (949 ) (a) 1,016 (b) 23,737 (c) Foreign rate differential 1,083 (803 ) (13,503 ) 134 213 10,234 Provision for income taxes $ 167,714 $ 144,079 $ 164,718 (a) The 2019 permanent differences included non-deductible interest, non-deductible share-based compensation in Ireland and in the Netherlands, and a valuation allowance change in respect of U.S., Dutch and Irish tax losses. (b) The 2018 permanent differences i ncluded non-deductible share-based compensation in Ireland and in the Netherlands, and a valuation allowance change in respect of U.S., Dutch and Irish tax losses. (c) The 2017 permanent differences included non-deductible share-based compensation in Ireland and in the Netherlands, impacts of the change in tax rate in the United States, and a valuation allowance change in respect of U.S., Dutch and Irish tax losses. |
Schedule of foreign rate differential by tax jurisdiction | The following tables present our foreign rate differential by tax jurisdiction for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 Pre-tax income (loss) Local statutory tax rate (a) Variance to Irish statutory tax rate of 12.5% Tax variance as a result of global activities (b) Tax jurisdiction Ireland $ 1,324,100 12.5 % 0.0 % $ — United States (30,041 ) 21.0 % 8.5 % (2,553 ) The Netherlands 30,656 25.0 % 12.5 % 3,832 Other 8,331 10.1 % (2.4 )% (196 ) Taxable income $ 1,333,046 $ 1,083 Permanent differences (c) 7,596 Income from continuing operations before income tax $ 1,340,642 Year Ended December 31, 2018 Pre-tax income (loss) Local statutory tax rate (a) Variance to Irish statutory tax rate of 12.5% Tax variance as a result of global activities (b) Tax jurisdiction Ireland $ 1,163,574 12.5 % 0.0 % $ — United States (85 ) 22.0 % 9.5 % (8 ) The Netherlands 6,108 25.0 % 12.5 % 764 Other (10,977 ) 26.7 % 14.2 % (1,559 ) Taxable income $ 1,158,620 $ (803 ) Permanent differences (d) (7,687 ) Income from continuing operations before income tax $ 1,150,933 15. Income taxes (Continued) Year Ended December 31, 2017 Pre-tax income (loss) Local statutory tax rate (a) Variance to Irish statutory tax rate of 12.5% Tax variance as a result of global activities (b) Tax jurisdiction Ireland $ 1,212,029 12.5 % 0.0 % $ — United States 72,390 35.7 % 23.2 % 16,744 The Netherlands (61,086 ) 25.0 % 12.5 % (7,636 ) Isle of Man 185,882 0.0 % (12.5 )% (23,235 ) Other 9,138 19.3 % 6.8 % 624 Taxable income $ 1,418,353 $ (13,503 ) Permanent differences (e) (182,481 ) Income from continuing operations before income tax $ 1,235,872 (a) The local statutory income tax expense for our significant tax jurisdictions (Ireland, the United States and the Netherlands) does not differ from the actual income tax expense. (b) The tax variance as a result of global activities is primarily caused by our operations in countries with a higher or lower statutory tax rate than the statutory tax rate in Ireland. (c) The 2019 permanent differences included non-deductible interest, non-deductible share-based compensation in Ireland and in the Netherlands, and a valuation allowance change in respect of U.S., Dutch and Irish tax losses. (d) The 2018 permanent differences included non-deductible share-based compensation in Ireland and in the Netherlands, and a valuation allowance change in respect of U.S., Dutch and Irish tax losses. (e) The 2017 |
Schedule of principal components of deferred tax assets and liabilities | The following tables provide details regarding the principal components of our deferred income tax liabilities and assets by jurisdiction as of December 31, 2019 and 2018 : As of December 31, 2019 Ireland United States The Netherlands Other Total Depreciation/Impairment $ (1,924,492 ) $ (606 ) $ 6,873 $ (1,253 ) $ (1,919,478 ) Intangibles (4,594 ) (5,222 ) — — (9,816 ) Accrued maintenance liability (3,456 ) 1,666 — — (1,790 ) Obligations under capital leases and debt obligations (3,806 ) — — — (3,806 ) Investments — (7,996 ) — — (7,996 ) Deferred losses on sale of assets — 24,178 — — 24,178 Valuation allowance (5,654 ) (38,720 ) (16,025 ) (13,962 ) (74,361 ) Losses and credits forward 1,146,434 58,099 20,568 19,090 1,244,191 Other (58,691 ) (99 ) (1,773 ) (5,818 ) (66,381 ) Net deferred income tax (liabilities) assets $ (854,259 ) $ 31,300 $ 9,643 $ (1,943 ) $ (815,259 ) 15. Income taxes (Continued) As of December 31, 2018 Ireland United States The Netherlands Other Total Depreciation/Impairment $ (1,612,534 ) $ 254 $ 5,974 $ (887 ) $ (1,607,193 ) Intangibles (7,011 ) (6,108 ) — — (13,119 ) Accrued maintenance liability (3,242 ) 4,509 — — 1,267 Obligations under capital leases and debt obligations (4,255 ) — — — (4,255 ) Investments — (8,619 ) — — (8,619 ) Deferred losses on sale of assets — 28,770 — — 28,770 Valuation allowance (3,296 ) (57,145 ) (15,938 ) (15,919 ) (92,298 ) Losses and credits forward 996,676 62,351 28,770 23,018 1,110,815 Other (77,973 ) 502 (1,760 ) (2,454 ) (81,685 ) Net deferred income tax (liabilities) assets $ (711,635 ) $ 24,514 $ 17,046 $ 3,758 $ (666,317 ) |
Schedule of movement in valuation allowance for deferred income taxes | The following table presents the movements in the valuation allowance for deferred income tax assets during the years ended December 31, 2019 and 2018 : Year Ended December 31, 2019 2018 Valuation allowance at beginning of period $ 92,298 $ 104,858 Decrease of allowance to income tax provision (17,937 ) (12,560 ) Valuation allowance at end of period $ 74,361 $ 92,298 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Weighted-Average Information Associated with Remaining Operating Lease Obligations | As of December 31, 2019 , supplemental balance sheet information related to leases was as follows: Operating leases Finance leases Weighted average remaining lease term (years) 9.0 16.3 Weighted average discount rate 6.4 % 6.5 % |
Maturities of Financing Lease Liabilities | As of December 31, 2019 , maturities of operating and finance lease liabilities were as follows: Operating leases Finance leases 2020 $ 9,113 $ 11,677 2021 8,337 11,677 2022 8,406 11,677 2023 8,468 11,677 2024 6,358 11,677 Thereafter 27,663 188,682 Total lease payments $ 68,345 $ 247,067 Less imputed interest (17,201 ) (110,839 ) Present value of lease liabilities $ 51,144 $ 136,228 As of December 31, 2018 , maturities of operating and finance lease liabilities were as follows: Operating leases Finance leases 2019 $ 9,181 $ 2,359 2020 9,305 2,515 2021 9,201 2,681 2022 9,262 2,857 2023 9,337 3,046 Thereafter 35,243 105,327 Total lease payments $ 81,529 $ 118,785 |
Maturities of Operating Lease Liabilities | As of December 31, 2019 , maturities of operating and finance lease liabilities were as follows: Operating leases Finance leases 2020 $ 9,113 $ 11,677 2021 8,337 11,677 2022 8,406 11,677 2023 8,468 11,677 2024 6,358 11,677 Thereafter 27,663 188,682 Total lease payments $ 68,345 $ 247,067 Less imputed interest (17,201 ) (110,839 ) Present value of lease liabilities $ 51,144 $ 136,228 As of December 31, 2018 , maturities of operating and finance lease liabilities were as follows: Operating leases Finance leases 2019 $ 9,181 $ 2,359 2020 9,305 2,515 2021 9,201 2,681 2022 9,262 2,857 2023 9,337 3,046 Thereafter 35,243 105,327 Total lease payments $ 81,529 $ 118,785 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of share repurchase programs | The following table presents our share repurchase programs for the years ended December 31, 2019 and 2018 : Program approval date Program end date Authorized amount Program completion date February 2018 June 30, 2018 $ 200,000 May 14, 2018 April 2018 December 31, 2018 200,000 November 2, 2018 October 2018 March 31, 2019 200,000 January 9, 2019 December 2018 March 31, 2019 100,000 March 22, 2019 February 2019 September 30, 2019 200,000 July 22, 2019 June 2019 December 31, 2019 200,000 December 5, 2019 November 2019 June 30, 2020 200,000 Not yet completed |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of restricted stock units and restricted stocks activity | The following table presents movements in the outstanding restricted stock units and restricted stock under the AerCap Equity Plans during the year ended December 31, 2019 : Year Ended December 31, 2019 Number of time-based restricted stock units and restricted stock Number of performance-based restricted stock units and restricted stock Weighted average grant date fair value of time-based grants ($) Weighted average grant date fair value of performance-based grants ($) Number at beginning of period 2,305,202 2,493,307 $ 48.72 $ 50.18 Granted (a) 413,289 378,557 54.20 53.44 Vested (b) (1,203,452 ) (382,237 ) 46.71 44.63 Forfeited (10,845 ) (3,491 ) 56.20 50.51 Number at end of period 1,504,194 2,486,136 $ 51.78 $ 51.53 (a) Includes 580,943 shares of restricted stock granted under the AerCap Equity Plans, of which 372,239 shares of restricted stock were issued with the remaining 208,704 ordinary shares being withheld and applied to pay the taxes involved. As part of the 208,704 ordinary shares withheld to pay for taxes, 89,299 ordinary shares were treated as granted and subsequently vested on the grant date under specific Irish tax legislation. As a result, we recognized an expense of $4.7 million on the grant dates associated with these ordinary shares. (b) 432,427 restricted stock units, which were previously granted under the AerCap Equity Plans, vested. In connection with the vesting of the restricted stock units, the Company issued, in full satisfaction of its obligations, 250,470 ordinary shares to the holders of these restricted stock units, with the remainder being withheld and applied to pay the taxes in respect of those awards. Restrictions on 1,006,177 shares of restricted stock ( 681,825 shares of restricted stock net of withholding for taxes) lapsed during the period. In addition, 89,299 ordinary shares were treated as granted and subsequently vested on the grant dates, as described in (a) above. |
Schedule of expected share-based compensation expense assuming established performance criteria | The following table presents our expected share-based compensation expense based on existing grants, assuming that the established performance criteria are met and that no forfeitures occur: Expected share-based compensation expense (U.S. Dollars in millions) 2020 $ 57.1 2021 35.3 2022 16.9 2023 3.2 2024 0.5 |
Geographic information (Tables)
Geographic information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of lease revenues by individual countries | The following table presents the percentage of lease revenue attributable to individual countries representing at least 10% of our total lease revenue in any year presented, based on each lessee’s principal place of business, for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Amount % Amount % Amount % China (a) $ 874,145 18.7 % $ 639,316 14.1 % $ 648,343 13.8 % United States 511,676 10.9 % 528,687 11.6 % 568,999 12.1 % Other countries (b) 3,296,445 70.4 % 3,369,090 74.3 % 3,496,460 74.1 % Total $ 4,682,266 100.0 % $ 4,537,093 100.0 % $ 4,713,802 100.0 % (a) Includes mainland China, Hong Kong and Macau. (b) No individual country within this category including Ireland, where our headquarters is located, accounts for more than 10% of our lease revenue. |
Schedule of long-lived assets by individual countries | The following table presents the percentage of long-lived assets, including flight equipment held for operating leases, flight equipment held for sale, net investment in finance and sales-type leases and maintenance rights assets, attributable to individual countries representing at least 10% of our total long-lived assets in any year presented, based on each lessee’s principal place of business, as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Amount % Amount % China (a) $ 7,965,456 21.0 % $ 7,639,347 20.5 % United States 4,395,161 11.6 % 4,381,348 11.8 % Other countries (b) 25,609,668 67.4 % 25,234,447 67.7 % Total $ 37,970,285 100.0 % $ 37,255,142 100.0 % (a) Includes mainland China, Hong Kong and Macau. (b) No individual country within this category including Ireland, where our headquarters is located, accounts for more than 10% of our long-lived assets. |
Selling, general and administ_2
Selling, general and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selling, General and Administrative Expense [Abstract] | |
Schedule of selling, general and administrative expenses | Selling, general and administrative expenses consisted of the following for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Personnel expenses $ 122,453 $ 132,694 $ 156,726 Share-based compensation 69,410 95,176 107,719 Professional services 24,287 24,264 28,585 Travel expenses 17,604 21,790 19,774 Office expenses 14,095 14,784 16,105 Directors’ expenses 3,042 3,169 3,345 Other expenses 16,567 13,349 16,037 $ 267,458 $ 305,226 $ 348,291 |
Other income (Tables)
Other income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Component of Operating Income [Abstract] | |
Schedule of other income | Other income consisted of the following for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Management fees $ 12,445 $ 14,539 $ 13,426 Interest and other income 53,794 47,025 81,172 $ 66,239 $ 61,564 $ 94,598 |
Lease revenue (Tables)
Lease revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lease Revenue [Abstract] | |
Schedule of contracted minimum future lease payments receivable from lessees for equipment on non-cancelable operating leases | Our current operating lease agreements expire up to and over the next 15 years . The contracted minimum future lease payments receivable from lessees for flight equipment on non-cancelable operating leases for our owned aircraft and engines as of December 31, 2019 were as follows: Contracted minimum future lease payments receivable 2020 $ 4,106,827 2021 3,870,189 2022 3,615,500 2023 3,348,230 2024 3,016,714 Thereafter 10,848,862 $ 28,806,322 |
Asset impairment (Tables)
Asset impairment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Impairment Charges [Abstract] | |
Schedule of asset impairment | Asset impairment consisted of the following for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Flight equipment held for operating leases (Note 5) $ 69,383 $ 39,318 $ 54,331 Flight equipment held for sale 766 4,868 6,955 $ 70,149 $ 44,186 $ 61,286 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of computations of basic and diluted earnings per share | The computations of basic and diluted EPS for the years ended December 31, 2019 , 2018 and 2017 were as follows: Year Ended December 31, 2019 2018 2017 Net income for the computation of basic EPS $ 1,145,694 $ 1,015,632 $ 1,076,151 Weighted average ordinary shares outstanding—basic 134,570,169 145,162,220 161,059,552 Basic EPS $ 8.51 $ 7.00 $ 6.68 Year Ended December 31, 2019 2018 2017 Net income for the computation of diluted EPS $ 1,145,694 $ 1,015,632 $ 1,076,151 Weighted average ordinary shares outstanding—diluted 135,898,139 148,706,266 167,287,508 Diluted EPS $ 8.43 $ 6.83 $ 6.43 |
Schedule of computation of ordinary shares outstanding, excluding unvested restricted stock | The computations of ordinary shares outstanding, excluding shares of unvested restricted stock, as of December 31, 2019 , 2018 and 2017 were as follows: As of December 31, 2019 2018 2017 Number of ordinary shares Ordinary shares issued 141,847,345 151,847,345 167,847,345 Treasury shares (10,263,856 ) (9,172,681 ) (14,855,244 ) Ordinary shares outstanding 131,583,489 142,674,664 152,992,101 Shares of unvested restricted stock (2,354,318 ) (2,429,442 ) (3,007,752 ) Ordinary shares outstanding, excluding shares of unvested restricted stock 129,229,171 140,245,222 149,984,349 |
Variable interest entities (Tab
Variable interest entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Variable Interest Entities [Abstract] | |
Schedule of maximum exposure to loss in VIEs | The following table presents our maximum exposure to loss in non-consolidated VIE s as of December 31, 2019 and 2018 : As of December 31, 2019 2018 Carrying value of debt and equity investments $ 123,279 $ 132,113 Debt guarantees 68,901 88,313 Maximum exposure to loss $ 192,180 $ 220,426 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table presents amounts received from related parties for management fees and dividends for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Management fees Dividends Management fees Dividends Management fees Dividends AerDragon $ 675 $ 1,667 $ 497 $ 1,667 $ 507 $ 3,333 ACSAL 480 1,088 480 1,119 480 1,949 AerLift 1,360 393 1,677 394 1,808 3,023 $ 2,515 $ 3,148 $ 2,654 $ 3,180 $ 2,795 $ 8,305 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of movements in prepayments on flight equipment | Movements in prepayments on flight equipment during the years ended December 31, 2019 and 2018 were as follows: Year Ended December 31, 2019 2018 Prepayments on flight equipment at beginning of period $ 3,024,520 $ 2,930,303 Prepayments made during the period 1,329,110 1,811,917 Interest paid and capitalized during the period 97,327 101,755 Prepayments and capitalized interest applied to the purchase of flight equipment (1,496,479 ) (1,819,455 ) Prepayments on flight equipment at end of period $ 2,954,478 $ 3,024,520 |
Schedule of unrecorded contractual commitments for purchase of fight equipment | The following table presents our contractual commitments for the purchase of flight equipment as of December 31, 2019 , as adjusted to reflect the developments described in footnotes (a) and (b) below: 2020 2021 2022 2023 2024 Thereafter Total Purchase obligations (a) (b) $ 3,470,502 $ 4,351,839 $ 2,992,145 $ 2,651,197 $ 1,807,081 $ 1,270,782 $ 16,543,546 (a) As of December 31, 2019, we had commitments to purchase 297 aircraft and two purchase and leaseback transactions. In February 2020, we exercised an option to purchase an additional 50 Airbus A320neo Family aircraft from Airbus, with deliveries beginning in 2024. These commitments are included in the table above. The timing of payments is based on our estimates of expected delivery dates. (b) In February 2020, we entered into an agreement with Boeing to reschedule the delivery positions of a portion of our Boeing 737 MAX aircraft on order to later dates. These revised delivery positions are reflected in the table above. The delivery positions of our Boeing 737 MAX aircraft are based on our best estimates and incorporate the information currently available to us. Our estimates may be different from the actual delivery dates, and will depend on when the Boeing 737 MAX returns to service and the speed at which Boeing is able to deliver our aircraft on order to us. |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities measured at fair value on recurring basis | The following tables present our financial assets and liabilities that we measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2019 and 2018 : December 31, 2019 Total Level 1 Level 2 Level 3 Assets Derivative assets $ 11,664 $ — $ 11,664 $ — Liabilities Derivative liabilities $ 97,066 $ — $ 97,066 $ — December 31, 2018 Total Level 1 Level 2 Level 3 Assets Derivative assets $ 69,105 $ — $ 69,105 $ — Liabilities Derivative liabilities $ 29,321 $ — $ 29,321 $ — |
Schedule of carrying amounts and fair values of most significant financial instruments | The carrying amounts and fair values of our most significant financial instruments as of December 31, 2019 and 2018 were as follows: December 31, 2019 Carrying value Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 1,121,396 $ 1,121,396 $ 1,121,396 $ — $ — Restricted cash 178,951 178,951 178,951 — — Derivative assets 11,664 11,664 — 11,664 — $ 1,312,011 $ 1,312,011 $ 1,300,347 $ 11,664 $ — Liabilities Debt $ 29,624,266 (a) $ 30,219,588 $ — $ 30,219,588 $ — Derivative liabilities 97,066 97,066 — 97,066 — $ 29,721,332 $ 30,316,654 $ — $ 30,316,654 $ — (a) Excludes debt issuance costs, debt discounts and debt premium. December 31, 2018 Carrying value Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 1,204,018 $ 1,204,018 $ 1,204,018 $ — $ — Restricted cash 211,017 211,017 211,017 — — Derivative assets 69,105 69,105 — 69,105 — $ 1,484,140 $ 1,484,140 $ 1,415,035 $ 69,105 $ — Liabilities Debt $ 29,668,203 (a) $ 29,031,153 $ — $ 29,031,153 $ — Derivative liabilities 29,321 29,321 — 29,321 — $ 29,697,524 $ 29,060,474 $ — $ 29,060,474 $ — (a) Excludes debt issuance costs, debt discounts and debt premium. |
Supplemental guarantor financ_2
Supplemental guarantor financial information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed consolidated balance sheet | Condensed Consolidating Balance Sheet December 31, 2019 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Assets Cash and cash equivalents $ 3 $ 154 $ 10 $ 823 $ 131 $ — $ 1,121 Restricted cash — — — 1 178 — 179 Flight equipment held for operating leases, net — 8,874 — 3,500 23,497 — 35,871 Maintenance rights and lease premium, net — 415 — 38 356 — 809 Flight equipment held for sale — 68 — 22 247 — 337 Net investment in finance and sales-type leases — 462 — 62 488 — 1,012 Prepayments on flight equipment — 983 — 3 1,968 — 2,954 Investments including investments in subsidiaries 11,557 1,405 9,320 6,701 123 (28,983 ) 123 Intercompany receivables 182 17,759 64 11,014 4,510 (33,529 ) — Other assets 79 523 133 1,247 707 (1,346 ) 1,343 Total Assets $ 11,821 $ 30,643 $ 9,527 $ 23,411 $ 32,205 $ (63,858 ) $ 43,749 Liabilities and Equity Debt $ 740 $ 16,943 $ 1,505 $ — $ 10,298 $ — $ 29,486 Intercompany payables 1,748 2,544 4,133 9,989 15,144 (33,558 ) — Other liabilities 18 1,817 2 1,710 2,651 (1,317 ) 4,881 Total liabilities 2,506 21,304 5,640 11,699 28,093 (34,875 ) 34,367 Total AerCap Holdings N.V. shareholders’ equity 9,315 9,339 3,887 11,634 4,123 (28,983 ) 9,315 Non-controlling interest — — — 78 (11 ) — 67 Total Equity 9,315 9,339 3,887 11,712 4,112 (28,983 ) 9,382 Total Liabilities and Equity $ 11,821 $ 30,643 $ 9,527 $ 23,411 $ 32,205 $ (63,858 ) $ 43,749 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. Condensed Consolidating Balance Sheet December 31, 2018 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Assets Cash and cash equivalents $ 3 $ 318 $ 6 $ 737 $ 140 $ — $ 1,204 Restricted cash — — — 1 210 — 211 Flight equipment held for operating leases, net — 9,455 — 3,317 22,280 — 35,052 Maintenance rights and lease premium, net — 569 — 58 486 — 1,113 Flight equipment held for sale — 26 — — 158 — 184 Net investment in finance and sales-type leases — 494 — 63 446 — 1,003 Prepayments on flight equipment — 1,338 — 5 1,682 — 3,025 Investments including investments in subsidiaries 10,495 1,336 8,774 5,948 133 (26,553 ) 133 Intercompany receivables 130 17,305 67 12,325 5,375 (35,202 ) — Other assets 79 482 101 351 271 — 1,284 Total Assets $ 10,707 $ 31,323 $ 8,948 $ 22,805 $ 31,181 $ (61,755 ) $ 43,209 Liabilities and Equity Debt $ — $ 17,257 $ 808 $ 8 $ 11,435 $ — $ 29,508 Intercompany payables 1,873 3,480 4,604 11,477 13,768 (35,202 ) — Other liabilities 6 1,791 2 688 2,333 — 4,820 Total liabilities 1,879 22,528 5,414 12,173 27,536 (35,202 ) 34,328 Total AerCap Holdings N.V. shareholders’ equity 8,828 8,795 3,534 10,565 3,659 (26,553 ) 8,828 Non-controlling interest — — — 67 (14 ) — 53 Total Equity 8,828 8,795 3,534 10,632 3,645 (26,553 ) 8,881 Total Liabilities and Equity $ 10,707 $ 31,323 $ 8,948 $ 22,805 $ 31,181 $ (61,755 ) $ 43,209 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. |
Condensed consolidated income statement | Condensed Consolidating Income Statement Year Ended December 31, 2019 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Revenues and other income Lease revenue $ — $ 1,270 $ — $ 439 $ 2,973 $ — $ 4,682 Net gain on sale of assets — 70 — 11 108 — 189 Other income (loss) 69 739 2 629 239 (1,612 ) 66 Total Revenues and other income 69 2,079 2 1,079 3,320 (1,612 ) 4,937 Expenses Depreciation and amortization — 452 — 182 1,042 — 1,676 Asset impairment — 19 — 15 36 — 70 Interest expense 10 884 224 405 1,107 (1,335 ) 1,295 Leasing expenses — 108 — 55 125 — 288 Selling, general and administrative expenses 63 74 — 140 267 (277 ) 267 Total Expenses 73 1,537 224 797 2,577 (1,612 ) 3,596 (Loss) income before income taxes and income of investments accounted for under the equity method (4 ) 542 (222 ) 282 743 — 1,341 Provision for income taxes 1 (68 ) 28 (40 ) (89 ) — (168 ) Equity in net earnings of investments accounted for under the equity method — — — — (6 ) — (6 ) Net (loss) income before income from subsidiaries (3 ) 474 (194 ) 242 648 — 1,167 Income (loss) from subsidiaries 1,149 68 542 996 (912 ) (1,843 ) — Net income (loss) $ 1,146 $ 542 $ 348 $ 1,238 $ (264 ) $ (1,843 ) $ 1,167 Net income attributable to non-controlling interest — — — (17 ) (4 ) — (21 ) Net income (loss) attributable to AerCap Holdings N.V. $ 1,146 $ 542 $ 348 $ 1,221 $ (268 ) $ (1,843 ) $ 1,146 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. Condensed Consolidating Income Statement Year Ended December 31, 2018 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Revenues and other income Lease revenue $ — $ 1,499 $ — $ 289 $ 2,749 $ — $ 4,537 Net gain on sale of assets — 53 — 18 130 — 201 Other income (loss) 63 648 3 719 275 (1,646 ) 62 Total Revenues and other income 63 2,200 3 1,026 3,154 (1,646 ) 4,800 Expenses Depreciation and amortization — 563 — 130 986 — 1,679 Asset impairment — 4 — 9 31 — 44 Interest expense — 886 169 290 1,183 (1,354 ) 1,174 Leasing expenses — 112 — 50 285 — 447 Selling, general and administrative expenses 80 100 — 139 278 (292 ) 305 Total Expenses 80 1,665 169 618 2,763 (1,646 ) 3,649 (Loss) income before income taxes and income of investments accounted for under the equity method (17 ) 535 (166 ) 408 391 — 1,151 Provision for income taxes 2 (67 ) 21 (54 ) (47 ) — (145 ) Equity in net earnings of investments accounted for under the equity method — — — — 11 — 11 Net (loss) income before income from subsidiaries (15 ) 468 (145 ) 354 355 — 1,017 Income (loss) from subsidiaries 1,031 256 724 692 (718 ) (1,985 ) — Net income (loss) $ 1,016 $ 724 $ 579 $ 1,046 $ (363 ) $ (1,985 ) $ 1,017 Net income attributable to non-controlling interest — — — — (1 ) — (1 ) Net income (loss) attributable to AerCap Holdings N.V. $ 1,016 $ 724 $ 579 $ 1,046 $ (364 ) $ (1,985 ) $ 1,016 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. Condensed Consolidating Income Statement Year Ended December 31, 2017 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Revenues and other income Lease revenue $ — $ 1,671 $ — $ 214 $ 2,829 $ — $ 4,714 Net gain on sale of assets — 113 — 20 96 — 229 Other income (loss) 49 672 4 577 409 (1,617 ) 94 Total Revenues and other income 49 2,456 4 811 3,334 (1,617 ) 5,037 Expenses Depreciation and amortization — 630 — 87 1,010 — 1,727 Asset impairment — 9 — 3 49 — 61 Interest expense — 759 176 410 1,108 (1,341 ) 1,112 Leasing expenses — 258 — 30 250 — 538 Restructuring related expenses — — — — 15 — 15 Selling, general and administrative expenses 97 105 — 135 287 (276 ) 348 Total Expenses 97 1,761 176 665 2,719 (1,617 ) 3,801 (Loss) income before income taxes and income of investments accounted for under the equity method (48 ) 695 (172 ) 146 615 — 1,236 Provision for income taxes 6 (87 ) 21 (33 ) (72 ) — (165 ) Equity in net earnings of investments accounted for under the equity method — — — — 9 — 9 Net (loss) income before income from subsidiaries (42 ) 608 (151 ) 113 552 — 1,080 Income (loss) from subsidiaries 1,118 167 774 831 (901 ) (1,989 ) — Net income (loss) $ 1,076 $ 775 $ 623 $ 944 $ (349 ) $ (1,989 ) $ 1,080 Net income attributable to non-controlling interest — — — — (4 ) — (4 ) Net income (loss) attributable to AerCap Holdings N.V. $ 1,076 $ 775 $ 623 $ 944 $ (353 ) $ (1,989 ) $ 1,076 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. |
Condensed consolidated statement of comprehensive income | Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2019 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Net income (loss) $ 1,146 $ 542 $ 348 $ 1,238 $ (264 ) $ (1,843 ) $ 1,167 Other comprehensive loss: Net change in fair value of derivatives, net of tax — — — (84 ) (6 ) — (90 ) Actuarial loss on pension obligations, net of tax — — — (2 ) — — (2 ) Total other comprehensive loss — — — (86 ) (6 ) — (92 ) Comprehensive income (loss) 1,146 542 348 1,152 (270 ) (1,843 ) 1,075 Comprehensive income attributable to non-controlling interest — — — (17 ) (4 ) — (21 ) Total comprehensive income (loss) attributable to AerCap Holdings N.V. $ 1,146 $ 542 $ 348 $ 1,135 $ (274 ) $ (1,843 ) $ 1,054 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2018 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Net income (loss) $ 1,016 $ 724 $ 579 $ 1,046 $ (363 ) $ (1,985 ) $ 1,017 Other comprehensive loss: Net change in fair value of derivatives, net of tax — — — (14 ) — — (14 ) Actuarial loss on pension obligations, net of tax — — — (2 ) — — (2 ) Total other comprehensive loss — — — (16 ) — — (16 ) Comprehensive income (loss) 1,016 724 579 1,030 (363 ) (1,985 ) 1,001 Comprehensive income attributable to non-controlling interest — — — — (1 ) — (1 ) Total comprehensive income (loss) attributable to AerCap Holdings N.V. $ 1,016 $ 724 $ 579 $ 1,030 $ (364 ) $ (1,985 ) $ 1,000 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2017 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Net income (loss) $ 1,076 $ 775 $ 623 $ 944 $ (349 ) $ (1,989 ) $ 1,080 Other comprehensive income: Net change in fair value of derivatives, net of tax — — — 13 2 — 15 Actuarial gain on pension obligations, net of tax — — — — 1 — 1 Total other comprehensive (loss) income — — — 13 3 — 16 Comprehensive income (loss) 1,076 775 623 957 (346 ) (1,989 ) 1,096 Comprehensive income attributable to non-controlling interest — — — — (4 ) — (4 ) Total comprehensive income (loss) attributable to AerCap Holdings N.V. $ 1,076 $ 775 $ 623 $ 957 $ (350 ) $ (1,989 ) $ 1,092 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. |
Condensed consolidated statements of cash flows | Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2019 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Net income (loss) $ 1,146 $ 542 $ 348 $ 1,238 $ (264 ) $ (1,843 ) $ 1,167 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (1,149 ) (68 ) (542 ) (996 ) 912 1,843 — Depreciation and amortization — 452 — 182 1,042 — 1,676 Asset impairment — 19 — 15 36 — 70 Amortization of debt issuance costs, debt discount, debt premium and lease premium — 18 5 — 57 — 80 Amortization of fair value adjustments on debt — (78 ) — — (1 ) — (79 ) Maintenance rights write-off — 132 — 37 76 — 245 Maintenance liability release to income — (91 ) — (40 ) (77 ) — (208 ) Net gain on sale of assets — (70 ) — (11 ) (108 ) — (189 ) Deferred income taxes (1 ) 70 (27 ) 39 81 — 162 Collections of finance and sales-type leases — 41 — 24 33 — 98 Other 33 24 — 35 74 — 166 Cash flow from operating activities before changes in working capital 29 991 (216 ) 523 1,861 — 3,188 Working capital (129 ) (50 ) (470 ) (198 ) 765 — (82 ) Net cash (used in) provided by operating activities (100 ) 941 (686 ) 325 2,626 — 3,106 Purchase of flight equipment — (1,035 ) — (584 ) (1,740 ) — (3,359 ) Proceeds from sale or disposal of assets — 587 — 268 918 — 1,773 Prepayments on flight equipment — (560 ) — (1 ) (808 ) — (1,369 ) Other — — — — — — — Net cash used in investing activities — (1,008 ) — (317 ) (1,630 ) — (2,955 ) Issuance of debt 750 2,866 698 4 2,221 — 6,539 Repayment of debt — (3,102 ) — (8 ) (3,394 ) — (6,504 ) Debt issuance costs paid, net of debt premium received (10 ) (3 ) (9 ) — (15 ) — (37 ) Maintenance payments received — 215 — 104 417 — 736 Maintenance payments returned — (89 ) — (45 ) (218 ) — (352 ) Security deposits received — 100 1 56 75 — 232 Security deposits returned — (84 ) — (32 ) (117 ) — (233 ) Dividend paid to non-controlling interest holders — — — — (6 ) — (6 ) Repurchase of shares and tax withholdings on share-based compensation (640 ) — — — — — (640 ) Net cash provided by (used in) financing activities 100 (97 ) 690 79 (1,037 ) — (265 ) Net (decrease) increase in cash and cash equivalents — (164 ) 4 87 (41 ) — (114 ) Effect of exchange rate changes — — — (1 ) — — (1 ) Cash, cash equivalents and restricted cash at beginning of period 3 318 6 738 350 — 1,415 Cash, cash equivalents and restricted cash at end of period $ 3 $ 154 $ 10 $ 824 $ 309 $ — $ 1,300 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2018 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Net income (loss) $ 1,016 $ 724 $ 579 $ 1,046 $ (363 ) $ (1,985 ) $ 1,017 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (1,031 ) (256 ) (724 ) (692 ) 718 1,985 — Depreciation and amortization — 563 — 130 986 — 1,679 Asset impairment — 4 — 9 31 — 44 Amortization of debt issuance costs, debt discount, debt premium and lease premium — 20 5 2 49 — 76 Amortization of fair value adjustments on debt — (142 ) — — (1 ) — (143 ) Maintenance rights write-off — 118 — 18 151 — 287 Maintenance liability release to income — (59 ) — (33 ) (136 ) — (228 ) Net gain on sale of assets — (53 ) — (18 ) (130 ) — (201 ) Deferred income taxes (2 ) 65 (21 ) 54 52 — 148 Other 52 — — 56 48 — 156 Cash flow from operating activities before changes in working capital 35 984 (161 ) 572 1,405 — 2,835 Working capital 781 (228 ) (255 ) (231 ) (62 ) — 5 Net cash provided by (used in) operating activities 816 756 (416 ) 341 1,343 — 2,840 Purchase of flight equipment — (1,228 ) — (1,217 ) (1,591 ) — (4,036 ) Proceeds from sale or disposal of assets — 759 — 245 819 — 1,823 Prepayments on flight equipment — (610 ) — — (1,303 ) — (1,913 ) Collections of finance and sales-type leases — 36 — 20 39 — 95 Other — — — — (22 ) — (22 ) Net cash used in investing activities — (1,043 ) — (952 ) (2,058 ) — (4,053 ) Issuance of debt — 2,383 510 36 2,661 — 5,590 Repayment of debt — (2,046 ) (100 ) (17 ) (2,198 ) — (4,361 ) Debt issuance costs paid, net of debt premium received — (21 ) (2 ) (1 ) (34 ) — (58 ) Maintenance payments received — 245 — 86 412 — 743 Maintenance payments returned — (161 ) — (15 ) (283 ) — (459 ) Security deposits received — 63 — 58 87 — 208 Security deposits returned — (80 ) — (39 ) (102 ) — (221 ) Dividend paid to non-controlling interest holders — — — — (8 ) — (8 ) Repurchase of shares and tax withholdings on share-based compensation (834 ) — — — — — (834 ) Net cash (used in) provided by financing activities (834 ) 383 408 108 535 — 600 Net (decrease) increase in cash and cash equivalents (18 ) 96 (8 ) (503 ) (180 ) — (613 ) Effect of exchange rate changes — — — 4 — — 4 Cash, cash equivalents and restricted cash at beginning of period 21 222 14 1,237 530 — 2,024 Cash, cash equivalents and restricted cash at end of period $ 3 $ 318 $ 6 $ 738 $ 350 $ — $ 1,415 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2017 AerCap AerCap AerCap Guarantors (a) Non- Eliminations Total (U.S. Dollars in millions) Net income (loss) $ 1,076 $ 775 $ 623 $ 944 $ (349 ) $ (1,989 ) $ 1,080 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (1,118 ) (167 ) (774 ) (831 ) 901 1,989 — Depreciation and amortization — 630 — 87 1,010 — 1,727 Asset impairment — 9 — 3 49 — 61 Amortization of debt issuance costs, debt discount, debt premium and lease premium — 18 5 5 51 — 79 Amortization of fair value adjustments on debt — (192 ) — — (3 ) — (195 ) Maintenance rights write-off — 282 — 13 245 — 540 Maintenance liability release to income — (100 ) — (23 ) (179 ) — (302 ) Net gain on sale of assets — (113 ) — (20 ) (96 ) — (229 ) Deferred income taxes (7 ) 87 (19 ) 35 61 — 157 Restructuring related expenses — — — — 5 — 5 Other 62 25 — 46 19 — 152 Cash flow from operating activities before changes in working capital 13 1,254 (165 ) 259 1,714 — 3,075 Working capital 1,143 (163 ) (272 ) 693 (1,336 ) — 65 Net cash provided by (used in) operating activities 1,156 1,091 (437 ) 952 378 — 3,140 Purchase of flight equipment — (1,685 ) — (549 ) (1,723 ) — (3,957 ) Proceeds from sale or disposal of assets — 893 — 137 749 — 1,779 Prepayments on flight equipment — (936 ) — — (332 ) — (1,268 ) Collections of finance and sales-type leases — 49 — 33 10 — 92 Other — (36 ) — — (2 ) — (38 ) Net cash used in investing activities — (1,715 ) — (379 ) (1,298 ) — (3,392 ) Issuance of debt — 2,431 400 — 2,765 — 5,596 Repayment of debt — (2,400 ) — (317 ) (1,978 ) — (4,695 ) Debt issuance costs paid — (28 ) (13 ) (3 ) (37 ) — (81 ) Maintenance payments received — 251 — 65 440 — 756 Maintenance payments returned — (216 ) — (40 ) (267 ) — (523 ) Security deposits received — 58 — 30 98 — 186 Security deposits returned — (79 ) — (11 ) (98 ) — (188 ) Repurchase of shares and tax withholdings on share-based compensation (1,139 ) — — — — — (1,139 ) Net cash (used in) provided by financing activities (1,139 ) 17 387 (276 ) 923 — (88 ) Net increase (decrease) in cash and cash equivalents 17 (607 ) (50 ) 297 3 — (340 ) Cash and cash equivalents at beginning of period 4 829 64 940 527 — 2,364 Cash, cash equivalents and restricted cash at end of period $ 21 $ 222 $ 14 $ 1,237 $ 530 $ — $ 2,024 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. |
General (Details)
General (Details) $ in Thousands | Dec. 31, 2019USD ($)aircraft | Dec. 31, 2018USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of aircraft | aircraft | 1,334 | |
Total assets | $ | $ 43,749,244 | $ 43,208,915 |
Summary of significant accoun_3
Summary of significant accounting policies (Details) $ in Thousands | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($)segment | Jan. 01, 2019USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||
Minimum aircraft age threshold for performance of impairment assessments | 5 years | ||
Number of operating segments | segment | 1 | ||
Number of reportable segments | segment | 1 | ||
Operating lease right of use asset | $ 43,668 | ||
Present value of lease liabilities | $ 51,144 | ||
Flight Equipment | |||
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% | ||
Accounting Standards Update 2016-02 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Operating lease right of use asset | $ 58,000 | ||
Present value of lease liabilities | $ 58,000 | ||
Forecast | Accounting Standards Update 2016-13 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Cumulative effect adjustment to reduce retained earnings | $ 25,000 |
Restricted cash (Details)
Restricted cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 1,121,396 | $ 1,204,018 | ||
Restricted cash | 178,951 | 211,017 | ||
Total cash, cash equivalents and restricted cash | $ 1,300,347 | $ 1,415,035 | $ 2,024,125 | $ 2,364,627 |
Flight equipment held for ope_3
Flight equipment held for operating leases, net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Property Subject to or Available for Operating Lease [Roll Forward] | |||
Net book value at beginning of period | $ 35,052,335 | ||
Net book value at beginning of period | 35,052,335 | $ 32,396,827 | |
Additions | 4,621,821 | 5,877,691 | |
Depreciation | (1,650,450) | ||
Depreciation | (1,649,710) | ||
Disposals and transfers to held for sale | (1,940,133) | (1,417,825) | |
Transfers to net investment in finance and sales-type leases/inventory | (143,409) | (115,330) | |
Impairment (Note 23) | (69,383) | (39,318) | $ (54,331) |
Net book value at end of period | 35,870,781 | 35,052,335 | |
Net book value at end of period | 35,870,781 | 35,052,335 | $ 32,396,827 |
Accumulated depreciation as of December 31, 2019 | $ (7,526,636) | ||
Accumulated depreciation as of December 31, 2018 | $ (6,850,869) |
Net investment in finance and_3
Net investment in finance and sales-type leases (Components of net investment) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Flight Equipment, Net [Abstract] | ||
Future minimum lease payments to be received | $ 715,085 | |
Future minimum lease payments to be received | $ 792,265 | |
Estimated residual values of leased flight equipment | 577,353 | |
Estimated residual values of leased flight equipment | 528,916 | |
Less: Unearned income | (280,889) | |
Less: Unearned income | (317,895) | |
Net investment in finance and sales-type leases | 1,011,549 | |
Net investment in finance and sales-type leases | $ 1,011,549 | $ 1,003,286 |
Net investment in finance and_4
Net investment in finance and sales-type leases (Minimum future lease payments to be received on finance and sales-type leases) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Flight Equipment, Net [Abstract] | |
2020 | $ 154,323 |
2021 | 131,054 |
2022 | 202,302 |
2023 | 135,388 |
2024 | 109,098 |
Thereafter | 560,273 |
Undiscounted cash flows receivable | 1,292,438 |
Less: Unearned income | (280,889) |
Sales-type and direct financing leases, lease receivable | $ 1,011,549 |
Net investment in finance and_5
Net investment in finance and sales-type leases (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Flight Equipment, Net [Abstract] | |
Sales-type and direct financing leases, impairment charge | $ 22 |
(Maintenance rights and lease p
(Maintenance rights and lease premium, net) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Maintenance rights | $ 794,798 | $ 1,088,246 |
Lease premium, net | 14,817 | 24,944 |
Maintenance rights and lease premium, net | $ 809,615 | $ 1,113,190 |
Intangibles (Movements in maint
Intangibles (Movements in maintenance rights) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Maintenance rights at beginning of period | $ 1,088,246 | |
Maintenance rights at end of period | 794,798 | $ 1,088,246 |
Maintenance Rights | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Maintenance rights at beginning of period | 1,088,246 | 1,464,599 |
EOL and MR contract maintenance rights expense | (76,611) | (157,792) |
MR contract maintenance rights write-off due to maintenance liability release | (19,848) | (29,656) |
EOL contract maintenance rights write-off due to cash receipt | (148,289) | (99,671) |
EOL and MR contract maintenance rights write-off due to sale of aircraft | (48,700) | (89,234) |
Maintenance rights at end of period | $ 794,798 | $ 1,088,246 |
Intangibles (Other intangibles)
Intangibles (Other intangibles) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, net | $ 307,394 | $ 328,570 |
Goodwill | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, net | 58,094 | 58,094 |
Customer relationships, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, net | 240,765 | 261,941 |
Contractual vendor intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, net | $ 8,535 | $ 8,535 |
Intangibles (Customer relations
Intangibles (Customer relationships and related accumulated amortization) (Details) - Customer relationships - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 360,000 | $ 360,000 |
Accumulated amortization | (119,235) | (98,059) |
Finite-lived intangible assets | $ 240,765 | $ 261,941 |
Intangibles (Other intangibles,
Intangibles (Other intangibles, narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 21.2 | $ 21.2 | $ 21.2 |
Flight equipment held for sale
Flight equipment held for sale (Details) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2019aircraft | Mar. 31, 2019aircraft | Dec. 31, 2019USD ($)aircraft | Dec. 31, 2018USD ($)aircraft | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of aircraft held for sale | aircraft | 7 | |||
Net book value of flight equipment held for sale | $ | $ 336,592 | $ 184,129 | ||
Number of aircraft sold | aircraft | 1 | 6 | ||
Flight Equipment Held-for-sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of aircraft held for sale | aircraft | 14 | |||
Net book value of flight equipment held for sale | $ | $ 336,600 | |||
Maintenance and security deposit received from the lessee to be assumed by the buyers of the aircraft | $ | $ 91,000 |
Other assets (Details)
Other assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets [Abstract] | ||
Lease incentives | $ 239,607 | $ 251,961 |
Investments (Note 10) | 123,279 | 132,113 |
Straight-line rents, prepaid expenses and other | 98,443 | 79,792 |
Notes receivable | 87,745 | 58,994 |
Operating lease ROU assets (Note 16) | 43,668 | |
Debt issuance costs | 26,393 | 36,814 |
Other tangible fixed assets | 26,018 | 29,151 |
Derivative assets | 11,664 | 69,105 |
Inventory | 3,157 | 30,971 |
Other receivables | 355,502 | 220,289 |
Other assets | $ 1,015,476 | $ 909,190 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Undistributed earnings of investments | $ 39,400 | $ 48,200 |
Peregrine | ||
Schedule of Equity Method Investments [Line Items] | ||
Cost method investments | 3,300 | 3,300 |
Variable Interest Entity, Not Primary Beneficiary | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investment in unconsolidated joint venture | $ 119,979 | 128,812 |
Variable Interest Entity, Not Primary Beneficiary | AerDragon | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investment, ownership percentage | 16.70% | |
Equity investment in unconsolidated joint venture | $ 68,673 | 65,920 |
Variable Interest Entity, Not Primary Beneficiary | AerLift | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investment, ownership percentage | 39.30% | |
Equity investment in unconsolidated joint venture | $ 35,188 | 47,644 |
Variable Interest Entity, Not Primary Beneficiary | ACSAL | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investment, ownership percentage | 19.40% | |
Equity investment in unconsolidated joint venture | $ 16,118 | $ 15,248 |
Derivative financial instrume_3
Derivative financial instruments (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative cash collateral, obligation to return cash | $ 600,000 | $ 5,500,000 |
Derivative cash collateral, advanced to counterparties | 0 | $ 0 |
Cash flow hedge gain (loss) to be reclassified within 12 months | $ 22,000,000 |
Derivative financial instrume_4
Derivative financial instruments (Notional amounts and fair values of derivatives outstanding) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Total derivative assets | ||
Derivative assets, fair value | $ 11,664 | $ 69,105 |
Total derivative liabilities | ||
Derivative liabilities, fair value | 97,066 | 29,321 |
Not Designated as Hedging Instrument | Interest rate caps | ||
Total derivative assets | ||
Derivative assets, Notional amount | 2,442,000 | 2,523,500 |
Derivative assets, fair value | 3,727 | 32,547 |
Designated as Hedging Instrument | Interest rate caps | ||
Total derivative assets | ||
Derivative assets, Notional amount | 400,000 | 0 |
Derivative assets, fair value | 6,359 | 0 |
Designated as Hedging Instrument | Interest rate swaps | Cash Flow Hedging | ||
Total derivative assets | ||
Derivative assets, Notional amount | 488,616 | 1,900,957 |
Derivative assets, fair value | 1,578 | 36,558 |
Total derivative liabilities | ||
Derivative liabilities, notional amount | 3,776,000 | 1,375,000 |
Derivative liabilities, fair value | $ 97,066 | $ 29,321 |
Derivative financial instrume_5
Derivative financial instruments (Income (loss) recorded in comprehensive income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net changes in cash flow hedges, Income tax effect | $ 12,845 | $ 2,080 | $ (2,131) |
Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective portion of change in fair market value of derivatives | (102,725) | (16,639) | 17,049 |
Net change in fair value of derivatives, net of tax | (89,918) | (14,559) | 14,918 |
Interest rate caps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective portion of change in fair market value of derivatives | $ (38) | $ 0 | $ 0 |
Derivative financial instrume_6
Derivative financial instruments (Effects of derivatives recorded in interest expense) (Details) - Interest Rate Caps And Swaps - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives not designated as hedges | $ (29,714) | $ 5,158 | $ (14,178) |
Reclassification to Consolidated Income Statements: | |||
Reclassification of amounts previously recorded in AOCI | 3,381 | 6,874 | 0 |
Effect from derivatives | $ (26,333) | $ 12,032 | $ (14,178) |
Accounts payable, accrued exp_3
Accounts payable, accrued expenses and other liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Deferred revenue | $ 389,958 | $ 421,542 |
Accrued interest | 255,369 | 262,559 |
Accounts payable and accrued expenses | 239,086 | 296,523 |
Derivative liabilities (Note 11) | 97,066 | 29,321 |
Present value of lease liabilities | 51,144 | |
Accounts payable, accrued expenses and other liabilities | $ 1,032,623 | $ 1,009,945 |
Accrued maintenance liability_2
Accrued maintenance liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Movement in Accrued Maintenance Liability [Roll Forward] | ||
Accrued maintenance liability at beginning of period | $ 2,237,494 | $ 2,461,799 |
Maintenance payments received | 736,423 | 743,256 |
Maintenance payments returned | (352,032) | (459,326) |
Release to income other than upon sale | (207,849) | (228,081) |
Lessor contribution, top ups and other | 25,310 | (18,914) |
Accrued maintenance liability at end of period | $ 2,190,159 | $ 2,237,494 |
Debt (Summary of indebtedness)
Debt (Summary of indebtedness) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)aircraftengine | Dec. 31, 2018USD ($) | |
Debt Disclosure [Abstract] | ||
Outstanding indebtedness, excluding fair value adjustments, debt issuance costs and debt discounts | $ 29,528,230 | |
Fair value adjustments | $ 96,000 | |
Debt Instrument [Line Items] | ||
Collateral (number of aircraft) | aircraft | 267 | |
Commitment | $ 36,103,085 | |
Undrawn amounts | 6,574,855 | |
Debt issuance costs, debt discounts and debt premium | (138,135) | $ (160,616) |
Debt | 29,486,131 | 29,507,587 |
AerCap Trust & AICDC Notes | ||
Debt Instrument [Line Items] | ||
Debt | 29,486,000 | 29,508,000 |
Unsecured | ||
Debt Instrument [Line Items] | ||
Commitment | 22,374,000 | |
Undrawn amounts | 4,950,000 | |
Amount outstanding | 17,523,093 | 17,187,314 |
Unsecured | ILFC Legacy Notes | ||
Debt Instrument [Line Items] | ||
Commitment | 2,900,000 | |
Undrawn amounts | 0 | |
Amount outstanding | $ 2,900,000 | 4,900,000 |
Weighted average interest rate | 7.09% | |
Unsecured | AerCap Trust & AICDC Notes | ||
Debt Instrument [Line Items] | ||
Commitment | $ 12,500,000 | |
Undrawn amounts | 0 | |
Amount outstanding | $ 12,500,000 | 10,749,864 |
Weighted average interest rate | 4.13% | |
Unsecured | Asia Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Commitment | $ 950,000 | |
Undrawn amounts | 950,000 | |
Amount outstanding | $ 0 | 200,000 |
Weighted average interest rate | 0.00% | |
Unsecured | Citi Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Commitment | $ 4,000,000 | |
Undrawn amounts | 4,000,000 | |
Amount outstanding | $ 0 | 0 |
Weighted average interest rate | 0.00% | |
Unsecured | Other unsecured debt | ||
Debt Instrument [Line Items] | ||
Commitment | $ 2,024,000 | |
Undrawn amounts | 0 | |
Amount outstanding | $ 2,024,000 | 1,160,000 |
Weighted average interest rate | 3.28% | |
Unsecured | Unsecured debt, fair value adjustment | ||
Debt Instrument [Line Items] | ||
Amount outstanding | $ 99,093 | 177,450 |
Secured | ||
Debt Instrument [Line Items] | ||
Commitment | 11,431,564 | |
Undrawn amounts | 1,624,855 | |
Amount outstanding | $ 9,803,874 | 10,932,880 |
Secured | Export credit facilities | ||
Debt Instrument [Line Items] | ||
Collateral (number of aircraft) | aircraft | 18 | |
Commitment | $ 565,312 | |
Undrawn amounts | 0 | |
Amount outstanding | $ 565,312 | 849,372 |
Weighted average interest rate | 2.43% | |
Secured | Institutional secured term loans & secured portfolio loans | ||
Debt Instrument [Line Items] | ||
Collateral (number of aircraft) | aircraft | 191 | |
Commitment | $ 7,303,496 | |
Undrawn amounts | 0 | |
Amount outstanding | $ 7,303,496 | 7,533,028 |
Weighted average interest rate | 3.62% | |
Secured | AerFunding Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Collateral (number of aircraft) | aircraft | 16 | |
Commitment | $ 2,500,000 | |
Undrawn amounts | 1,624,855 | |
Amount outstanding | $ 875,145 | 919,484 |
Weighted average interest rate | 3.72% | |
Secured | Other secured debt | ||
Debt Instrument [Line Items] | ||
Collateral (number of aircraft) | aircraft | 42 | |
Commitment | $ 1,062,756 | |
Undrawn amounts | 0 | |
Amount outstanding | $ 1,062,756 | 1,633,099 |
Weighted average interest rate | 4.06% | |
Number of engines pledged as collateral | engine | 74 | |
Secured | Secured debt fair value adjustment | ||
Debt Instrument [Line Items] | ||
Amount outstanding | $ (2,835) | (2,103) |
Secured | Secured Portfolio Loan | ||
Debt Instrument [Line Items] | ||
Debt | 370,600 | |
Subordinated | ||
Debt Instrument [Line Items] | ||
Commitment | 2,297,521 | |
Undrawn amounts | 0 | |
Amount outstanding | 2,297,299 | 1,548,009 |
Subordinated | Subordinated notes | ||
Debt Instrument [Line Items] | ||
Commitment | 2,250,000 | |
Undrawn amounts | 0 | |
Amount outstanding | $ 2,250,000 | 1,500,000 |
Weighted average interest rate | 5.18% | |
Subordinated | Subordinated debt issued by joint ventures | ||
Debt Instrument [Line Items] | ||
Commitment | $ 47,521 | |
Undrawn amounts | 0 | |
Amount outstanding | $ 47,521 | 48,234 |
Weighted average interest rate | 0.00% | |
Subordinated | Subordinated debt fair value adjustment | ||
Debt Instrument [Line Items] | ||
Amount outstanding | $ (222) | $ (225) |
Other Secured Debt Limited Recourse In Nature | Other secured debt | ||
Debt Instrument [Line Items] | ||
Debt | $ 104,000 |
Debt (Maturities of debt financ
Debt (Maturities of debt financings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Maturities of Long-term Debt [Abstract] | |||
2020 | $ 3,454,301 | ||
2021 | 4,450,347 | ||
2022 | 6,859,785 | ||
2023 | 3,532,951 | ||
2024 | 3,010,218 | ||
Thereafter | 8,220,628 | ||
Total outstanding indebtedness, excluding fair value adjustments, debt issuance costs and debt discounts | 29,528,230 | ||
Amortization of debt issuance costs, debt discount, debt premium and lease premium | $ 69,500 | $ 64,200 | $ 65,400 |
Debt (ILFC) (Details)
Debt (ILFC) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Maturities of Long-term Debt [Abstract] | ||
2020 | $ 3,454,301 | |
2021 | 4,450,347 | |
2022 | 6,859,785 | |
Unsecured | ||
Maturities of Long-term Debt [Abstract] | ||
Debt | 17,523,093 | $ 17,187,314 |
Unsecured | ILFC Legacy Notes | ||
Maturities of Long-term Debt [Abstract] | ||
2020 | 1,000,000 | |
2021 | 500,000 | |
2022 | 1,400,000 | |
Debt | $ 2,900,000 | $ 4,900,000 |
Minimum | Unsecured | ILFC Legacy Notes | ||
Maturities of Long-term Debt [Abstract] | ||
Stated interest rate | 4.625% | |
Maximum | Unsecured | ILFC Legacy Notes | ||
Maturities of Long-term Debt [Abstract] | ||
Stated interest rate | 8.625% |
Debt (AerCap trust & AICDC note
Debt (AerCap trust & AICDC notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Maturities of Long-term Debt [Abstract] | ||
2020 | $ 3,454,301 | |
2021 | 4,450,347 | |
2022 | 6,859,785 | |
2023 | 3,532,951 | |
2024 | 3,010,218 | |
Thereafter | 8,220,628 | |
Unsecured | ||
Maturities of Long-term Debt [Abstract] | ||
Debt | 17,523,093 | $ 17,187,314 |
Unsecured | AerCap Trust & AICDC Notes | ||
Maturities of Long-term Debt [Abstract] | ||
2020 | 1,500,000 | |
2021 | 2,600,000 | |
2022 | 2,100,000 | |
2023 | 1,200,000 | |
2024 | 1,650,000 | |
Thereafter | 3,450,000 | |
Debt | $ 12,500,000 | $ 10,749,864 |
Redemption price of debt instrument, percentage | 100.00% | |
Unsecured | AerCap Trust & AICDC Notes | Minimum | ||
Maturities of Long-term Debt [Abstract] | ||
Stated interest rate | 2.875% | |
Unsecured | AerCap Trust & AICDC Notes | Maximum | ||
Maturities of Long-term Debt [Abstract] | ||
Stated interest rate | 5.00% |
Debt (Revolving credit faciliti
Debt (Revolving credit facilities) (Details) - Unsecured - USD ($) | 1 Months Ended | |
Oct. 31, 2019 | Mar. 31, 2018 | |
Asia Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit facility maximum borrowing capacity | $ 950,000,000 | |
Citi Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit facility maximum borrowing capacity | $ 4,000,000,000 | |
Credit facility increase borrowing capacity | $ 500,000,000 |
Debt (Export credit facilities)
Debt (Export credit facilities) (Details) - Export credit facilities - Secured | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | |
Debt Instrument [Line Items] | |
Debt instrument term | 10 years |
Maximum | |
Debt Instrument [Line Items] | |
Debt instrument term | 12 years |
Debt (Institutional secured ter
Debt (Institutional secured term & secured portfolio loans) (Details) - Secured $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)aircraft | |
Institutional secured term loans & secured portfolio loans | |
Debt Instrument [Line Items] | |
Number of aircraft designated as collateral | aircraft | 191 |
Credit facility amount outstanding | $ | $ 7,303,496 |
Weighted average interest rate | 3.62% |
Hyperion | |
Debt Instrument [Line Items] | |
Number of aircraft designated as collateral | aircraft | 58 |
Credit facility amount outstanding | $ | $ 1,050,000 |
Weighted average interest rate | 3.69% |
Vancouver (b) | |
Debt Instrument [Line Items] | |
Number of aircraft designated as collateral | aircraft | 20 |
Credit facility amount outstanding | $ | $ 350,000 |
Weighted average interest rate | 3.69% |
Celtago & Celtago II | |
Debt Instrument [Line Items] | |
Number of aircraft designated as collateral | aircraft | 25 |
Credit facility amount outstanding | $ | $ 1,095,174 |
Weighted average interest rate | 3.43% |
Cesium | |
Debt Instrument [Line Items] | |
Number of aircraft designated as collateral | aircraft | 15 |
Credit facility amount outstanding | $ | $ 853,844 |
Weighted average interest rate | 3.71% |
Goldfish | |
Debt Instrument [Line Items] | |
Number of aircraft designated as collateral | aircraft | 13 |
Credit facility amount outstanding | $ | $ 723,326 |
Weighted average interest rate | 3.34% |
Scandium | |
Debt Instrument [Line Items] | |
Number of aircraft designated as collateral | aircraft | 10 |
Credit facility amount outstanding | $ | $ 678,953 |
Weighted average interest rate | 3.96% |
Rhodium | |
Debt Instrument [Line Items] | |
Number of aircraft designated as collateral | aircraft | 11 |
Credit facility amount outstanding | $ | $ 594,619 |
Weighted average interest rate | 3.46% |
Other secured facilities | |
Debt Instrument [Line Items] | |
Number of aircraft designated as collateral | aircraft | 39 |
Credit facility amount outstanding | $ | $ 1,957,580 |
Weighted average interest rate | 3.65% |
Debt (AerFunding revolving cred
Debt (AerFunding revolving credit facility and credit agreement) (Details) - AerFunding Revolving Credit Facility - USD ($) | Dec. 11, 2017 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Credit facility maximum borrowing capacity | $ 2,500,000,000 | ||
Revolving Period | |||
Debt Instrument [Line Items] | |||
Debt instrument term | 3 years | ||
Term Out Period | |||
Debt Instrument [Line Items] | |||
Debt instrument term | 2 years | ||
Charitable Trust | |||
Debt Instrument [Line Items] | |||
Ownership percentage | 95.00% | ||
AerCap Ireland | |||
Debt Instrument [Line Items] | |||
Ownership percentage | 5.00% |
Debt (Subordinated debt) (Detai
Debt (Subordinated debt) (Details) - Subordinated $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
Amount outstanding | $ 2,250,000 |
ECAPS Subordinated Notes | |
Debt Instrument [Line Items] | |
Amount outstanding | $ 1,000,000 |
Weighted average interest rate | 4.00% |
2045 Subordinated Notes | |
Debt Instrument [Line Items] | |
Amount outstanding | $ 500,000 |
Weighted average interest rate | 6.50% |
2079 Subordinated Notes | |
Debt Instrument [Line Items] | |
Amount outstanding | $ 750,000 |
Weighted average interest rate | 5.88% |
Debt (ECAPS subordinated notes)
Debt (ECAPS subordinated notes) (Details) - Subordinated | 1 Months Ended |
Dec. 31, 2005USD ($) | |
Subordinated notes | |
Debt Instrument [Line Items] | |
Face amount | $ 1,000,000,000 |
ECAPS Subordinated Debt $400 Million Tranche | |
Debt Instrument [Line Items] | |
Face amount | $ 400,000,000 |
Spread over reference rate | 1.80% |
ECAPS Subordinated Debt $600 Million Tranche | |
Debt Instrument [Line Items] | |
Face amount | $ 600,000,000 |
Spread over reference rate | 1.55% |
Debt (Junior subordinated notes
Debt (Junior subordinated notes) (Details) - USD ($) $ in Thousands | 1 Months Ended | |||
Oct. 31, 2019 | Jun. 30, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||||
Debt | $ 29,486,131 | $ 29,507,587 | ||
Subordinated | Junior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 750,000 | $ 500,000 | ||
Debt, fixed interest rate | 5.875% | 6.50% | ||
Debt instrument term deferral period | 5 years | |||
LIBOR | Subordinated | Junior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Spread over reference rate | 4.30% | |||
US Treasury (UST) Interest Rate | Subordinated | Junior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Spread over reference rate | 4.535% |
Income taxes (Provision for inc
Income taxes (Provision for income taxes by tax jurisdiction) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | |||
Deferred tax expense (benefit) | $ 180,435 | $ 160,148 | $ 179,524 |
Deferred tax (benefit) expense related to a (decrease) increase in changes in valuation allowance of deferred tax assets | (17,937) | (12,560) | (22,503) |
Current tax (benefit) expense | 5,216 | (3,509) | 7,697 |
Provision for income taxes | 167,714 | 144,079 | 164,718 |
Ireland | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax expense (benefit) | 154,134 | 140,621 | 144,532 |
Deferred tax (benefit) expense related to a (decrease) increase in changes in valuation allowance of deferred tax assets | 2,358 | 368 | 1,366 |
Current tax (benefit) expense | 0 | (27) | 5,606 |
United States | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax expense (benefit) | 11,327 | 6,510 | 56,650 |
Deferred tax (benefit) expense related to a (decrease) increase in changes in valuation allowance of deferred tax assets | (18,425) | (2,838) | (29,147) |
Current tax (benefit) expense | 789 | (3,691) | (1,659) |
The Netherlands | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax expense (benefit) | 7,316 | 4,136 | (7,470) |
Deferred tax (benefit) expense related to a (decrease) increase in changes in valuation allowance of deferred tax assets | 87 | (2,302) | (8,518) |
Current tax (benefit) expense | 261 | (307) | 717 |
Other | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax expense (benefit) | 7,658 | 8,881 | (14,188) |
Deferred tax (benefit) expense related to a (decrease) increase in changes in valuation allowance of deferred tax assets | (1,957) | (7,788) | 13,796 |
Current tax (benefit) expense | $ 4,166 | $ 516 | $ 3,033 |
Income taxes (Reconciliation of
Income taxes (Reconciliation of statutory income tax expense to provision for income taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory income tax rate | 12.50% | 12.50% | 12.50% |
Income tax expense at statutory income tax rate of 12.5% | $ 167,580 | $ 143,866 | $ 154,484 |
Permanent differences | (949) | 1,016 | 23,737 |
Foreign rate differential | 1,083 | (803) | (13,503) |
Differences between statutory and actual income tax expense | 134 | 213 | 10,234 |
Provision for income taxes | $ 167,714 | $ 144,079 | $ 164,718 |
Income taxes (Foreign rate diff
Income taxes (Foreign rate differential by tax jurisdiction) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | |||
Pre-tax income (loss) | $ 1,333,046 | $ 1,158,620 | $ 1,418,353 |
Local statutory tax rate | 12.50% | 12.50% | 12.50% |
Tax variance as a result of global activities | $ 1,083 | $ (803) | $ (13,503) |
Permanent differences | 7,596 | (7,687) | (182,481) |
Income from continuing operations before income tax | 1,340,642 | 1,150,933 | 1,235,872 |
Ireland | |||
Income Tax Disclosure [Line Items] | |||
Pre-tax income (loss) | $ 1,324,100 | $ 1,163,574 | $ 1,212,029 |
Local statutory tax rate | 12.50% | 12.50% | 12.50% |
Variance to Irish statutory tax rate of 12.5% | 0.00% | 0.00% | 0.00% |
Tax variance as a result of global activities | $ 0 | $ 0 | $ 0 |
United States | |||
Income Tax Disclosure [Line Items] | |||
Pre-tax income (loss) | $ (30,041) | $ (85) | $ 72,390 |
Local statutory tax rate | 21.00% | 22.00% | 35.70% |
Variance to Irish statutory tax rate of 12.5% | 8.50% | 9.50% | 23.20% |
Tax variance as a result of global activities | $ (2,553) | $ (8) | $ 16,744 |
The Netherlands | |||
Income Tax Disclosure [Line Items] | |||
Pre-tax income (loss) | $ 30,656 | $ 6,108 | $ (61,086) |
Local statutory tax rate | 25.00% | 25.00% | 25.00% |
Variance to Irish statutory tax rate of 12.5% | 12.50% | 12.50% | 12.50% |
Tax variance as a result of global activities | $ 3,832 | $ 764 | $ (7,636) |
Isle of Man | |||
Income Tax Disclosure [Line Items] | |||
Pre-tax income (loss) | $ 185,882 | ||
Local statutory tax rate | 0.00% | ||
Variance to Irish statutory tax rate of 12.5% | (12.50%) | ||
Tax variance as a result of global activities | $ (23,235) | ||
Other | |||
Income Tax Disclosure [Line Items] | |||
Pre-tax income (loss) | $ 8,331 | $ (10,977) | $ 9,138 |
Local statutory tax rate | 10.10% | 26.70% | 19.30% |
Variance to Irish statutory tax rate of 12.5% | (2.40%) | 14.20% | 6.80% |
Tax variance as a result of global activities | $ (196) | $ (1,559) | $ 624 |
Income taxes (Net deferred tax
Income taxes (Net deferred tax (liabilities) assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Line Items] | |||
Deferred tax liabilities, depreciation/impairment | $ (1,919,478) | $ (1,607,193) | |
Deferred tax liabilities, intangibles | (9,816) | (13,119) | |
Deferred tax liabilities, accrued maintenance liability | (1,790) | ||
Deferred tax assets, accrued maintenance liability | 1,267 | ||
Deferred tax liabilities, obligations under capital leases and debt obligations | (3,806) | (4,255) | |
Deferred tax liabilities, investments | (7,996) | (8,619) | |
Deferred tax assets, deferred losses on sale of assets | 24,178 | 28,770 | |
Valuation allowance | (74,361) | (92,298) | $ (104,858) |
Deferred tax assets, losses and credits forward | 1,244,191 | 1,110,815 | |
Deferred tax liabilities, other | (66,381) | (81,685) | |
Net deferred income tax (liabilities) | (815,259) | (666,317) | |
Ireland | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax liabilities, depreciation/impairment | (1,924,492) | (1,612,534) | |
Deferred tax liabilities, intangibles | (4,594) | (7,011) | |
Deferred tax liabilities, accrued maintenance liability | (3,456) | (3,242) | |
Deferred tax liabilities, obligations under capital leases and debt obligations | (3,806) | (4,255) | |
Valuation allowance | (5,654) | (3,296) | |
Deferred tax assets, losses and credits forward | 1,146,434 | 996,676 | |
Deferred tax liabilities, other | (58,691) | (77,973) | |
Net deferred income tax (liabilities) | (854,259) | (711,635) | |
United States | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax liabilities, depreciation/impairment | (606) | ||
Deferred tax assets, depreciation and impairment | 254 | ||
Deferred tax liabilities, intangibles | (5,222) | (6,108) | |
Deferred tax assets, accrued maintenance liability | 1,666 | 4,509 | |
Deferred tax liabilities, investments | (7,996) | (8,619) | |
Deferred tax assets, deferred losses on sale of assets | 24,178 | 28,770 | |
Valuation allowance | (38,720) | (57,145) | |
Deferred tax assets, losses and credits forward | 58,099 | 62,351 | |
Deferred tax liabilities, other | (99) | ||
Deferred tax asset, other | 502 | ||
Net deferred income tax assets | 31,300 | 24,514 | |
The Netherlands | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax assets, depreciation and impairment | 6,873 | 5,974 | |
Valuation allowance | (16,025) | (15,938) | |
Deferred tax assets, losses and credits forward | 20,568 | 28,770 | |
Deferred tax liabilities, other | (1,773) | (1,760) | |
Net deferred income tax assets | 9,643 | 17,046 | |
Other | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax liabilities, depreciation/impairment | (1,253) | (887) | |
Valuation allowance | (13,962) | (15,919) | |
Deferred tax assets, losses and credits forward | 19,090 | 23,018 | |
Deferred tax liabilities, other | (5,818) | (2,454) | |
Net deferred income tax (liabilities) | $ (1,943) | ||
Net deferred income tax assets | $ 3,758 |
Income taxes (Narrative) (Detai
Income taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | ||||
Net deferred income tax liabilities | $ 815,259 | $ 666,317 | ||
Deferred income tax assets | 95,077 | 138,281 | ||
Deferred income tax liabilities | 910,336 | 804,598 | ||
Unrecognized tax benefits | $ 30,100 | $ 29,800 | ||
Local statutory tax rate | 12.50% | 12.50% | 12.50% | |
Valuation allowance on tax assets | $ 74,361 | $ 92,298 | $ 104,858 | |
Ireland | ||||
Income Tax Disclosure [Line Items] | ||||
Net deferred income tax liabilities | $ 854,259 | $ 711,635 | ||
Local statutory tax rate | 12.50% | 12.50% | 12.50% | |
Valuation allowance on tax assets | $ 5,654 | $ 3,296 | ||
United States | ||||
Income Tax Disclosure [Line Items] | ||||
Local statutory tax rate | 21.00% | 22.00% | 35.70% | |
Valuation allowance on tax assets | $ 38,720 | $ 57,145 | ||
The Netherlands | ||||
Income Tax Disclosure [Line Items] | ||||
Local statutory tax rate | 25.00% | 25.00% | 25.00% | |
Valuation allowance on tax assets | $ 16,025 | $ 15,938 | ||
Tax credit carry back period | 1 year | |||
Tax credit carry forward period | 6 years | |||
Subsequent Event | The Netherlands | ||||
Income Tax Disclosure [Line Items] | ||||
Local statutory tax rate | 21.70% |
Income taxes (Summary of valuat
Income taxes (Summary of valuation allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Tax Assets, Valuation Allowance [Roll Forward] | ||
Valuation allowance at beginning of period | $ 92,298 | $ 104,858 |
Decrease of allowance to income tax provision | (17,937) | (12,560) |
Valuation allowance at end of period | $ 74,361 | $ 92,298 |
Leases (Details)
Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating lease right of use asset | $ 43,668 |
Operating lease, liability | 51,144 |
Present value of lease liabilities | $ 136,228 |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 18 years |
Leases (Weighted-Average Inform
Leases (Weighted-Average Information Associated with Remaining Operating Lease Obligations) (Details) | Dec. 31, 2019 |
Weighted average remaining lease term (years) | |
Operating leases | 9 years |
Finance leases | 16 years 3 months 18 days |
Weighted average discount rate | |
Operating leases | 6.40% |
Finance leases | 6.50% |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities After Adoption of 842) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating leases | |
2020 | $ 9,113 |
2021 | 8,337 |
2022 | 8,406 |
2023 | 8,468 |
2024 | 6,358 |
Thereafter | 27,663 |
Total lease payments | 68,345 |
Less imputed interest | (17,201) |
Present value of lease liabilities | 51,144 |
Finance leases | |
2020 | 11,677 |
2021 | 11,677 |
2022 | 11,677 |
2023 | 11,677 |
2024 | 11,677 |
Thereafter | 188,682 |
Total lease payments | 247,067 |
Less imputed interest | (110,839) |
Present value of lease liabilities | $ 136,228 |
Leases (Maturities of Lease L_2
Leases (Maturities of Lease Liabilities Before Adoption of 842) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating leases | |
2019 | $ 9,181 |
2020 | 9,305 |
2021 | 9,201 |
2022 | 9,262 |
2023 | 9,337 |
Thereafter | 35,243 |
Total lease payments | 81,529 |
Finance leases | |
2019 | 2,359 |
2020 | 2,515 |
2021 | 2,681 |
2022 | 2,857 |
2023 | 3,046 |
Thereafter | 105,327 |
Total lease payments | $ 118,785 |
Equity (Share Repurchase Progra
Equity (Share Repurchase Program) (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||||
Feb. 29, 2020 | Mar. 03, 2020 | Dec. 31, 2019 | Jan. 31, 2020 | Nov. 30, 2019 | Jun. 30, 2019 | Feb. 28, 2019 | Oct. 31, 2018 | Apr. 30, 2018 | Feb. 28, 2018 | |
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Share repurchase program, authorized amount | $ 100,000,000 | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | |||
Treasury stock acquired (in shares) | 11,950,824 | |||||||||
Treasury stock acquired, average price per share (in USD per share) | $ 50.82 | |||||||||
Shares cancelled (in shares) | 10,000,000 | |||||||||
Subsequent Event | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Share repurchase program, authorized amount | $ 250,000,000 | |||||||||
Treasury stock acquired (in shares) | 1,659,269 | |||||||||
Treasury stock acquired, average price per share (in USD per share) | $ 57.44 | |||||||||
Shares cancelled (in shares) | 3,000,000 |
Share-based compensation (Narra
Share-based compensation (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 14, 2014shares | Mar. 31, 2012shares | |
Share-Based Compensation [Line Items] | ||||||
Share based compensation expense | $ | $ 69,410 | $ 95,176 | $ 107,719 | |||
Equity Incentive Plan 2012 | ||||||
Share-Based Compensation [Line Items] | ||||||
Equity awards available for grants (in shares) | 8,064,081 | |||||
Equity Incentive Plan 2014 | ||||||
Share-Based Compensation [Line Items] | ||||||
Equity awards available for grants (in shares) | 4,500,000 | |||||
NV Equity Plan | ||||||
Share-Based Compensation [Line Items] | ||||||
Restricted stock units convertible to common shares, conversion ratio | 1 | |||||
NV Equity Plan | Minimum | ||||||
Share-Based Compensation [Line Items] | ||||||
Equity award vesting period | 3 years | |||||
NV Equity Plan | Maximum | ||||||
Share-Based Compensation [Line Items] | ||||||
Equity award vesting period | 5 years | |||||
Restricted Stock Units | NV Equity Plan | ||||||
Share-Based Compensation [Line Items] | ||||||
Restricted stock units converted to restricted stock (in shares) | 435,000 | |||||
Restricted Stock | NV Equity Plan | ||||||
Share-Based Compensation [Line Items] | ||||||
Restricted stock units converted to restricted stock (in shares) | 435,000 | |||||
Shares withheld to pay taxes (in shares) | 208,704 | |||||
Shares withheld to pay taxes, treated as converted (in shares) | 57,786 | |||||
Share based compensation expense | $ | $ 4,700 | |||||
Converted Restricted Stock | NV Equity Plan | ||||||
Share-Based Compensation [Line Items] | ||||||
Shares withheld to pay taxes (in shares) | 162,806 | |||||
Share based compensation expense | $ | $ 3,000 |
Share-based compensation (Restr
Share-based compensation (Restricted stock units and restricted stocks activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted average grant date fair value ($) | |||
Share based compensation expense | $ 69,410 | $ 95,176 | $ 107,719 |
Time Based Restricted Stock Units And Restricted Stock | |||
Number | |||
Number at beginning of period (in shares) | 2,305,202 | ||
Granted (in shares) | 413,289 | ||
Vested (in shares) | (1,203,452) | ||
Forfeited (in shares) | (10,845) | ||
Number at end of period (in shares) | 1,504,194 | 2,305,202 | |
Weighted average grant date fair value ($) | |||
Number at beginning of period (in USD per share) | $ 48.72 | ||
Granted (in USD per share) | 54.20 | ||
Vested (in USD per share) | 46.71 | ||
Forfeited (in USD per share) | 56.20 | ||
Number at end of period (in USD per share) | $ 51.78 | $ 48.72 | |
Peformance Based Restricted Stock Units And Restricted Stock | |||
Number | |||
Number at beginning of period (in shares) | 2,493,307 | ||
Granted (in shares) | 378,557 | ||
Vested (in shares) | (382,237) | ||
Forfeited (in shares) | (3,491) | ||
Number at end of period (in shares) | 2,486,136 | 2,493,307 | |
Weighted average grant date fair value ($) | |||
Number at beginning of period (in USD per share) | $ 50.18 | ||
Granted (in USD per share) | 53.44 | ||
Vested (in USD per share) | 44.63 | ||
Forfeited (in USD per share) | 50.51 | ||
Number at end of period (in USD per share) | $ 51.53 | $ 50.18 | |
Restricted Stock | NV Equity Plan | |||
Number | |||
Granted (in shares) | 580,943 | ||
Weighted average grant date fair value ($) | |||
Restricted stocks issued (in shares) | 372,239 | ||
Shares withheld to pay taxes (in shares) | 208,704 | ||
Shares withheld to pay taxes, treated as granted (in shares) | 89,299 | ||
Share based compensation expense | $ 4,700 | ||
Restricted Stock Units | NV Equity Plan | |||
Number | |||
Vested (in shares) | (432,427) | ||
Weighted average grant date fair value ($) | |||
Shares withheld to pay taxes, treated as granted (in shares) | 89,299 | ||
Ordinary shares issued to the holders of these restricted stock units with the remainder being withheld and applied to pay the taxes involved (in shares) | 250,470 | ||
Lapsed Restrictions On Restricted Stock | NV Equity Plan | |||
Weighted average grant date fair value ($) | |||
Shares withheld to pay taxes, treated as granted (in shares) | 681,825 | ||
Restricted stock issued (in shares) | 1,006,177 |
Share-based compensation (Expec
Share-based compensation (Expected share-based compensation expense) (Details) $ in Millions | Dec. 31, 2019USD ($) |
2020 | |
Unrecognized Share-Based Compensation, Expected Period Of Recognition [Line Items] | |
Expected share-based compensation expense | $ 57.1 |
2021 | |
Unrecognized Share-Based Compensation, Expected Period Of Recognition [Line Items] | |
Expected share-based compensation expense | 35.3 |
2022 | |
Unrecognized Share-Based Compensation, Expected Period Of Recognition [Line Items] | |
Expected share-based compensation expense | 16.9 |
2023 | |
Unrecognized Share-Based Compensation, Expected Period Of Recognition [Line Items] | |
Expected share-based compensation expense | 3.2 |
2024 | |
Unrecognized Share-Based Compensation, Expected Period Of Recognition [Line Items] | |
Expected share-based compensation expense | $ 0.5 |
Geographic information (Lease r
Geographic information (Lease revenues by individual countries) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Lease revenue | $ 4,682,266 | ||
Lease revenue | $ 4,537,093 | $ 4,713,802 | |
Geographic Concentration Risk | Total Lease Revenue | |||
Segment Reporting Information [Line Items] | |||
Percentage of lease revenue | 100.00% | 100.00% | 100.00% |
China | |||
Segment Reporting Information [Line Items] | |||
Lease revenue | $ 874,145 | ||
Lease revenue | $ 639,316 | $ 648,343 | |
China | Geographic Concentration Risk | Total Lease Revenue | |||
Segment Reporting Information [Line Items] | |||
Percentage of lease revenue | 18.70% | 14.10% | 13.80% |
United States | |||
Segment Reporting Information [Line Items] | |||
Lease revenue | $ 511,676 | ||
Lease revenue | $ 528,687 | $ 568,999 | |
United States | Geographic Concentration Risk | Total Lease Revenue | |||
Segment Reporting Information [Line Items] | |||
Percentage of lease revenue | 10.90% | 11.60% | 12.10% |
Other Countries | |||
Segment Reporting Information [Line Items] | |||
Lease revenue | $ 3,296,445 | ||
Lease revenue | $ 3,369,090 | $ 3,496,460 | |
Other Countries | Geographic Concentration Risk | Total Lease Revenue | |||
Segment Reporting Information [Line Items] | |||
Percentage of lease revenue | 70.40% | 74.30% | 74.10% |
Geographic information (Long-li
Geographic information (Long-lived assets by individual countries) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 37,970,285 | $ 37,255,142 |
Geographic Concentration Risk | Long-Lived Assets | ||
Segment Reporting Information [Line Items] | ||
Percentage of long-lived assets | 100.00% | 100.00% |
China | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 7,965,456 | $ 7,639,347 |
China | Geographic Concentration Risk | Long-Lived Assets | ||
Segment Reporting Information [Line Items] | ||
Percentage of long-lived assets | 21.00% | 20.50% |
United States | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 4,395,161 | $ 4,381,348 |
United States | Geographic Concentration Risk | Long-Lived Assets | ||
Segment Reporting Information [Line Items] | ||
Percentage of long-lived assets | 11.60% | 11.80% |
Other Countries | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 25,609,668 | $ 25,234,447 |
Other Countries | Geographic Concentration Risk | Long-Lived Assets | ||
Segment Reporting Information [Line Items] | ||
Percentage of long-lived assets | 67.40% | 67.70% |
Selling, general and administ_3
Selling, general and administrative expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selling, General and Administrative Expense [Abstract] | |||
Personnel expenses | $ 122,453 | $ 132,694 | $ 156,726 |
Share-based compensation | 69,410 | 95,176 | 107,719 |
Professional services | 24,287 | 24,264 | 28,585 |
Travel expenses | 17,604 | 21,790 | 19,774 |
Office expenses | 14,095 | 14,784 | 16,105 |
Directors’ expenses | 3,042 | 3,169 | 3,345 |
Other expenses | 16,567 | 13,349 | 16,037 |
Total selling, general and administrative expenses | $ 267,458 | $ 305,226 | $ 348,291 |
Other income (Details)
Other income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Component of Operating Income [Abstract] | |||
Management fees | $ 12,445 | $ 14,539 | $ 13,426 |
Interest and other income | 53,794 | 47,025 | 81,172 |
Total other income | $ 66,239 | $ 61,564 | $ 94,598 |
Lease revenue (Details)
Lease revenue (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Lease Revenue [Abstract] | |
Term of operating lease agreements | 15 years |
2020 | $ 4,106,827 |
2021 | 3,870,189 |
2022 | 3,615,500 |
2023 | 3,348,230 |
2024 | 3,016,714 |
Thereafter | 10,848,862 |
Contracted minimum future lease receivables | $ 28,806,322 |
Asset impairment (Details)
Asset impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Impairment Charges [Abstract] | |||
Flight equipment held for operating leases (Note 5) | $ 69,383 | $ 39,318 | $ 54,331 |
Flight equipment held for sale | 766 | 4,868 | 6,955 |
Asset impairment | $ 70,149 | $ 44,186 | $ 61,286 |
Earnings per share (Narrative)
Earnings per share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Unvested restricted stock (in shares) | 2,354,318 | 2,429,442 | 3,007,752 |
Number of shares excluded from diluted shares outstanding (in shares) | 163,067 | 90,929 | 509,677 |
Earnings per share (Computation
Earnings per share (Computations of basic and diluted earnings per share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Net income for the computation of basic EPS | $ 1,145,694 | $ 1,015,632 | $ 1,076,151 |
Weighted average ordinary shares outstanding - basic (in shares) | 134,570,169 | 145,162,220 | 161,059,552 |
Basic earnings per share (in USD per share) | $ 8.51 | $ 7 | $ 6.68 |
Weighted average ordinary shares outstanding - diluted (in shares) | 135,898,139 | 148,706,266 | 167,287,508 |
Diluted earnings per share (in USD per share) | $ 8.43 | $ 6.83 | $ 6.43 |
Earnings per share (Computati_2
Earnings per share (Computations of ordinary shares outstanding, excluding nonvested restricted stock) (Details) - shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Earnings Per Share [Abstract] | |||
Ordinary share issued (in shares) | 141,847,345 | 151,847,345 | 167,847,345 |
Treasury shares (in shares) | (10,263,856) | (9,172,681) | (14,855,244) |
Ordinary shares outstanding (in shares) | 131,583,489 | 142,674,664 | 152,992,101 |
Unvested restricted stock (in shares) | (2,354,318) | (2,429,442) | (3,007,752) |
Ordinary shares outstanding, excluding shares of unvested restricted stock (in shares) | 129,229,171 | 140,245,222 | 149,984,349 |
Variable interest entities (Nar
Variable interest entities (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)aircraft | Dec. 31, 2018USD ($) | Jun. 30, 2013aircraft | |
Variable Interest Entity [Line Items] | |||
Number of aircraft | 1,334 | ||
Debt guarantees | $ | $ 68,901 | $ 88,313 | |
AerFunding | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage | 100.00% | ||
Ownership percentage | 5.00% | ||
Boeing 737-800 Aircraft | ACSAL | |||
Variable Interest Entity [Line Items] | |||
Number of aircraft | 8 | ||
AerCap Holdings N.V. | ACSAL | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage | 19.00% | ||
AerCap Partners I | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage | 50.00% | ||
Subordinated debt | $ | $ 62,400 | ||
AerCap Partners I | Boeing 737 NG Aircraft | |||
Variable Interest Entity [Line Items] | |||
Number of aircraft | 2 | ||
AerCap Partners I | AerCap Holdings N.V. | |||
Variable Interest Entity [Line Items] | |||
Subordinated debt | $ | $ 31,200 | ||
AerCap Partners I | Deucalion Aviation Funds | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage | 50.00% | ||
Subordinated debt | $ | $ 31,200 | ||
Aercap Partners 767 | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage | 50.00% | ||
Subordinated debt | $ | $ 32,600 | ||
Aercap Partners 767 | Boeing 767 300ER Aircraft | |||
Variable Interest Entity [Line Items] | |||
Number of aircraft | 2 | ||
Aercap Partners 767 | AerCap Holdings N.V. | |||
Variable Interest Entity [Line Items] | |||
Subordinated debt | $ | $ 16,300 | ||
Aercap Partners 767 | Deucalion Aviation Funds | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage | 50.00% | ||
Subordinated debt | $ | $ 16,300 | ||
AerFunding | Boeing 737 NG Aircraft | |||
Variable Interest Entity [Line Items] | |||
Number of aircraft | 6 | ||
AerFunding | Airbus 320 Family Aircraft | |||
Variable Interest Entity [Line Items] | |||
Number of aircraft | 1 | ||
AerFunding | Airbus 320 neoFamily Aircraft | |||
Variable Interest Entity [Line Items] | |||
Number of aircraft | 2 | ||
AerFunding | Airbus 350 Aircraft | |||
Variable Interest Entity [Line Items] | |||
Number of aircraft | 2 | ||
AerFunding | Boeing 787 Aircraft | |||
Variable Interest Entity [Line Items] | |||
Number of aircraft | 5 | ||
AerFunding | AerCap Holdings N.V. | |||
Variable Interest Entity [Line Items] | |||
Subordinated debt | $ | $ 301,000 | ||
Credit facility amount outstanding | $ | $ 875,100 | ||
AerDragon | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage | 50.00% | ||
AerDragon | Narrowbody Aircraft | |||
Variable Interest Entity [Line Items] | |||
Number of aircraft | 28 | ||
AerDragon | China Aviation Supplies Holding Company | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage | 50.00% | ||
AerLift | |||
Variable Interest Entity [Line Items] | |||
Debt guarantees | $ | $ 68,900 | $ 88,300 | |
AerLift | Widebody Aircraft | |||
Variable Interest Entity [Line Items] | |||
Number of aircraft | 4 | ||
AerLift | AerCap Holdings N.V. | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage | 39.00% | ||
ACSAL | Boeing 737-800 Aircraft | |||
Variable Interest Entity [Line Items] | |||
Number of aircraft | 8 | ||
Peregrine | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage | 9.50% | ||
Number of aircraft | 21 |
Variable interest entities (Max
Variable interest entities (Maximum exposure to loss in VIEs) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entities [Abstract] | ||
Carrying value of debt and equity investments | $ 123,279 | $ 132,113 |
Debt guarantees | 68,901 | 88,313 |
Maximum exposure to loss | $ 192,180 | $ 220,426 |
Related party transactions (Sch
Related party transactions (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Management fees | $ 2,515 | $ 2,654 | $ 2,795 |
Dividends | 3,148 | 3,180 | 8,305 |
AerDragon | |||
Related Party Transaction [Line Items] | |||
Dividends | 1,667 | 1,667 | 3,333 |
ACSAL | |||
Related Party Transaction [Line Items] | |||
Dividends | 1,088 | 1,119 | 1,949 |
AerLift | |||
Related Party Transaction [Line Items] | |||
Dividends | 393 | 394 | 3,023 |
Management Service | AerDragon | |||
Related Party Transaction [Line Items] | |||
Management fees | 675 | 497 | 507 |
Management Service | ACSAL | |||
Related Party Transaction [Line Items] | |||
Management fees | 480 | 480 | 480 |
Management Service | AerLift | |||
Related Party Transaction [Line Items] | |||
Management fees | $ 1,360 | $ 1,677 | $ 1,808 |
Related party transactions (Det
Related party transactions (Details) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2019aircraft | Mar. 31, 2019aircraft | Dec. 31, 2019USD ($)aircraft | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Related Party Transaction [Line Items] | |||||
Number of aircraft sold | aircraft | 1 | 6 | |||
Share repurchase (in shares) | $ 607,343,000 | $ 726,640,000 | $ 1,124,724,000 | ||
AerCap Partners I | |||||
Related Party Transaction [Line Items] | |||||
Number of aircraft sold | aircraft | 4 | ||||
Executive officer | |||||
Related Party Transaction [Line Items] | |||||
Share repurchase (in shares) | $ 39,600 | ||||
Share repurchase, aggregate sales price | 1,800,000 | ||||
Waha Capital PJSC | |||||
Related Party Transaction [Line Items] | |||||
Share repurchase (in shares) | 2,427,790 | ||||
Share repurchase, aggregate sales price | $ 144,800,000 |
Commitments and contingencies_2
Commitments and contingencies (Narrative) (Details) | Oct. 24, 2014USD ($)claim | Mar. 16, 2009USD ($) | Feb. 23, 2006USD ($) | Feb. 29, 2020aircraft | Oct. 31, 2013claim | Jul. 31, 2011USD ($)claim | Dec. 31, 2019USD ($)aircraft | Jul. 31, 2006lease | Dec. 31, 1992aircraftengine | Jan. 01, 1990aircraftengineUnit |
Loss Contingencies [Line Items] | ||||||||||
Non-refundable deposits | $ 2,500,000,000 | |||||||||
VASP Litigation | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Damages suffered | $ 0 | |||||||||
Damages awarded | $ 36,900,000 | $ 40,000,000 | ||||||||
VASP Litigation | Judicial Ruling | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of judgments | claim | 2 | |||||||||
VASP Litigation | VASP Litigation English Court | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of leases that company incurred obligations due to another company's default | lease | 7 | |||||||||
Claim award for loss of profit plus accrued interest | $ 40,000,000 | |||||||||
VASP Litigation | VASP Litigation Irish Court | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of leases that company incurred obligations due to another company's default | lease | 9 | |||||||||
Claim award for loss of profit plus accrued interest | $ 24,000,000 | |||||||||
VASP Litigation | Aircraft | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of capital leased assets | aircraft | 13 | |||||||||
Number of leases that company incurred obligations due to another company's default | aircraft | 13 | |||||||||
VASP Litigation | Engines | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of capital leased assets | engine | 3 | |||||||||
Number of leases that company incurred obligations due to another company's default | engine | 3 | |||||||||
Transbrasil Litigation | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Damages suffered | $ 0 | |||||||||
Number of actions | claim | 3 | |||||||||
Aggregate amount due from AerCap | $ 210,000,000 | |||||||||
Number of claims dismissed | claim | 2 | |||||||||
Transbrasil Litigation | Recovery of Attorneys' Fees | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of actions | claim | 1 | |||||||||
Transbrasil Litigation | Indemnity Claim | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of actions | claim | 1 | |||||||||
Transbrasil Litigation | Statutory Penalties | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of actions | claim | 1 | |||||||||
Transbrasil Litigation | Aircraft | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of capital leased assets | aircraft | 1 | |||||||||
Transbrasil Litigation | Engines | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of capital leased assets | engine | 2 | |||||||||
Number of AerCap lessors | Unit | 2 | |||||||||
Capital Addition Purchase Commitments | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of forward orders | aircraft | 299 | |||||||||
Capital Addition Purchase Commitments | Flight Equipment | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of forward orders | aircraft | 297 | |||||||||
Airbus 320 neoFamily Aircraft | Subsequent Event | Capital Addition Purchase Commitments | Flight Equipment | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of forward orders | aircraft | 50 |
Commitments and contingencies_3
Commitments and contingencies (Movements in prepayments on flight equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deposits on Flight Equipment [Roll Forward] | ||
Prepayments on flight equipment at beginning of period | $ 3,024,520 | $ 2,930,303 |
Prepayments made during the period | 1,329,110 | 1,811,917 |
Interest paid and capitalized during the period | 97,327 | 101,755 |
Prepayments and capitalized interest applied to the purchase of flight equipment | (1,496,479) | (1,819,455) |
Prepayments on flight equipment at end of period | $ 2,954,478 | $ 3,024,520 |
Commitments and contingencies_4
Commitments and contingencies (Unrecorded contractual commitments for purchase of flight equipment) (Details) - Capital Addition Purchase Commitments $ in Thousands | 1 Months Ended | 12 Months Ended |
Feb. 29, 2020aircraft | Dec. 31, 2019USD ($)aircraft | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Number of forward orders | aircraft | 299 | |
Flight Equipment | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
2020 | $ 3,470,502 | |
2021 | 4,351,839 | |
2022 | 2,992,145 | |
2023 | 2,651,197 | |
2024 | 1,807,081 | |
Thereafter | 1,270,782 | |
Total | $ 16,543,546 | |
Number of forward orders | aircraft | 297 | |
Number of purchase-leaseback transactions | aircraft | 2 | |
Airbus 320 neoFamily Aircraft | Subsequent Event | Flight Equipment | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Number of forward orders | aircraft | 50 |
Fair value measurements (Financ
Fair value measurements (Financial assets and liabilities measured at fair value on recurring basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Derivative assets | $ 11,664 | $ 69,105 |
Liabilities | ||
Derivative liabilities (Note 11) | 97,066 | 29,321 |
Recurring | ||
Assets | ||
Derivative assets | 11,664 | 69,105 |
Liabilities | ||
Derivative liabilities (Note 11) | 97,066 | 29,321 |
Recurring | Level 1 | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities (Note 11) | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Derivative assets | 11,664 | 69,105 |
Liabilities | ||
Derivative liabilities (Note 11) | 97,066 | 29,321 |
Recurring | Level 3 | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities (Note 11) | $ 0 | $ 0 |
Fair value measurements (Carryi
Fair value measurements (Carrying amounts and fair values of financial instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Derivative assets | $ 11,664 | $ 69,105 |
Liabilities | ||
Derivative liabilities (Note 11) | 97,066 | 29,321 |
Carrying value | ||
Assets | ||
Cash and cash equivalents | 1,121,396 | 1,204,018 |
Restricted cash | 178,951 | 211,017 |
Derivative assets | 11,664 | 69,105 |
Assets, Carrying value | 1,312,011 | 1,484,140 |
Liabilities | ||
Debt | 29,624,266 | 29,668,203 |
Derivative liabilities (Note 11) | 97,066 | 29,321 |
Liabilities, Carrying value | 29,721,332 | 29,697,524 |
Fair value | ||
Assets | ||
Cash and cash equivalents | 1,121,396 | 1,204,018 |
Restricted cash | 178,951 | 211,017 |
Derivative assets | 11,664 | 69,105 |
Assets, Carrying value | 1,312,011 | 1,484,140 |
Liabilities | ||
Debt | 30,219,588 | 29,031,153 |
Derivative liabilities (Note 11) | 97,066 | 29,321 |
Liabilities, Carrying value | 30,316,654 | 29,060,474 |
Fair value | Level 1 | ||
Assets | ||
Cash and cash equivalents | 1,121,396 | 1,204,018 |
Restricted cash | 178,951 | 211,017 |
Derivative assets | 0 | 0 |
Assets, Carrying value | 1,300,347 | 1,415,035 |
Liabilities | ||
Debt | 0 | 0 |
Derivative liabilities (Note 11) | 0 | 0 |
Liabilities, Carrying value | 0 | 0 |
Fair value | Level 2 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Derivative assets | 11,664 | 69,105 |
Assets, Carrying value | 11,664 | 69,105 |
Liabilities | ||
Debt | 30,219,588 | 29,031,153 |
Derivative liabilities (Note 11) | 97,066 | 29,321 |
Liabilities, Carrying value | 30,316,654 | 29,060,474 |
Fair value | Level 3 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Derivative assets | 0 | 0 |
Assets, Carrying value | 0 | 0 |
Liabilities | ||
Debt | 0 | 0 |
Derivative liabilities (Note 11) | 0 | 0 |
Liabilities, Carrying value | $ 0 | $ 0 |
Supplemental guarantor financ_3
Supplemental guarantor financial information (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Oct. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2015 |
Debt Instrument [Line Items] | ||||
Debt | $ 29,486,131 | $ 29,507,587 | ||
Operating lease right of use asset and liability | $ 1,300,000 | |||
Junior Subordinated Notes | Subordinated | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 750,000 | $ 500,000 | ||
Debt, fixed interest rate | 5.875% | 6.50% |
Supplemental guarantor financ_4
Supplemental guarantor financial information (Condensed consolidated balance sheet - AGAT/AICDC Notes) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Cash and cash equivalents | $ 1,121,396 | $ 1,204,018 | ||
Restricted cash | 178,951 | 211,017 | ||
Flight equipment held for operating leases, net | 35,870,781 | 35,052,335 | $ 32,396,827 | |
Maintenance rights and lease premium, net | 809,615 | 1,113,190 | ||
Flight equipment held for sale | 336,592 | 184,129 | ||
Net investment in finance and sales-type leases | 1,011,549 | 1,003,286 | ||
Prepayments on flight equipment | 2,954,478 | 3,024,520 | 2,930,303 | |
Other assets | 1,015,476 | 909,190 | ||
Total Assets | 43,749,244 | 43,208,915 | ||
Liabilities and Equity | ||||
Debt | 29,486,131 | 29,507,587 | ||
Total Liabilities | 34,367,039 | 34,328,301 | ||
Total AerCap Holdings N.V. shareholders’ equity | 9,314,897 | 8,828,048 | ||
Non-controlling interest | 67,308 | 52,566 | ||
Total Equity | 9,382,205 | 8,880,614 | $ 8,638,814 | $ 8,582,264 |
Total Liabilities and Equity | 43,749,244 | 43,208,915 | ||
AerCap Trust & AICDC Notes | ||||
Assets | ||||
Cash and cash equivalents | 1,121,000 | 1,204,000 | ||
Restricted cash | 179,000 | 211,000 | ||
Flight equipment held for operating leases, net | 35,871,000 | 35,052,000 | ||
Maintenance rights and lease premium, net | 809,000 | 1,113,000 | ||
Flight equipment held for sale | 337,000 | 184,000 | ||
Net investment in finance and sales-type leases | 1,012,000 | 1,003,000 | ||
Prepayments on flight equipment | 2,954,000 | 3,025,000 | ||
Investments including investments in subsidiaries | 123,000 | 133,000 | ||
Intercompany receivables | 0 | 0 | ||
Other assets | 1,343,000 | 1,284,000 | ||
Total Assets | 43,749,000 | 43,209,000 | ||
Liabilities and Equity | ||||
Debt | 29,486,000 | 29,508,000 | ||
Intercompany payables | 0 | 0 | ||
Other liabilities | 4,881,000 | 4,820,000 | ||
Total Liabilities | 34,367,000 | 34,328,000 | ||
Total AerCap Holdings N.V. shareholders’ equity | 9,315,000 | 8,828,000 | ||
Non-controlling interest | 67,000 | 53,000 | ||
Total Equity | 9,382,000 | 8,881,000 | ||
Total Liabilities and Equity | 43,749,000 | 43,209,000 | ||
Reportable Legal Entities | AerCap Holdings N.V. | AerCap Trust & AICDC Notes | ||||
Assets | ||||
Cash and cash equivalents | 3,000 | 3,000 | ||
Restricted cash | 0 | 0 | ||
Flight equipment held for operating leases, net | 0 | 0 | ||
Maintenance rights and lease premium, net | 0 | 0 | ||
Flight equipment held for sale | 0 | 0 | ||
Net investment in finance and sales-type leases | 0 | 0 | ||
Prepayments on flight equipment | 0 | 0 | ||
Investments including investments in subsidiaries | 11,557,000 | 10,495,000 | ||
Intercompany receivables | 182,000 | 130,000 | ||
Other assets | 79,000 | 79,000 | ||
Total Assets | 11,821,000 | 10,707,000 | ||
Liabilities and Equity | ||||
Debt | 740,000 | 0 | ||
Intercompany payables | 1,748,000 | 1,873,000 | ||
Other liabilities | 18,000 | 6,000 | ||
Total Liabilities | 2,506,000 | 1,879,000 | ||
Total AerCap Holdings N.V. shareholders’ equity | 9,315,000 | 8,828,000 | ||
Non-controlling interest | 0 | 0 | ||
Total Equity | 9,315,000 | 8,828,000 | ||
Total Liabilities and Equity | 11,821,000 | 10,707,000 | ||
Reportable Legal Entities | Guarantors | AerCap Trust & AICDC Notes | ||||
Assets | ||||
Cash and cash equivalents | 823,000 | 737,000 | ||
Restricted cash | 1,000 | 1,000 | ||
Flight equipment held for operating leases, net | 3,500,000 | 3,317,000 | ||
Maintenance rights and lease premium, net | 38,000 | 58,000 | ||
Flight equipment held for sale | 22,000 | 0 | ||
Net investment in finance and sales-type leases | 62,000 | 63,000 | ||
Prepayments on flight equipment | 3,000 | 5,000 | ||
Investments including investments in subsidiaries | 6,701,000 | 5,948,000 | ||
Intercompany receivables | 11,014,000 | 12,325,000 | ||
Other assets | 1,247,000 | 351,000 | ||
Total Assets | 23,411,000 | 22,805,000 | ||
Liabilities and Equity | ||||
Debt | 0 | 8,000 | ||
Intercompany payables | 9,989,000 | 11,477,000 | ||
Other liabilities | 1,710,000 | 688,000 | ||
Total Liabilities | 11,699,000 | 12,173,000 | ||
Total AerCap Holdings N.V. shareholders’ equity | 11,634,000 | 10,565,000 | ||
Non-controlling interest | 78,000 | 67,000 | ||
Total Equity | 11,712,000 | 10,632,000 | ||
Total Liabilities and Equity | 23,411,000 | 22,805,000 | ||
Reportable Legal Entities | Non- Guarantors | AerCap Trust & AICDC Notes | ||||
Assets | ||||
Cash and cash equivalents | 131,000 | 140,000 | ||
Restricted cash | 178,000 | 210,000 | ||
Flight equipment held for operating leases, net | 23,497,000 | 22,280,000 | ||
Maintenance rights and lease premium, net | 356,000 | 486,000 | ||
Flight equipment held for sale | 247,000 | 158,000 | ||
Net investment in finance and sales-type leases | 488,000 | 446,000 | ||
Prepayments on flight equipment | 1,968,000 | 1,682,000 | ||
Investments including investments in subsidiaries | 123,000 | 133,000 | ||
Intercompany receivables | 4,510,000 | 5,375,000 | ||
Other assets | 707,000 | 271,000 | ||
Total Assets | 32,205,000 | 31,181,000 | ||
Liabilities and Equity | ||||
Debt | 10,298,000 | 11,435,000 | ||
Intercompany payables | 15,144,000 | 13,768,000 | ||
Other liabilities | 2,651,000 | 2,333,000 | ||
Total Liabilities | 28,093,000 | 27,536,000 | ||
Total AerCap Holdings N.V. shareholders’ equity | 4,123,000 | 3,659,000 | ||
Non-controlling interest | (11,000) | (14,000) | ||
Total Equity | 4,112,000 | 3,645,000 | ||
Total Liabilities and Equity | 32,205,000 | 31,181,000 | ||
Reportable Legal Entities | AerCap Global Aviation Trust (a) | AerCap Trust & AICDC Notes | ||||
Assets | ||||
Cash and cash equivalents | 154,000 | 318,000 | ||
Restricted cash | 0 | 0 | ||
Flight equipment held for operating leases, net | 8,874,000 | 9,455,000 | ||
Maintenance rights and lease premium, net | 415,000 | 569,000 | ||
Flight equipment held for sale | 68,000 | 26,000 | ||
Net investment in finance and sales-type leases | 462,000 | 494,000 | ||
Prepayments on flight equipment | 983,000 | 1,338,000 | ||
Investments including investments in subsidiaries | 1,405,000 | 1,336,000 | ||
Intercompany receivables | 17,759,000 | 17,305,000 | ||
Other assets | 523,000 | 482,000 | ||
Total Assets | 30,643,000 | 31,323,000 | ||
Liabilities and Equity | ||||
Debt | 16,943,000 | 17,257,000 | ||
Intercompany payables | 2,544,000 | 3,480,000 | ||
Other liabilities | 1,817,000 | 1,791,000 | ||
Total Liabilities | 21,304,000 | 22,528,000 | ||
Total AerCap Holdings N.V. shareholders’ equity | 9,339,000 | 8,795,000 | ||
Non-controlling interest | 0 | 0 | ||
Total Equity | 9,339,000 | 8,795,000 | ||
Total Liabilities and Equity | 30,643,000 | 31,323,000 | ||
Reportable Legal Entities | AerCap Ireland Capital Designated Activity Company (a) | AerCap Trust & AICDC Notes | ||||
Assets | ||||
Cash and cash equivalents | 10,000 | 6,000 | ||
Restricted cash | 0 | 0 | ||
Flight equipment held for operating leases, net | 0 | 0 | ||
Maintenance rights and lease premium, net | 0 | 0 | ||
Flight equipment held for sale | 0 | 0 | ||
Net investment in finance and sales-type leases | 0 | 0 | ||
Prepayments on flight equipment | 0 | 0 | ||
Investments including investments in subsidiaries | 9,320,000 | 8,774,000 | ||
Intercompany receivables | 64,000 | 67,000 | ||
Other assets | 133,000 | 101,000 | ||
Total Assets | 9,527,000 | 8,948,000 | ||
Liabilities and Equity | ||||
Debt | 1,505,000 | 808,000 | ||
Intercompany payables | 4,133,000 | 4,604,000 | ||
Other liabilities | 2,000 | 2,000 | ||
Total Liabilities | 5,640,000 | 5,414,000 | ||
Total AerCap Holdings N.V. shareholders’ equity | 3,887,000 | 3,534,000 | ||
Non-controlling interest | 0 | 0 | ||
Total Equity | 3,887,000 | 3,534,000 | ||
Total Liabilities and Equity | 9,527,000 | 8,948,000 | ||
Eliminations | AerCap Trust & AICDC Notes | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Flight equipment held for operating leases, net | 0 | 0 | ||
Maintenance rights and lease premium, net | 0 | 0 | ||
Flight equipment held for sale | 0 | 0 | ||
Net investment in finance and sales-type leases | 0 | 0 | ||
Prepayments on flight equipment | 0 | 0 | ||
Investments including investments in subsidiaries | (28,983,000) | (26,553,000) | ||
Intercompany receivables | (33,529,000) | (35,202,000) | ||
Other assets | (1,346,000) | 0 | ||
Total Assets | (63,858,000) | (61,755,000) | ||
Liabilities and Equity | ||||
Debt | 0 | 0 | ||
Intercompany payables | (33,558,000) | (35,202,000) | ||
Other liabilities | (1,317,000) | 0 | ||
Total Liabilities | (34,875,000) | (35,202,000) | ||
Total AerCap Holdings N.V. shareholders’ equity | (28,983,000) | (26,553,000) | ||
Non-controlling interest | 0 | 0 | ||
Total Equity | (28,983,000) | (26,553,000) | ||
Total Liabilities and Equity | $ (63,858,000) | $ (61,755,000) |
Supplemental guarantor financ_5
Supplemental guarantor financial information (Condensed consolidated income statement - AGAT/AICDC Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues and other income | |||
Lease revenue | $ 4,682,266 | ||
Lease revenue | $ 4,537,093 | $ 4,713,802 | |
Net gain on sale of assets | 188,835 | 201,323 | 229,093 |
Other income (loss) | 66,239 | 61,564 | 94,598 |
Total Revenues and other income | 4,937,340 | 4,799,980 | 5,037,493 |
Expenses | |||
Depreciation and amortization | 1,676,121 | 1,679,074 | 1,727,296 |
Asset impairment | 70,149 | 44,186 | 61,286 |
Interest expense | 1,295,020 | 1,174,074 | 1,112,391 |
Leasing expenses | 287,950 | 446,487 | 537,752 |
Restructuring related expenses | 0 | 0 | 14,605 |
Selling, general and administrative expenses | 267,458 | 305,226 | 348,291 |
Total Expenses | 3,596,698 | 3,649,047 | 3,801,621 |
Income before income taxes and income of investments accounted for under the equity method | 1,340,642 | 1,150,933 | 1,235,872 |
Provision for income taxes | (167,714) | (144,079) | (164,718) |
Equity in net earnings of investments accounted for under the equity method | (6,151) | 10,643 | 9,199 |
Net income | 1,166,777 | 1,017,497 | 1,080,353 |
Net (income) loss attributable to non-controlling interest | 21,083 | 1,865 | 4,202 |
Net income attributable to AerCap Holdings N.V. | 1,145,694 | 1,015,632 | 1,076,151 |
AerCap Trust & AICDC Notes | |||
Revenues and other income | |||
Lease revenue | 4,682,000 | ||
Lease revenue | 4,537,000 | 4,714,000 | |
Net gain on sale of assets | 189,000 | 201,000 | 229,000 |
Other income (loss) | 66,000 | 62,000 | 94,000 |
Total Revenues and other income | 4,937,000 | 4,800,000 | 5,037,000 |
Expenses | |||
Depreciation and amortization | 1,676,000 | 1,679,000 | 1,727,000 |
Asset impairment | 70,000 | 44,000 | 61,000 |
Interest expense | 1,295,000 | 1,174,000 | 1,112,000 |
Leasing expenses | 288,000 | 447,000 | 538,000 |
Restructuring related expenses | 15,000 | ||
Selling, general and administrative expenses | 267,000 | 305,000 | 348,000 |
Total Expenses | 3,596,000 | 3,649,000 | 3,801,000 |
Income before income taxes and income of investments accounted for under the equity method | 1,341,000 | 1,151,000 | 1,236,000 |
Provision for income taxes | (168,000) | (145,000) | (165,000) |
Equity in net earnings of investments accounted for under the equity method | (6,000) | 11,000 | 9,000 |
Net (loss) income before income from subsidiaries | 1,167,000 | 1,017,000 | 1,080,000 |
Income (loss) from subsidiaries | 0 | 0 | 0 |
Net income | 1,167,000 | 1,017,000 | 1,080,000 |
Net (income) loss attributable to non-controlling interest | (21,000) | (1,000) | (4,000) |
Net income attributable to AerCap Holdings N.V. | 1,146,000 | 1,016,000 | 1,076,000 |
AerCap Trust & AICDC Notes | Reportable Legal Entities | AerCap Holdings N.V. | |||
Revenues and other income | |||
Lease revenue | 0 | ||
Lease revenue | 0 | 0 | |
Net gain on sale of assets | 0 | 0 | 0 |
Other income (loss) | 69,000 | 63,000 | 49,000 |
Total Revenues and other income | 69,000 | 63,000 | 49,000 |
Expenses | |||
Depreciation and amortization | 0 | 0 | 0 |
Asset impairment | 0 | 0 | 0 |
Interest expense | 10,000 | 0 | 0 |
Leasing expenses | 0 | 0 | 0 |
Restructuring related expenses | 0 | ||
Selling, general and administrative expenses | 63,000 | 80,000 | 97,000 |
Total Expenses | 73,000 | 80,000 | 97,000 |
Income before income taxes and income of investments accounted for under the equity method | (4,000) | (17,000) | (48,000) |
Provision for income taxes | 1,000 | 2,000 | 6,000 |
Equity in net earnings of investments accounted for under the equity method | 0 | 0 | 0 |
Net (loss) income before income from subsidiaries | (3,000) | (15,000) | (42,000) |
Income (loss) from subsidiaries | 1,149,000 | 1,031,000 | 1,118,000 |
Net income | 1,146,000 | 1,016,000 | 1,076,000 |
Net (income) loss attributable to non-controlling interest | 0 | 0 | 0 |
Net income attributable to AerCap Holdings N.V. | 1,146,000 | 1,016,000 | 1,076,000 |
AerCap Trust & AICDC Notes | Reportable Legal Entities | Guarantors | |||
Revenues and other income | |||
Lease revenue | 439,000 | ||
Lease revenue | 289,000 | 214,000 | |
Net gain on sale of assets | 11,000 | 18,000 | 20,000 |
Other income (loss) | 629,000 | 719,000 | 577,000 |
Total Revenues and other income | 1,079,000 | 1,026,000 | 811,000 |
Expenses | |||
Depreciation and amortization | 182,000 | 130,000 | 87,000 |
Asset impairment | 15,000 | 9,000 | 3,000 |
Interest expense | 405,000 | 290,000 | 410,000 |
Leasing expenses | 55,000 | 50,000 | 30,000 |
Restructuring related expenses | 0 | ||
Selling, general and administrative expenses | 140,000 | 139,000 | 135,000 |
Total Expenses | 797,000 | 618,000 | 665,000 |
Income before income taxes and income of investments accounted for under the equity method | 282,000 | 408,000 | 146,000 |
Provision for income taxes | (40,000) | (54,000) | (33,000) |
Equity in net earnings of investments accounted for under the equity method | 0 | 0 | 0 |
Net (loss) income before income from subsidiaries | 242,000 | 354,000 | 113,000 |
Income (loss) from subsidiaries | 996,000 | 692,000 | 831,000 |
Net income | 1,238,000 | 1,046,000 | 944,000 |
Net (income) loss attributable to non-controlling interest | (17,000) | 0 | 0 |
Net income attributable to AerCap Holdings N.V. | 1,221,000 | 1,046,000 | 944,000 |
AerCap Trust & AICDC Notes | Reportable Legal Entities | Non- Guarantors | |||
Revenues and other income | |||
Lease revenue | 2,973,000 | ||
Lease revenue | 2,749,000 | 2,829,000 | |
Net gain on sale of assets | 108,000 | 130,000 | 96,000 |
Other income (loss) | 239,000 | 275,000 | 409,000 |
Total Revenues and other income | 3,320,000 | 3,154,000 | 3,334,000 |
Expenses | |||
Depreciation and amortization | 1,042,000 | 986,000 | 1,010,000 |
Asset impairment | 36,000 | 31,000 | 49,000 |
Interest expense | 1,107,000 | 1,183,000 | 1,108,000 |
Leasing expenses | 125,000 | 285,000 | 250,000 |
Restructuring related expenses | 15,000 | ||
Selling, general and administrative expenses | 267,000 | 278,000 | 287,000 |
Total Expenses | 2,577,000 | 2,763,000 | 2,719,000 |
Income before income taxes and income of investments accounted for under the equity method | 743,000 | 391,000 | 615,000 |
Provision for income taxes | (89,000) | (47,000) | (72,000) |
Equity in net earnings of investments accounted for under the equity method | (6,000) | 11,000 | 9,000 |
Net (loss) income before income from subsidiaries | 648,000 | 355,000 | 552,000 |
Income (loss) from subsidiaries | (912,000) | (718,000) | (901,000) |
Net income | (264,000) | (363,000) | (349,000) |
Net (income) loss attributable to non-controlling interest | (4,000) | (1,000) | (4,000) |
Net income attributable to AerCap Holdings N.V. | (268,000) | (364,000) | (353,000) |
AerCap Trust & AICDC Notes | Reportable Legal Entities | AerCap Global Aviation Trust (a) | |||
Revenues and other income | |||
Lease revenue | 1,270,000 | ||
Lease revenue | 1,499,000 | 1,671,000 | |
Net gain on sale of assets | 70,000 | 53,000 | 113,000 |
Other income (loss) | 739,000 | 648,000 | 672,000 |
Total Revenues and other income | 2,079,000 | 2,200,000 | 2,456,000 |
Expenses | |||
Depreciation and amortization | 452,000 | 563,000 | 630,000 |
Asset impairment | 19,000 | 4,000 | 9,000 |
Interest expense | 884,000 | 886,000 | 759,000 |
Leasing expenses | 108,000 | 112,000 | 258,000 |
Restructuring related expenses | 0 | ||
Selling, general and administrative expenses | 74,000 | 100,000 | 105,000 |
Total Expenses | 1,537,000 | 1,665,000 | 1,761,000 |
Income before income taxes and income of investments accounted for under the equity method | 542,000 | 535,000 | 695,000 |
Provision for income taxes | (68,000) | (67,000) | (87,000) |
Equity in net earnings of investments accounted for under the equity method | 0 | 0 | 0 |
Net (loss) income before income from subsidiaries | 474,000 | 468,000 | 608,000 |
Income (loss) from subsidiaries | 68,000 | 256,000 | 167,000 |
Net income | 542,000 | 724,000 | 775,000 |
Net (income) loss attributable to non-controlling interest | 0 | 0 | 0 |
Net income attributable to AerCap Holdings N.V. | 542,000 | 724,000 | 775,000 |
AerCap Trust & AICDC Notes | Reportable Legal Entities | AerCap Ireland Capital Designated Activity Company (a) | |||
Revenues and other income | |||
Lease revenue | 0 | ||
Lease revenue | 0 | 0 | |
Net gain on sale of assets | 0 | 0 | 0 |
Other income (loss) | 2,000 | 3,000 | 4,000 |
Total Revenues and other income | 2,000 | 3,000 | 4,000 |
Expenses | |||
Depreciation and amortization | 0 | 0 | 0 |
Asset impairment | 0 | 0 | 0 |
Interest expense | 224,000 | 169,000 | 176,000 |
Leasing expenses | 0 | 0 | 0 |
Restructuring related expenses | 0 | ||
Selling, general and administrative expenses | 0 | 0 | 0 |
Total Expenses | 224,000 | 169,000 | 176,000 |
Income before income taxes and income of investments accounted for under the equity method | (222,000) | (166,000) | (172,000) |
Provision for income taxes | 28,000 | 21,000 | 21,000 |
Equity in net earnings of investments accounted for under the equity method | 0 | 0 | 0 |
Net (loss) income before income from subsidiaries | (194,000) | (145,000) | (151,000) |
Income (loss) from subsidiaries | 542,000 | 724,000 | 774,000 |
Net income | 348,000 | 579,000 | 623,000 |
Net (income) loss attributable to non-controlling interest | 0 | 0 | 0 |
Net income attributable to AerCap Holdings N.V. | 348,000 | 579,000 | 623,000 |
AerCap Trust & AICDC Notes | Eliminations | |||
Revenues and other income | |||
Lease revenue | 0 | ||
Lease revenue | 0 | 0 | |
Net gain on sale of assets | 0 | 0 | 0 |
Other income (loss) | (1,612,000) | (1,646,000) | (1,617,000) |
Total Revenues and other income | (1,612,000) | (1,646,000) | (1,617,000) |
Expenses | |||
Depreciation and amortization | 0 | 0 | 0 |
Asset impairment | 0 | 0 | 0 |
Interest expense | (1,335,000) | (1,354,000) | (1,341,000) |
Leasing expenses | 0 | 0 | 0 |
Restructuring related expenses | 0 | ||
Selling, general and administrative expenses | (277,000) | (292,000) | (276,000) |
Total Expenses | (1,612,000) | (1,646,000) | (1,617,000) |
Income before income taxes and income of investments accounted for under the equity method | 0 | 0 | 0 |
Provision for income taxes | 0 | 0 | 0 |
Equity in net earnings of investments accounted for under the equity method | 0 | 0 | 0 |
Net (loss) income before income from subsidiaries | 0 | 0 | 0 |
Income (loss) from subsidiaries | (1,843,000) | (1,985,000) | (1,989,000) |
Net income | (1,843,000) | (1,985,000) | (1,989,000) |
Net (income) loss attributable to non-controlling interest | 0 | 0 | 0 |
Net income attributable to AerCap Holdings N.V. | $ (1,843,000) | $ (1,985,000) | $ (1,989,000) |
Supplemental guarantor financ_6
Supplemental guarantor financial information (Condensed consolidated statement of comprehensive income - AGAT/AICDC Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Statement of Income Captions [Line Items] | |||
Net income (loss) | $ 1,166,777 | $ 1,017,497 | $ 1,080,353 |
Other comprehensive income: | |||
Net change in fair value of derivatives, net of tax | (89,918) | (14,559) | 14,918 |
Actuarial gain on pension obligations, net of tax | (1,845) | (1,539) | 1,125 |
Total other comprehensive income (loss) | (91,763) | (16,098) | 16,043 |
Comprehensive income | 1,075,014 | 1,001,399 | 1,096,396 |
Comprehensive income attributable to non-controlling interest | (21,083) | (1,865) | (4,202) |
Total comprehensive income attributable to AerCap Holdings N.V. | 1,053,931 | 999,534 | 1,092,194 |
AerCap Trust & AICDC Notes | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income (loss) | 1,167,000 | 1,017,000 | 1,080,000 |
Other comprehensive income: | |||
Net change in fair value of derivatives, net of tax | (90,000) | (14,000) | 15,000 |
Actuarial gain on pension obligations, net of tax | (2,000) | (2,000) | 1,000 |
Total other comprehensive income (loss) | (92,000) | (16,000) | 16,000 |
Comprehensive income | 1,075,000 | 1,001,000 | 1,096,000 |
Comprehensive income attributable to non-controlling interest | (21,000) | (1,000) | (4,000) |
Total comprehensive income attributable to AerCap Holdings N.V. | 1,054,000 | 1,000,000 | 1,092,000 |
Eliminations | AerCap Trust & AICDC Notes | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income (loss) | (1,843,000) | (1,985,000) | (1,989,000) |
Other comprehensive income: | |||
Net change in fair value of derivatives, net of tax | 0 | 0 | 0 |
Actuarial gain on pension obligations, net of tax | 0 | 0 | 0 |
Total other comprehensive income (loss) | 0 | 0 | 0 |
Comprehensive income | (1,843,000) | (1,985,000) | (1,989,000) |
Comprehensive income attributable to non-controlling interest | 0 | 0 | 0 |
Total comprehensive income attributable to AerCap Holdings N.V. | (1,843,000) | (1,985,000) | (1,989,000) |
AerCap Holdings N.V. | Reportable Legal Entities | AerCap Trust & AICDC Notes | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income (loss) | 1,146,000 | 1,016,000 | 1,076,000 |
Other comprehensive income: | |||
Net change in fair value of derivatives, net of tax | 0 | 0 | 0 |
Actuarial gain on pension obligations, net of tax | 0 | 0 | 0 |
Total other comprehensive income (loss) | 0 | 0 | 0 |
Comprehensive income | 1,146,000 | 1,016,000 | 1,076,000 |
Comprehensive income attributable to non-controlling interest | 0 | 0 | 0 |
Total comprehensive income attributable to AerCap Holdings N.V. | 1,146,000 | 1,016,000 | 1,076,000 |
Guarantors | Reportable Legal Entities | AerCap Trust & AICDC Notes | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income (loss) | 1,238,000 | 1,046,000 | 944,000 |
Other comprehensive income: | |||
Net change in fair value of derivatives, net of tax | (84,000) | (14,000) | 13,000 |
Actuarial gain on pension obligations, net of tax | (2,000) | (2,000) | 0 |
Total other comprehensive income (loss) | (86,000) | (16,000) | 13,000 |
Comprehensive income | 1,152,000 | 1,030,000 | 957,000 |
Comprehensive income attributable to non-controlling interest | (17,000) | 0 | 0 |
Total comprehensive income attributable to AerCap Holdings N.V. | 1,135,000 | 1,030,000 | 957,000 |
Non- Guarantors | Reportable Legal Entities | AerCap Trust & AICDC Notes | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income (loss) | (264,000) | (363,000) | (349,000) |
Other comprehensive income: | |||
Net change in fair value of derivatives, net of tax | (6,000) | 0 | 2,000 |
Actuarial gain on pension obligations, net of tax | 0 | 0 | 1,000 |
Total other comprehensive income (loss) | (6,000) | 0 | 3,000 |
Comprehensive income | (270,000) | (363,000) | (346,000) |
Comprehensive income attributable to non-controlling interest | (4,000) | (1,000) | (4,000) |
Total comprehensive income attributable to AerCap Holdings N.V. | (274,000) | (364,000) | (350,000) |
AerCap Global Aviation Trust (a) | Reportable Legal Entities | AerCap Trust & AICDC Notes | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income (loss) | 542,000 | 724,000 | 775,000 |
Other comprehensive income: | |||
Net change in fair value of derivatives, net of tax | 0 | 0 | 0 |
Actuarial gain on pension obligations, net of tax | 0 | 0 | 0 |
Total other comprehensive income (loss) | 0 | 0 | 0 |
Comprehensive income | 542,000 | 724,000 | 775,000 |
Comprehensive income attributable to non-controlling interest | 0 | 0 | 0 |
Total comprehensive income attributable to AerCap Holdings N.V. | 542,000 | 724,000 | 775,000 |
AerCap Ireland Capital Designated Activity Company (a) | Reportable Legal Entities | AerCap Trust & AICDC Notes | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income (loss) | 348,000 | 579,000 | 623,000 |
Other comprehensive income: | |||
Net change in fair value of derivatives, net of tax | 0 | 0 | 0 |
Actuarial gain on pension obligations, net of tax | 0 | 0 | 0 |
Total other comprehensive income (loss) | 0 | 0 | 0 |
Comprehensive income | 348,000 | 579,000 | 623,000 |
Comprehensive income attributable to non-controlling interest | 0 | 0 | 0 |
Total comprehensive income attributable to AerCap Holdings N.V. | $ 348,000 | $ 579,000 | $ 623,000 |
Supplemental guarantor financ_7
Supplemental guarantor financial information (Condensed consolidated statements of cash flows - AGAT/AICDC Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net income (loss) | $ 1,166,777 | $ 1,017,497 | $ 1,080,353 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 1,676,121 | 1,679,074 | 1,727,296 | |
Asset impairment | 70,149 | 44,186 | 61,286 | |
Amortization of debt issuance costs, debt discount, debt premium and lease premium | 79,645 | 76,499 | 79,052 | |
Amortization of fair value adjustments on debt | (79,098) | (142,596) | (194,728) | |
Maintenance rights write-off | [1] | 244,748 | 287,119 | 539,772 |
Maintenance liability release to income | (207,849) | (228,081) | (302,408) | |
Net gain on sale of assets | (188,835) | (201,323) | (229,093) | |
Deferred income taxes | 162,498 | 147,588 | 157,021 | |
Collections of finance and sales-type leases | 98,365 | |||
Other | 165,527 | 155,628 | 156,946 | |
Net cash provided by operating activities | 3,105,682 | 2,840,372 | 3,140,217 | |
Purchase of flight equipment | (3,359,092) | (4,036,194) | (3,956,671) | |
Proceeds from sale or disposal of assets | 1,773,766 | 1,822,601 | 1,779,321 | |
Prepayments on flight equipment | (1,369,400) | (1,912,215) | (1,268,585) | |
Collections of finance and sales-type leases | 0 | 94,703 | 91,918 | |
Other | (17) | (21,505) | (38,102) | |
Net cash used in investing activities | (2,954,743) | (4,052,610) | (3,392,119) | |
Issuance of debt | 6,539,310 | 5,589,825 | 5,596,402 | |
Repayment of debt | (6,504,830) | (4,360,520) | (4,695,453) | |
Debt issuance costs paid, net of debt premium received | (36,592) | (57,831) | (81,396) | |
Maintenance payments received | 736,423 | 743,256 | 756,314 | |
Maintenance payments returned | (352,032) | (459,326) | (523,403) | |
Security deposits received | 232,219 | 208,259 | 187,378 | |
Security deposits returned | (233,222) | (220,452) | (188,362) | |
Repurchase of shares and tax withholdings on share-based compensation | (639,941) | (834,398) | (1,138,782) | |
Net cash (used in) provided by financing activities | (265,006) | 600,410 | (87,568) | |
Net decrease in cash, cash equivalents and restricted cash | (114,067) | (611,828) | (339,470) | |
Effect of exchange rate changes | (621) | 2,738 | (1,032) | |
Cash, cash equivalents and restricted cash at beginning of period | 1,415,035 | 2,024,125 | 2,364,627 | |
Cash, cash equivalents and restricted cash at end of period | 1,300,347 | 1,415,035 | 2,024,125 | |
AerCap Trust & AICDC Notes | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net income (loss) | 1,167,000 | 1,017,000 | 1,080,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
(Income) loss from subsidiaries | 0 | 0 | 0 | |
Depreciation and amortization | 1,676,000 | 1,679,000 | 1,727,000 | |
Asset impairment | 70,000 | 44,000 | 61,000 | |
Amortization of debt issuance costs, debt discount, debt premium and lease premium | 80,000 | 76,000 | 79,000 | |
Amortization of fair value adjustments on debt | (79,000) | (143,000) | (195,000) | |
Maintenance rights write-off | 245,000 | 287,000 | 540,000 | |
Maintenance liability release to income | (208,000) | (228,000) | (302,000) | |
Net gain on sale of assets | (189,000) | (201,000) | (229,000) | |
Deferred income taxes | 162,000 | 148,000 | 157,000 | |
Collections of finance and sales-type leases | 98,000 | |||
Restructuring related expenses | 5,000 | |||
Other | 166,000 | 156,000 | 152,000 | |
Cash flow from operating activities before changes in working capital | 3,188,000 | 2,835,000 | 3,075,000 | |
Working capital | (82,000) | 5,000 | 65,000 | |
Net cash provided by operating activities | 3,106,000 | 2,840,000 | 3,140,000 | |
Purchase of flight equipment | (3,359,000) | (4,036,000) | (3,957,000) | |
Proceeds from sale or disposal of assets | 1,773,000 | 1,823,000 | 1,779,000 | |
Prepayments on flight equipment | (1,369,000) | (1,913,000) | (1,268,000) | |
Collections of finance and sales-type leases | 95,000 | 92,000 | ||
Other | 0 | (22,000) | (38,000) | |
Net cash used in investing activities | (2,955,000) | (4,053,000) | (3,392,000) | |
Issuance of debt | 6,539,000 | 5,590,000 | 5,596,000 | |
Repayment of debt | (6,504,000) | (4,361,000) | (4,695,000) | |
Debt issuance costs paid, net of debt premium received | (37,000) | (58,000) | (81,000) | |
Maintenance payments received | 736,000 | 743,000 | 756,000 | |
Maintenance payments returned | (352,000) | (459,000) | (523,000) | |
Security deposits received | 232,000 | 208,000 | 186,000 | |
Security deposits returned | (233,000) | (221,000) | (188,000) | |
Dividend paid to non-controlling interest holders | (6,000) | (8,000) | ||
Repurchase of shares and tax withholdings on share-based compensation | (640,000) | (834,000) | (1,139,000) | |
Net cash (used in) provided by financing activities | (265,000) | 600,000 | (88,000) | |
Net decrease in cash, cash equivalents and restricted cash | (114,000) | (613,000) | (340,000) | |
Effect of exchange rate changes | (1,000) | 4,000 | ||
Cash, cash equivalents and restricted cash at beginning of period | 1,415,000 | 2,024,000 | 2,364,000 | |
Cash, cash equivalents and restricted cash at end of period | 1,300,000 | 1,415,000 | 2,024,000 | |
Reportable Legal Entities | AerCap Global Aviation Trust (a) | AerCap Trust & AICDC Notes | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net income (loss) | 542,000 | 724,000 | 775,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
(Income) loss from subsidiaries | (68,000) | (256,000) | (167,000) | |
Depreciation and amortization | 452,000 | 563,000 | 630,000 | |
Asset impairment | 19,000 | 4,000 | 9,000 | |
Amortization of debt issuance costs, debt discount, debt premium and lease premium | 18,000 | 20,000 | 18,000 | |
Amortization of fair value adjustments on debt | (78,000) | (142,000) | (192,000) | |
Maintenance rights write-off | 132,000 | 118,000 | 282,000 | |
Maintenance liability release to income | (91,000) | (59,000) | (100,000) | |
Net gain on sale of assets | (70,000) | (53,000) | (113,000) | |
Deferred income taxes | 70,000 | 65,000 | 87,000 | |
Collections of finance and sales-type leases | 41,000 | |||
Restructuring related expenses | 0 | |||
Other | 24,000 | 0 | 25,000 | |
Cash flow from operating activities before changes in working capital | 991,000 | 984,000 | 1,254,000 | |
Working capital | (50,000) | (228,000) | (163,000) | |
Net cash provided by operating activities | 941,000 | 756,000 | 1,091,000 | |
Purchase of flight equipment | (1,035,000) | (1,228,000) | (1,685,000) | |
Proceeds from sale or disposal of assets | 587,000 | 759,000 | 893,000 | |
Prepayments on flight equipment | (560,000) | (610,000) | (936,000) | |
Collections of finance and sales-type leases | 36,000 | 49,000 | ||
Other | 0 | 0 | (36,000) | |
Net cash used in investing activities | (1,008,000) | (1,043,000) | (1,715,000) | |
Issuance of debt | 2,866,000 | 2,383,000 | 2,431,000 | |
Repayment of debt | (3,102,000) | (2,046,000) | (2,400,000) | |
Debt issuance costs paid, net of debt premium received | (3,000) | (21,000) | (28,000) | |
Maintenance payments received | 215,000 | 245,000 | 251,000 | |
Maintenance payments returned | (89,000) | (161,000) | (216,000) | |
Security deposits received | 100,000 | 63,000 | 58,000 | |
Security deposits returned | (84,000) | (80,000) | (79,000) | |
Dividend paid to non-controlling interest holders | 0 | 0 | ||
Repurchase of shares and tax withholdings on share-based compensation | 0 | 0 | 0 | |
Net cash (used in) provided by financing activities | (97,000) | 383,000 | 17,000 | |
Net decrease in cash, cash equivalents and restricted cash | (164,000) | 96,000 | (607,000) | |
Effect of exchange rate changes | 0 | 0 | ||
Cash, cash equivalents and restricted cash at beginning of period | 318,000 | 222,000 | 829,000 | |
Cash, cash equivalents and restricted cash at end of period | 154,000 | 318,000 | 222,000 | |
Reportable Legal Entities | AerCap Ireland Capital Designated Activity Company (a) | AerCap Trust & AICDC Notes | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net income (loss) | 348,000 | 579,000 | 623,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
(Income) loss from subsidiaries | (542,000) | (724,000) | (774,000) | |
Depreciation and amortization | 0 | 0 | 0 | |
Asset impairment | 0 | 0 | 0 | |
Amortization of debt issuance costs, debt discount, debt premium and lease premium | 5,000 | 5,000 | 5,000 | |
Amortization of fair value adjustments on debt | 0 | 0 | 0 | |
Maintenance rights write-off | 0 | 0 | 0 | |
Maintenance liability release to income | 0 | 0 | 0 | |
Net gain on sale of assets | 0 | 0 | 0 | |
Deferred income taxes | (27,000) | (21,000) | (19,000) | |
Collections of finance and sales-type leases | 0 | |||
Restructuring related expenses | 0 | |||
Other | 0 | 0 | 0 | |
Cash flow from operating activities before changes in working capital | (216,000) | (161,000) | (165,000) | |
Working capital | (470,000) | (255,000) | (272,000) | |
Net cash provided by operating activities | (686,000) | (416,000) | (437,000) | |
Purchase of flight equipment | 0 | 0 | 0 | |
Proceeds from sale or disposal of assets | 0 | 0 | 0 | |
Prepayments on flight equipment | 0 | 0 | 0 | |
Collections of finance and sales-type leases | 0 | 0 | ||
Other | 0 | 0 | 0 | |
Net cash used in investing activities | 0 | 0 | 0 | |
Issuance of debt | 698,000 | 510,000 | 400,000 | |
Repayment of debt | 0 | (100,000) | 0 | |
Debt issuance costs paid, net of debt premium received | (9,000) | (2,000) | (13,000) | |
Maintenance payments received | 0 | 0 | 0 | |
Maintenance payments returned | 0 | 0 | 0 | |
Security deposits received | 1,000 | 0 | 0 | |
Security deposits returned | 0 | 0 | 0 | |
Dividend paid to non-controlling interest holders | 0 | 0 | ||
Repurchase of shares and tax withholdings on share-based compensation | 0 | 0 | 0 | |
Net cash (used in) provided by financing activities | 690,000 | 408,000 | 387,000 | |
Net decrease in cash, cash equivalents and restricted cash | 4,000 | (8,000) | (50,000) | |
Effect of exchange rate changes | 0 | 0 | ||
Cash, cash equivalents and restricted cash at beginning of period | 6,000 | 14,000 | 64,000 | |
Cash, cash equivalents and restricted cash at end of period | 10,000 | 6,000 | 14,000 | |
Reportable Legal Entities | AerCap Holdings N.V. | AerCap Trust & AICDC Notes | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net income (loss) | 1,146,000 | 1,016,000 | 1,076,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
(Income) loss from subsidiaries | (1,149,000) | (1,031,000) | (1,118,000) | |
Depreciation and amortization | 0 | 0 | 0 | |
Asset impairment | 0 | 0 | 0 | |
Amortization of debt issuance costs, debt discount, debt premium and lease premium | 0 | 0 | 0 | |
Amortization of fair value adjustments on debt | 0 | 0 | 0 | |
Maintenance rights write-off | 0 | 0 | 0 | |
Maintenance liability release to income | 0 | 0 | 0 | |
Net gain on sale of assets | 0 | 0 | 0 | |
Deferred income taxes | (1,000) | (2,000) | (7,000) | |
Collections of finance and sales-type leases | 0 | |||
Restructuring related expenses | 0 | |||
Other | 33,000 | 52,000 | 62,000 | |
Cash flow from operating activities before changes in working capital | 29,000 | 35,000 | 13,000 | |
Working capital | (129,000) | 781,000 | 1,143,000 | |
Net cash provided by operating activities | (100,000) | 816,000 | 1,156,000 | |
Purchase of flight equipment | 0 | 0 | 0 | |
Proceeds from sale or disposal of assets | 0 | 0 | 0 | |
Prepayments on flight equipment | 0 | 0 | 0 | |
Collections of finance and sales-type leases | 0 | 0 | ||
Other | 0 | 0 | 0 | |
Net cash used in investing activities | 0 | 0 | 0 | |
Issuance of debt | 750,000 | 0 | 0 | |
Repayment of debt | 0 | 0 | 0 | |
Debt issuance costs paid, net of debt premium received | (10,000) | 0 | 0 | |
Maintenance payments received | 0 | 0 | 0 | |
Maintenance payments returned | 0 | 0 | 0 | |
Security deposits received | 0 | 0 | 0 | |
Security deposits returned | 0 | 0 | 0 | |
Dividend paid to non-controlling interest holders | 0 | 0 | ||
Repurchase of shares and tax withholdings on share-based compensation | (640,000) | (834,000) | (1,139,000) | |
Net cash (used in) provided by financing activities | 100,000 | (834,000) | (1,139,000) | |
Net decrease in cash, cash equivalents and restricted cash | 0 | (18,000) | 17,000 | |
Effect of exchange rate changes | 0 | 0 | ||
Cash, cash equivalents and restricted cash at beginning of period | 3,000 | 21,000 | 4,000 | |
Cash, cash equivalents and restricted cash at end of period | 3,000 | 3,000 | 21,000 | |
Reportable Legal Entities | Guarantors | AerCap Trust & AICDC Notes | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net income (loss) | 1,238,000 | 1,046,000 | 944,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
(Income) loss from subsidiaries | (996,000) | (692,000) | (831,000) | |
Depreciation and amortization | 182,000 | 130,000 | 87,000 | |
Asset impairment | 15,000 | 9,000 | 3,000 | |
Amortization of debt issuance costs, debt discount, debt premium and lease premium | 0 | 2,000 | 5,000 | |
Amortization of fair value adjustments on debt | 0 | 0 | 0 | |
Maintenance rights write-off | 37,000 | 18,000 | 13,000 | |
Maintenance liability release to income | (40,000) | (33,000) | (23,000) | |
Net gain on sale of assets | (11,000) | (18,000) | (20,000) | |
Deferred income taxes | 39,000 | 54,000 | 35,000 | |
Collections of finance and sales-type leases | 24,000 | |||
Restructuring related expenses | 0 | |||
Other | 35,000 | 56,000 | 46,000 | |
Cash flow from operating activities before changes in working capital | 523,000 | 572,000 | 259,000 | |
Working capital | (198,000) | (231,000) | 693,000 | |
Net cash provided by operating activities | 325,000 | 341,000 | 952,000 | |
Purchase of flight equipment | (584,000) | (1,217,000) | (549,000) | |
Proceeds from sale or disposal of assets | 268,000 | 245,000 | 137,000 | |
Prepayments on flight equipment | (1,000) | 0 | 0 | |
Collections of finance and sales-type leases | 20,000 | 33,000 | ||
Other | 0 | 0 | 0 | |
Net cash used in investing activities | (317,000) | (952,000) | (379,000) | |
Issuance of debt | 4,000 | 36,000 | 0 | |
Repayment of debt | (8,000) | (17,000) | (317,000) | |
Debt issuance costs paid, net of debt premium received | 0 | (1,000) | (3,000) | |
Maintenance payments received | 104,000 | 86,000 | 65,000 | |
Maintenance payments returned | (45,000) | (15,000) | (40,000) | |
Security deposits received | 56,000 | 58,000 | 30,000 | |
Security deposits returned | (32,000) | (39,000) | (11,000) | |
Dividend paid to non-controlling interest holders | 0 | 0 | ||
Repurchase of shares and tax withholdings on share-based compensation | 0 | 0 | 0 | |
Net cash (used in) provided by financing activities | 79,000 | 108,000 | (276,000) | |
Net decrease in cash, cash equivalents and restricted cash | 87,000 | (503,000) | 297,000 | |
Effect of exchange rate changes | (1,000) | 4,000 | ||
Cash, cash equivalents and restricted cash at beginning of period | 738,000 | 1,237,000 | 940,000 | |
Cash, cash equivalents and restricted cash at end of period | 824,000 | 738,000 | 1,237,000 | |
Reportable Legal Entities | Non- Guarantors | AerCap Trust & AICDC Notes | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net income (loss) | (264,000) | (363,000) | (349,000) | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
(Income) loss from subsidiaries | 912,000 | 718,000 | 901,000 | |
Depreciation and amortization | 1,042,000 | 986,000 | 1,010,000 | |
Asset impairment | 36,000 | 31,000 | 49,000 | |
Amortization of debt issuance costs, debt discount, debt premium and lease premium | 57,000 | 49,000 | 51,000 | |
Amortization of fair value adjustments on debt | (1,000) | (1,000) | (3,000) | |
Maintenance rights write-off | 76,000 | 151,000 | 245,000 | |
Maintenance liability release to income | (77,000) | (136,000) | (179,000) | |
Net gain on sale of assets | (108,000) | (130,000) | (96,000) | |
Deferred income taxes | 81,000 | 52,000 | 61,000 | |
Collections of finance and sales-type leases | 33,000 | |||
Restructuring related expenses | 5,000 | |||
Other | 74,000 | 48,000 | 19,000 | |
Cash flow from operating activities before changes in working capital | 1,861,000 | 1,405,000 | 1,714,000 | |
Working capital | 765,000 | (62,000) | (1,336,000) | |
Net cash provided by operating activities | 2,626,000 | 1,343,000 | 378,000 | |
Purchase of flight equipment | (1,740,000) | (1,591,000) | (1,723,000) | |
Proceeds from sale or disposal of assets | 918,000 | 819,000 | 749,000 | |
Prepayments on flight equipment | (808,000) | (1,303,000) | (332,000) | |
Collections of finance and sales-type leases | 39,000 | 10,000 | ||
Other | 0 | (22,000) | (2,000) | |
Net cash used in investing activities | (1,630,000) | (2,058,000) | (1,298,000) | |
Issuance of debt | 2,221,000 | 2,661,000 | 2,765,000 | |
Repayment of debt | (3,394,000) | (2,198,000) | (1,978,000) | |
Debt issuance costs paid, net of debt premium received | (15,000) | (34,000) | (37,000) | |
Maintenance payments received | 417,000 | 412,000 | 440,000 | |
Maintenance payments returned | (218,000) | (283,000) | (267,000) | |
Security deposits received | 75,000 | 87,000 | 98,000 | |
Security deposits returned | (117,000) | (102,000) | (98,000) | |
Dividend paid to non-controlling interest holders | (6,000) | (8,000) | ||
Repurchase of shares and tax withholdings on share-based compensation | 0 | 0 | 0 | |
Net cash (used in) provided by financing activities | (1,037,000) | 535,000 | 923,000 | |
Net decrease in cash, cash equivalents and restricted cash | (41,000) | (180,000) | 3,000 | |
Effect of exchange rate changes | 0 | 0 | ||
Cash, cash equivalents and restricted cash at beginning of period | 350,000 | 530,000 | 527,000 | |
Cash, cash equivalents and restricted cash at end of period | 309,000 | 350,000 | 530,000 | |
Eliminations | AerCap Trust & AICDC Notes | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net income (loss) | (1,843,000) | (1,985,000) | (1,989,000) | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
(Income) loss from subsidiaries | 1,843,000 | 1,985,000 | 1,989,000 | |
Depreciation and amortization | 0 | 0 | 0 | |
Asset impairment | 0 | 0 | 0 | |
Amortization of debt issuance costs, debt discount, debt premium and lease premium | 0 | 0 | 0 | |
Amortization of fair value adjustments on debt | 0 | 0 | 0 | |
Maintenance rights write-off | 0 | 0 | 0 | |
Maintenance liability release to income | 0 | 0 | 0 | |
Net gain on sale of assets | 0 | 0 | 0 | |
Deferred income taxes | 0 | 0 | 0 | |
Collections of finance and sales-type leases | 0 | |||
Restructuring related expenses | 0 | |||
Other | 0 | 0 | 0 | |
Cash flow from operating activities before changes in working capital | 0 | 0 | 0 | |
Working capital | 0 | 0 | 0 | |
Net cash provided by operating activities | 0 | 0 | 0 | |
Purchase of flight equipment | 0 | 0 | 0 | |
Proceeds from sale or disposal of assets | 0 | 0 | 0 | |
Prepayments on flight equipment | 0 | 0 | 0 | |
Collections of finance and sales-type leases | 0 | 0 | ||
Other | 0 | 0 | 0 | |
Net cash used in investing activities | 0 | 0 | 0 | |
Issuance of debt | 0 | 0 | 0 | |
Repayment of debt | 0 | 0 | 0 | |
Debt issuance costs paid, net of debt premium received | 0 | 0 | 0 | |
Maintenance payments received | 0 | 0 | 0 | |
Maintenance payments returned | 0 | 0 | 0 | |
Security deposits received | 0 | 0 | 0 | |
Security deposits returned | 0 | 0 | 0 | |
Dividend paid to non-controlling interest holders | 0 | 0 | ||
Repurchase of shares and tax withholdings on share-based compensation | 0 | 0 | 0 | |
Net cash (used in) provided by financing activities | 0 | 0 | 0 | |
Net decrease in cash, cash equivalents and restricted cash | 0 | 0 | 0 | |
Effect of exchange rate changes | 0 | 0 | ||
Cash, cash equivalents and restricted cash at beginning of period | 0 | 0 | 0 | |
Cash, cash equivalents and restricted cash at end of period | $ 0 | $ 0 | $ 0 | |
[1] | Maintenance rights write-off consisted of the following: EOL and MR contract maintenance rights expense $ 76,611 $ 157,792 $ 355,845 MR contract maintenance rights write-off due to maintenance liability release 19,848 29,656 77,494 EOL contract maintenance rights write-off due to cash receipt 148,289 99,671 106,433 Maintenance rights write-off $ 244,748 $ 287,119 $ 539,772 |
Subsequent events (Details)
Subsequent events (Details) | 1 Months Ended | 12 Months Ended | |||||||
Feb. 29, 2020aircraft | Dec. 31, 2019USD ($)aircraft | Jan. 31, 2020USD ($) | Nov. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Feb. 28, 2019USD ($) | Oct. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Feb. 28, 2018USD ($) | |
Subsequent Event [Line Items] | |||||||||
Share repurchase program, authorized amount | $ | $ 100,000,000 | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | ||
Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Share repurchase program, authorized amount | $ | $ 250,000,000 | ||||||||
Capital Addition Purchase Commitments | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of forward orders | 299 | ||||||||
Capital Addition Purchase Commitments | Flight Equipment | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of forward orders | 297 | ||||||||
Airbus 320 neoFamily Aircraft | Capital Addition Purchase Commitments | Flight Equipment | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of forward orders | 50 |
Uncategorized Items - aer-12312
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 1,241,000 |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 1,241,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 1,241,000 |