Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2016shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | AerCap Holdings N.V. |
Entity Central Index Key | 1,378,789 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 176,247,154 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 2,035,447 | $ 2,403,098 |
Restricted cash | 329,180 | 419,447 |
Trade receivables | 64,923 | 106,794 |
Flight equipment held for operating leases, net | 31,501,973 | 32,219,494 |
Maintenance rights intangible and lease premium, net | 2,167,925 | 3,139,045 |
Flight equipment held for sale | 107,392 | 71,055 |
Net investment in finance and sales-type leases | 755,882 | 469,198 |
Prepayments on flight equipment | 3,265,979 | 3,300,426 |
Other intangibles, net | 397,101 | 461,006 |
Deferred income tax assets | 215,445 | 161,193 |
Other assets | 779,206 | 998,743 |
Total Assets | 41,620,453 | 43,749,499 |
Liabilities and Equity | ||
Accounts payable, accrued expenses and other liabilities | 1,132,536 | 1,239,199 |
Accrued maintenance liability | 2,750,576 | 3,185,794 |
Lessee deposit liability | 859,099 | 891,454 |
Debt | 27,716,999 | 29,641,863 |
Deferred income tax liabilities | 578,979 | 365,380 |
Commitments and contingencies | ||
Total Liabilities | 33,038,189 | 35,323,690 |
Ordinary share capital, 0.01 par value, 350,000,000 ordinary shares authorized as of December 31, 2016 and 2015; 187,847,345 and 203,411,207 ordinary shares issued and 176,247,154 and 200,342,204 ordinary shares outstanding (including 3,426,810 and 3,030,724 unvested restricted stock) as of December 31, 2016 and 2015, respectively | 2,282 | 2,457 |
Additional paid-in capital | 4,505,019 | 5,026,993 |
Treasury shares, at cost (11,600,191 and 3,069,003 ordinary shares as of December 31, 2016 and 2015, respectively) | (490,092) | (146,312) |
Accumulated other comprehensive loss | (1,769) | (6,307) |
Accumulated retained earnings | 4,509,007 | 3,472,132 |
Total AerCap Holdings N.V. shareholders' equity | 8,524,447 | 8,348,963 |
Non-controlling interest | 57,817 | 76,846 |
Total Equity | 8,582,264 | 8,425,809 |
Total Liabilities and Equity | $ 41,620,453 | $ 43,749,499 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Thousands | Dec. 31, 2016€ / shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015€ / shares | Dec. 31, 2015USD ($)shares |
Ordinary share capital, par value | € / shares | € 0.01 | € 0.01 | ||
Ordinary share capital, shares authorized | shares | 350,000,000 | 350,000,000 | ||
Ordinary share capital, shares issued | shares | 187,847,345 | 203,411,207 | ||
Ordinary share capital, shares outstanding | shares | 176,247,154 | 200,342,204 | ||
Unvested restricted stock | shares | 3,426,810 | 3,030,724 | ||
Treasury stock, at cost, shares | shares | 11,600,191 | 3,069,003 | ||
Supplemental balance sheet information - amounts related to assets and liabilities of consolidated VIEs for which creditors do not have recourse to our general credit: | ||||
Restricted cash | $ 329,180 | $ 419,447 | ||
Flight equipment held for operating leases, net | 31,501,973 | 32,219,494 | ||
Accrued maintenance liability | 2,750,576 | 3,185,794 | ||
Debt | 27,716,999 | 29,641,863 | ||
Consolidated Variable Interest Entities [Member] | ||||
Supplemental balance sheet information - amounts related to assets and liabilities of consolidated VIEs for which creditors do not have recourse to our general credit: | ||||
Restricted cash | 118,297 | 185,969 | ||
Flight equipment held for operating leases, net | 3,016,373 | 3,094,295 | ||
Assets other than restricted cash and flight equipment held for operating leases, net | 50,665 | 114,134 | ||
Accrued maintenance liability | 175,604 | 232,704 | ||
Debt | 1,313,807 | 1,548,877 | ||
Liabilities other than accrued maintenance liability and debt | $ 107,207 | $ 114,994 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Revenues and other income | |||||
Lease revenue | $ 4,867,623 | $ 4,991,551 | $ 3,449,571 | ||
Net gain on sale of assets | 138,522 | 183,328 | 37,497 | ||
Other income | 145,986 | 112,676 | 104,491 | ||
Total Revenues and other income | 5,152,131 | 5,287,555 | 3,591,559 | ||
Expenses | |||||
Depreciation and amortization | 1,791,336 | 1,843,003 | 1,282,228 | ||
Asset impairment | 81,607 | 16,335 | 21,828 | ||
Interest expense | 1,091,861 | 1,099,884 | 780,349 | ||
Leasing expenses | 582,530 | 522,413 | 141,572 | ||
Transaction, integration and restructuring related expenses | 53,389 | 58,913 | 148,792 | ||
Selling, general and administrative expenses | 351,012 | 381,308 | 299,892 | ||
Total Expenses | 3,951,735 | 3,921,856 | 2,674,661 | ||
Income before income taxes and income of investments accounted for under the equity method | 1,200,396 | 1,365,699 | [1] | 916,898 | [1] |
Provision for income taxes | (173,496) | (189,805) | [2] | (137,373) | [2] |
Equity in net earnings of investments accounted for under the equity method | 12,616 | 1,278 | 28,973 | ||
Net income | 1,039,516 | 1,177,172 | 808,498 | ||
Net loss attributable to non-controlling interest | 7,114 | 1,558 | 1,949 | ||
Net income attributable to AerCap Holdings N.V. | $ 1,046,630 | $ 1,178,730 | $ 810,447 | ||
Basic earnings per share | $ 5.64 | $ 5.78 | $ 4.61 | ||
Diluted earnings per share | $ 5.52 | $ 5.72 | $ 4.54 | ||
Weighted average shares outstanding - basic | 185,514,370 | 203,850,828 | 175,912,662 | ||
Weighted average shares outstanding - diluted | 189,682,036 | 206,224,135 | 178,684,989 | ||
[1] | Due to our migration from the Netherlands to Ireland as of February 1, 2016, we have updated the tax rate reconciliation for the years ended December 31, 2015 and 2014. The tax variance as a result of the global activities has been calculated as the difference between the local statutory tax rate in the relevant jurisdictions and the Irish statutory tax rate of 12.5%. | ||||
[2] | Effective February 1, 2016, we moved our headquarters and executive officers from Amsterdam to Dublin, and as of February 1, 2016, we became tax resident in Ireland. Accordingly, we have updated the figures for the years ended December 31, 2015 and 2014 as compared to those previously reported in the financial statements contained in our 2015 annual report on Form 20-F to reflect the permanent differences being taxed at the Irish statutory rate of 12.5% rather than the Dutch statutory rate of 25%. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income attributable to AerCap Holdings N.V. | $ 1,046,630 | $ 1,178,730 | $ 810,447 | |
Other comprehensive income (loss): | ||||
Net change in fair value of derivatives (Note 13), net of tax of $(856), $(47) and $(649), respectively, and net of reclassification adjustments (a) | [1] | 5,990 | 338 | 4,542 |
Actuarial (loss) gain on pension obligations, (Note 20), net of tax of $200, $(4) and $(81), respectively | (1,452) | 250 | (1,547) | |
Total other comprehensive income | 4,538 | 588 | 2,995 | |
Total comprehensive income attributable to AerCap Holdings N.V. | $ 1,051,168 | $ 1,179,318 | $ 813,442 | |
[1] | During the years ended December 31, 2016 or 2015, we did not reclassify any amounts from AOCI to our Consolidated Income Statements. During the year ended December 31, 2014, we reclassified $3.1 million from AOCI to interest expense in our Consolidated Income Statement. |
Consolidated Statements Of Com6
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net changes in fair value of cash flow hedges, taxes | $ (856,000) | $ (47,000) | $ (649,000) |
Actuarial gain (loss) on pension obligations, tax | 200,000 | (4,000) | (81,000) |
Amount reclassified from accumulated other comprehensive income (loss) to interest expense in the income statement | $ 0 | $ 0 | |
Amount reclassified from accumulated other comprehensive income (loss) to interest expense in the income statement | $ 3,126,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Consolidated Statements Of Cash Flows [Abstract] | |||||
Net income | $ 1,039,516 | $ 1,177,172 | $ 808,498 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 1,791,336 | 1,843,003 | 1,282,228 | ||
Asset impairment | 81,607 | 16,335 | 21,828 | ||
Amortization of debt issuance costs and debt discount | 55,768 | 45,582 | 86,184 | ||
Amortization of lease premium intangibles | 19,836 | 23,042 | 17,967 | ||
Amortization of fair value adjustments on debt | (335,998) | (442,972) | (330,924) | ||
Accretion of fair value adjustments on deposits and maintenance liabilities | 55,210 | 76,246 | 71,806 | ||
Maintenance rights write off | [1] | 652,111 | 628,643 | 130,806 | |
Maintenance liability release to income | (421,332) | (243,809) | (92,296) | ||
Net gain on sale of assets | (138,522) | (183,328) | (37,497) | ||
Deferred income taxes | 161,340 | 110,353 | 115,859 | ||
Restructuring related expenses | 33,588 | 49,311 | |||
Other | 121,700 | 90,074 | 102,139 | ||
Changes in operating assets and liabilities: | |||||
Trade receivables | 40,065 | 48,468 | 102,547 | ||
Other assets | 257,190 | 88,418 | 12,704 | ||
Accounts payable, accrued expenses and other liabilities | (32,183) | 33,502 | 21,825 | ||
Net cash provided by operating activities | 3,381,232 | 3,360,040 | 2,313,674 | ||
Purchase of flight equipment | (2,892,731) | (2,772,110) | (2,088,444) | ||
Proceeds from sale or disposal of assets | 2,366,242 | 1,568,235 | 569,633 | ||
Prepayments on flight equipment | (947,419) | (791,546) | (458,174) | ||
Acquisition of ILFC, net of cash acquired | (195,311) | ||||
Collections of finance and sales-type leases | 74,207 | 54,975 | 40,983 | ||
Movement in restricted cash | 90,267 | 297,941 | 282,523 | ||
Other | (21,678) | (73,400) | [2] | ||
Net cash used in investing activities | (1,331,112) | (1,715,905) | (1,848,790) | ||
Issuance of debt | 3,642,166 | 3,913,840 | 5,411,602 | ||
Repayment of debt | (5,213,724) | (4,043,743) | (4,826,775) | ||
Debt issuance costs paid | (34,687) | (49,417) | (134,963) | ||
Maintenance payments received | 794,711 | 776,488 | 561,558 | ||
Maintenance payments returned | (505,407) | (558,477) | (286,041) | ||
Security deposits received | 201,970 | 171,408 | 107,332 | ||
Security deposits returned | (270,575) | (144,445) | (98,656) | ||
Dividend paid to non-controlling interest holders | (10,501) | ||||
Repurchase of shares and tax withholdings on share-based compensation | (1,021,119) | (793,945) | [3] | ||
Net cash (used in) provided by financing activities | (2,417,166) | (728,291) | 734,057 | ||
Net (decrease) increase in cash and cash equivalents | (367,046) | 915,844 | 1,198,941 | ||
Effect of exchange rate changes | (605) | (3,115) | (4,086) | ||
Cash and cash equivalents at beginning of period | 2,403,098 | 1,490,369 | 295,514 | ||
Cash and cash equivalents at end of period | 2,035,447 | 2,403,098 | 1,490,369 | ||
Supplemental cash flow information: | |||||
Interest paid, net of amounts capitalized | 1,339,095 | 1,409,860 | 1,103,512 | ||
Income taxes paid, net | $ 61,834 | $ 20,178 | $ 37,630 | ||
[1] | (a) Maintenance rights write off consisted of the following:EOL and MR contract maintenance rights expense$ 381,637$ 348,366 $ 54,507 EOL contract maintenance rights write off due to cash receipt 96,503 118,438 27,570 MR contract maintenance rights write off due to maintenance liability release 173,971 161,839 48,729 Maintenance rights write off$ 652,111$ 628,643 $ 130,806 | ||||
[2] | Relates to the settlement of three asset value guarantees during the year ended December 31, 2015. Refer to Note 30-Commitments and contingencies. | ||||
[3] | Includes the Share Repurchase from AIG and $11.2 million of related expenses. Refer to Note 18-Equity and Note 29-Related party transactions for further details. |
Consolidated Statements Of Cas8
Consolidated Statements Of Cash Flows (Parenthetical) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | ||
EOL and MR contract maintenance rights expense | $ 381,637,000 | $ 348,366,000 | $ 54,507,000 | |
EOL contract maintenance rights write off due to cash receipt | 96,503,000 | 118,438,000 | 27,570,000 | |
MR contract maintenance rights write off due to maintenance liability release | 173,971,000 | 161,839,000 | 48,729,000 | |
Maintenance rights write off | [1] | 652,111,000 | $ 628,643,000 | 130,806,000 |
Number of asset value guarantees settled | item | 3 | |||
Net investment in finance and sales-type leases reclassified to flight equipment held for operating leases | 18,400,000 | |||
Accrued Maintenance Liability, Release To Income Upon Sale | 341,161,000 | $ 49,077,000 | ||
Non-Cash Investing And Financing Activities [Member] | ||||
Flight equipment reclassified to net investment in finance and sales-type leases | 442,200,000 | 152,200,000 | 108,300,000 | |
Other Assets [Member] | ||||
Flight equipment reclassified to other assets | 87,800,000 | |||
Other Assets [Member] | Non-Cash Investing And Financing Activities [Member] | ||||
Flight equipment reclassified to other assets | $ 49,600,000 | $ 51,600,000 | ||
AIG [Member] | ||||
Stock repurchase program, expense | $ 11,200,000 | |||
[1] | (a) Maintenance rights write off consisted of the following:EOL and MR contract maintenance rights expense$ 381,637$ 348,366 $ 54,507 EOL contract maintenance rights write off due to cash receipt 96,503 118,438 27,570 MR contract maintenance rights write off due to maintenance liability release 173,971 161,839 48,729 Maintenance rights write off$ 652,111$ 628,643 $ 130,806 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Ordinary Share Capital [Member] | Additional Paid-In Capital [Member] | Treasury Share [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Retained Earnings [Member] | AerCap Holdings N.V. Shareholders' Equity [Member] | Non-Controlling Interest [Member] | Total |
Balance at Dec. 31, 2013 | $ 1,199 | $ 934,024 | $ (9,890) | $ 1,500,039 | $ 2,425,372 | $ 3,860 | $ 2,429,232 | |
Balance, shares at Dec. 31, 2013 | 113,783,799 | |||||||
ILFC Transaction | $ 1,347 | 4,556,294 | 4,557,641 | 77,047 | 4,634,688 | |||
ILFC Transaction, shares | 97,560,976 | |||||||
Dividends paid | (187) | (187) | ||||||
Share-based compensation | 68,152 | 68,152 | 68,152 | |||||
Ordinary shares issued, net of tax withholdings | $ 13 | (843) | (830) | (830) | ||||
Ordinary shares issued, net of tax withholdings, shares | 973,516 | |||||||
Total other comprehensive income (loss) | 2,995 | 810,447 | 813,442 | (1,949) | 811,493 | |||
Balance at Dec. 31, 2014 | $ 2,559 | 5,557,627 | (6,895) | 2,310,486 | 7,863,777 | 78,771 | 7,942,548 | |
Balance, shares at Dec. 31, 2014 | 212,318,291 | |||||||
Dividends paid | (367) | (367) | ||||||
Repurchase of shares | $ (761,228) | (761,228) | (761,228) | |||||
Share cancellation | $ (111) | (474,467) | 474,578 | |||||
Share cancellation, shares | (9,698,588) | |||||||
Share-based compensation | 100,162 | 100,162 | 100,162 | |||||
Ordinary shares issued, net of tax withholdings | $ 9 | (156,329) | 140,338 | (17,084) | (33,066) | (33,066) | ||
Ordinary shares issued, net of tax withholdings, shares | 791,504 | |||||||
Total other comprehensive income (loss) | 588 | 1,178,730 | 1,179,318 | (1,558) | 1,177,760 | |||
Balance at Dec. 31, 2015 | $ 2,457 | 5,026,993 | (146,312) | (6,307) | 3,472,132 | 8,348,963 | 76,846 | 8,425,809 |
Balance, shares at Dec. 31, 2015 | 203,411,207 | |||||||
Dividends paid | (11,915) | (11,915) | ||||||
Repurchase of shares | (965,982) | (965,982) | $ (965,982) | |||||
Share cancellation | $ (175) | (577,967) | 578,142 | |||||
Share cancellation, shares | (15,563,862) | (15,563,862) | ||||||
Share-based compensation | 102,843 | 102,843 | $ 102,843 | |||||
Ordinary shares issued, net of tax withholdings | (46,850) | 44,060 | (9,755) | (12,545) | (12,545) | |||
Total other comprehensive income (loss) | 4,538 | 1,046,630 | 1,051,168 | (7,114) | 1,044,054 | |||
Balance at Dec. 31, 2016 | $ 2,282 | $ 4,505,019 | $ (490,092) | $ (1,769) | $ 4,509,007 | $ 8,524,447 | $ 57,817 | $ 8,582,264 |
Balance, shares at Dec. 31, 2016 | 187,847,345 |
General
General | 12 Months Ended |
Dec. 31, 2016 | |
General [Abstract] | |
General | 1. General The Company We are an independent aircraft leasing company with total assets of $ 41.6 billion , primarily consisting of 1,022 owned aircraft as of December 31, 2016 . Our ordinary shares are listed on the New Y ork Stock Exchange (AER). Pursuant to our recent migration from the Netherlands to Ireland, we moved our headquarters and executive officers from Amsterdam to Dublin, effective as of February 1, 2016. We continue to have offices in Amsterdam, Los Angeles, Shannon, Fort Lauderdale, Miami, Singapore, 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 S tatements presented herein include the accounts of AerCap Holdings N.V. and its subsidiaries. AerCap Holdings N.V. is a public limited liability company (“ naamloze vennootschap” or “N.V. ”) incorporated in the Netherlands on July 10, 2006 . ILFC Transaction On May 14, 2014, we successfully completed the ILFC Transaction , a s further described in Note 4 — ILFC Transaction . AIG offering and the Share Repurchase from AIG On June 9, 2015, AIG sold 71,184,686 of its AerCap ordinary shares in a secondary public offering and AerCap completed the Share Repurchase from AIG of 15,698,588 ordinary shares. On August 24, 2015, AIG sold 10,677,702 of its AerCap ordinary shares in a secondary public offering. Following this sale, AIG no longer owns any of our outstanding ordinary shares and has no designees on our Board of Directors. GFL Transaction On April 22, 2014, we completed the sale of 100% of the class A common shares in Genesis Funding Limited to GFL Holdings, LLC, an affiliate of Wood Creek Capital Management, LLC. GFL had 37 aircraft in its portfolio with a net book value of $727 million. |
Basis Of Presentation
Basis Of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 2. 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 and have control under ASC 810. All intercompany balances and transactions with consolidated subsidiaries have been eliminated. The results of consolidated entities are included from the effective date of control or, in the case of 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. Other investments in which we have the ability to exercise significant influence and joint ventures are accounted for under the equity method of accounting. Our Consolidated Financial Statements are stated in U.S. dollars, which is our functional currency. 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 . T he use of estimates is or could be a significant factor affecting the reported carrying values of flight equipment, intangibles, investments, trade and notes receivable s , deferred income tax assets and accruals and reserves. We consider information available from professional appraisers, where possible, to support our estimates, particularly with respect to flight equipment. Actual results may differ from our estimates under different conditions, sometimes materially. During the years ended December 31, 2016 , 2015 and 2014 , we changed our estimates of useful lives and residual values of certain aircraft. The changes in estimates are a result of the current market conditions or other factors that have affected the useful lives and residual values for such aircraft. T he effect for the years ended December 31, 2016 , 2015 and 2014 was to reduce net income by $14.4 million, $35.8 million and $4.4 million , respectively , basic earnings per share by $0.08 , $0.18 and $0.02 , respectively, and diluted earnings per share by $0.08 , $0.17 and $0.02 , respectively. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 3 . Summary of significant accounting policies Cash and cash equivalents Cash and cash equivalents include cash and highly liquid inves tments 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 obligations under existing lease contracts or receivables related to inventory sales. 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 expensed unless the improvement increases the long-term value or extends the useful life of the flight equipment. 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 standard price, except where more relevant information indicates a different residual value is more appropriate. We periodically review the estimated useful lives and residual values of our flight equipment based on our knowledge of the industry, 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 aircraft by aircraft basis , as necessary. On a quarterly basis, we perform recoverability assessments of our long-lived assets when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Annually, we perform impairment assessments for all of our aircraft held for operating leases that are five years of age or older. The review of recoverability includes an assessment of the estimated future cash flows associated with the use of an asset and its eventual disposal. The assets are grouped at the lowest level for which identifiable cash flows are largely independent of other groups of assets, which includes the individual aircraft and the lease-related assets and liabilities of that aircraft (the “Asset Group”). If the sum of the expected undiscounted future cash flows is less than the aggregate net book value of 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 fair value. Fair value reflects the present value of cash expected to be generated from the aircraft in the future, including its expected residual value, discounted at a rate commensurate with the associated risk. Future cash flows are assumed to occur under the current market conditions and assume adequate time for a sale between a willing buyer and a willing seller. Expected future lease rates are based on all relevant information available, including current contracted rates for similar aircraft, appraisal data and industry trends. Capitalization of interest We capit alize interest on prepayments of forward order flight equipment and add such amount to prepayments on flight equipment. The amount of interest capitalized is the actual interest costs incurred on the debt specific to the prepayments, if any, or 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 finance and 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 a ssessment of the values of the flight equipment at expiration of the lease. The unearned income is recognized as lease revenue in our Consolidated Income Statements over the lease term, in a manner that produces a constant rate of return on 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 intangible and lease premium, net Maintenance rights intangible assets are recognized when we acquire aircraft subject to existing leases, primarily as a result of the ILFC Transaction. These intangible assets represent the contractual right to receive the aircraft in a specified maintenance condition at the end of the lease (EOL contracts) or our right to receive an 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 (MR contracts), or through a lessor contribution to the lessee. For EOL contracts, to the extent the lease end cash compensation paid to us is less than the maintenance rights intangible asset, we recognize the difference between these two amounts as maintenance rights expense upon lease termination. Maintenance rights expense is included in leasing expenses in our Consolidated Income Statements. To the extent the lease end cash compensation paid to us is more than the maintenance rights intangible asset, we recognize the difference between these two amounts as lease revenue in our Consolidated Income Statements upon lease termination. 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. L ease premium assets represent the value of an acquired lease where the contractual rent al 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 in our Consolidated Income Statements. Other definite-lived intangible assets Other definite-lived intangible assets primarily consist of customer relationships recorded at fair value on the Closing Date as a result of the ILFC Transaction. These intangible assets are amortized over the period which we expect to derive economic benefits from such assets. The amortization expense is recorded in depreciation and amortization in our Consolidated Income Statements. 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 inventory, notes receivables, investments, derivative financial instruments, lease incentives, other tangible fixed assets, and straight-line rents, prepaid expenses and other receivables. Inventory Inventory consists primarily of engine and airframe parts and rotable and consumable parts we sell through our subsidiary , AeroTurbine. We value our inventory at the lower of cost or market value. Cost is primarily determined using the specific identification method for individual part purchases and on an allocated basis for engines and aircraft purchased for disassembly and for bulk purchases. Costs are allocated using the relationship of the cost of the engine, aircraft, or bulk inventory purchase to the estimated retail sales value at the time of purchase. At the time of sale , this ratio is applied to the sales price of each individual part to determine its cost. We periodically evaluate this ratio and, if necessary, update sales estimates and make adjustments to this ratio. Generally, inventory that is held for more than four years is considered excess inventory and its carrying value is reduced to zero . Notes receivables Notes receivables 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 receivables 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. The note receivable as a result of the ALS Transaction was recorded at fair value and wa s subsequently measured at amortized cost using the retrospective effective interest method. Investments Investments over which we have significant influence but not a controlling interest, joint ventures or VIEs for which we are not the PB are reported using the equity method of accounting. Under the equity method of accounting, we include our share of earnings and losses of such investments in equity in net earnings (losses) of investments accounted for under the equity method. 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 transaction 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 in any reporting period is classified as operating cash flows in our Consolidated Statements of Cash Flows. 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 in lease revenue in our Consolidated Income Statements. Other tangible fixed assets Other tangible fixed assets consist primarily of computer equipment, leasehold improvements and office furniture, and are valued at 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 31 — 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. Guarantees We have potential obligations under guarantee contracts that we have entered into with third parties . See Note 30 — Commitment and contingencies . We initially reco gnize guarantees at fair value. Subsequently, if it becomes probable that we will be required to perform under a guarantee, we accrue a liability based on an estimate of the loss we will incur to perform under the guarantee. The estimate of the loss is generally measured as the amount by which the contractual guaranteed value exceeds the fair market value or future lease cash flows of the underlying aircraft. 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. In certain instances, such as 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 in our Consolidated Income Statements, 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 existing at the inception of the lease (“lessor maintenance contributions”). For all lease contracts, we expense planned major maintenance activities, such as lessor maintenance contributions, when incurred. The expense is recorded in leasing expenses in our Consolidated Income Statements. 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 increase s 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 discount s or premium s 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. The coupon liability as a result of the ALS Transaction was recorded at fair value and wa s subsequently measured at amortized cost using the retrospective effective interest method. Lessee security deposits For all lessee deposits assumed as part of the ILFC Transaction, we discounted the lessee security deposit amounts to their respective present values. We accrete the discounted security deposit amounts to their respective nominal values over the period we expect to refund the security deposits to each lessee, using the effective interest method, recognizing an increase in interest expense. 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 difference between rental revenue recognized and cash received is included in our Consolidated Balance Sheets in other assets, or in the event it is a liability, in accounts payable, accrued expenses and other liabilities. In certain cases, leases provide for rentals contingent on usage. The usage may be calculated based on hourly usage or on the number of cycles operated, depending on the lease contract. Revenue contingent on usage is recognized at the time the lessee reports the usage to us. Lease agreements for which base rent is based on floating interest rates are included in minimum lease payments based on the floating interest rate that exist ed at the inception of the lease; and any 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 such rentals is no longer reasonably assured. For past-due rentals that exceed related security deposits held, which have been recognized as revenue, we establish provisions on the basis of management’s assessment of collectability. Such provisions are recorded in leasing expenses in our Consolidated Income Statements. R evenue from net investment in finance and sales-type leases is included in lease revenue in our Consolidated Income Statements and is recognized using the interest method to produce a constant yield over the life of the lease. Most of our lease contracts req uire payment in advance. Rental payments received but unearned under these lease agreements 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 related to our flight equipment 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 lessees. We estimate the total amount of maintenance reimbursements for the entire lease and only record revenue after we have received sufficient maintenance rents under a particular lease 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. We recognize receipts of EOL cash compensation as lease revenue when received to the extent those receipts exceed the EOL contract maintenance rights intangible asset, and we recognize leasing expenses when the EOL contract maintenance rights intangible asset exceeds the EOL cash receipts. Accrued maintenance liability existing at the end of a lease is released and recognized as lease revenue at lease termination to the extent that the maintenance liability exceeds the MR contract maintenance rights intangible asset. If the maintenance liability does not exceed the MR contract maintenance rights intangible asset, we recognize the difference as a leasing expense. When flight equipment is sold, the portion of the accrued maintenance liability which is not specifically assigned to the buyer is released from our Consolidated Balance Sheets, net of any maintenance rights intangible asset balance, and recognized as part of the sale of the flight equipment as gain or loss in net gain on sale of assets in our Consolidated Income Statements. Net gain or loss on sale of assets originates primarily from the sale of aircraft and engines. The sale is recognized when the relevant asset is delivered, the risk of loss has transferred to the buyer, and we no longer have significant ownership risk in the asset sold. Other income consists of interest income, management fees, lease termination penalties, inventory part sales and net gain on sale of equity investments accounted for under the equity method , insurance proceeds, and other miscellaneous activities . Income from secured loans, notes receivables and other interest bearing instruments is recognized using the effective yield method as interest accrues under the associated contracts. Lease management fees are recognized as income as they accrue 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. Pension We operate a defined benefit pension plan for our Dutch employees and some of our Irish employees. We recognize net periodic pension costs associated with these plans in selling, general and administrative expenses and recognize the unfunded status of the plan, if any, in accounts payable, accrued expenses and other liabilities. The change in fair value of the funded pension liability that is not related to the net periodic pension cost is recorded in AOCI. The projection of benefit obligation and fair value of plan assets require the use of assumptions and estimates, including discount rates. Actual results could differ from those estimates. Furthermore, we operate defined contribution plans for the employees who do not fall under the defined benefit pension plans. We recognize an expense for contributions to the defined contribution plans in selling, general and administrative expenses in the period the contributions are made . Share ‑based compensation Certain employees receive AerCap share-based awards, consisting of restricted stock units and restricted stock. S hare-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 in our Consolidated Income Statements. 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 currenc ies are remeasured into U.S. dollars at the exchange rate 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 entities’ 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 earnings per share is computed by dividing income available to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For the purposes of calculating diluted earnings per share, the denominator includes both the weighted average number of ordinary shares outstanding during the period and the weighted average number of potentially dilutive ordinary shares, such as restricted 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, 2016 : Amendments to the consolidation analysis In February 2015, the FASB issued an accounting standard that affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and provide a scope exemption from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. We adopted the standard on its required effective date of January 1, 2016 and it did not have any effect on our Consolidated Financial Statements. Presentation of debt issuance costs In April 2015, the FASB issued an accounting standard that requires debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability. In August 2015, the FASB issued an accounting standard to clarify that entities are permitted to defer and present debt issuance costs related to line-of-credit arrangements as an asset, and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. Upon adoption, the standards should be applied retrospectively to all prior periods presented in the financial statements. We adopted the standards on their required effective date of January 1, 2016. As a result, we have retrospectively reclassified $165.0 million of debt issuance costs from other assets to a direct reduction of the debt liability in our Consolidated Balance Sheet as of December 31, 2015. We continue to present debt issuance costs related to our line-of-credit arrangements within other assets. The adoption of this standard did not have any effect on our Consolidated Income Statements or Consolidated Statements of Cash Flows. Future application of accounting standards: Revenue from contracts with customers In May 2014, the FASB issued an accounting standard that provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry ‑specific guidance. This guidance does not apply to lease contracts with customers. The standard will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five ‑step model that requires entities to exercise judgment when considering the terms of the contract including (i) identifying the contract with the customer; (ii) identifying the separate performance obligations in the contract; (iii) determining the transaction price; (iv) allocating the transaction price to the separate performance obligations; and (v) recognizing revenue when each performance obligation is satisfied. This standard was originally scheduled to be effective for fiscal years beginning after December 15, 2016 and subsequent interim periods. In August 2015, the FASB issued an update to the standard which deferred the effective date to January 1, 2018. The standard may be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of applying this standard recognized at the date of adoption. Early adoption is permitted but not before the originally scheduled effective date. We plan to adopt the standard on its required effective date of January 1, 2018. We are evaluating the effect the adoption of the standard will have on our Consolidated Financial Statements. This new standard does not impact the accounting of our lease revenue but may impact the accounting of our revenue other than lease revenue. While we are still performing our analysis, we do not expect the impact of this standard to be material to our Consolidated Financial Statements. Inventory In July 2015, the FASB issued an accounting standard that simplifies the subsequent measurement of all inventory except for inventory measured using the last-in, first-out or the retail inventory method. Inventory within the scope of this standard will be measured at the lower of cost and net realizable value instead of the lower of cost or market as required under existing guidance. Net realizable value is the estimated sale price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This standard also requires that substantial and unusual losses that result from the subsequent measurement of inventory be disclosed in the financial statements. The new standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This standard should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We plan to adopt the standard on its required effective date of January 1, 2017. We do not expect the impact of this standard to be material to our Consolidated Balance Sheets and Consolidated Income Statements. Lease accounting In February 2016, the FASB issued an accounting standard that requires lessees to recognize lease-related assets and lia |
ILFC Transaction
ILFC Transaction | 12 Months Ended |
Dec. 31, 2016 | |
ILFC Transaction [Abstract] | |
ILFC Transaction | 4. ILFC Transaction On May 14, 2014 , AerCap issued 97,560,976 new ordinary shares and paid $2.4 billion in cash to AIG to successfully complete the ILFC Transaction . Prior to the consummation of the ILFC Transaction, ILFC paid a special distribution to AIG in the amount of $600.0 million. The total consideration paid to AIG, excluding the special distribution of $600.0 million paid by ILFC to AIG on May 13, 2014, had a value of approximately $7.0 billion based on AerCap’s closing price per share of $46.59 on May 14, 2014. On the Closing Date, immediately after completing the ILFC Transaction, all of ILFC’s assets were transferred substantially as an entirety to AerCap Trust, a legal entity formed on February 5, 2014, and AerCap Trust assumed substantially all of the liabilities of ILFC. AICDC , a wholly-owned subsidiary of AerCap Ireland, and ILFC, an indirect subsidiary of AerCap Trust, are the sole beneficiaries of AerCap Trust. On June 9, 2015, AIG sold 71,184,686 of its AerCap ordinary shares in a secondary public offering and AerCap completed the Share Repurchase from AIG of 15,698,588 ordinary shares . On August 24, 2015, AIG sold 10,677,702 of its AerCap ordinary shares in a secondary public offering. Following this sale , AIG no longer owns any of our outstanding ordinary shares and has no designees on our Board of Directors. The consideration transferred to effect the ILFC Transaction consisted of the following: Cash consideration (a) $ 2,400,000 97,560,976 AerCap common shares issued multiplied by AerCap closing share price per share of $46.59 on May 14, 2014 4,545,366 Share compensation 12,275 Consideration transferred $ 6,957,641 (a) Excludes the $600.0 million special distribution paid by ILFC to AIG prior to the Closing Date. AerCap reported transaction and integration expenses related to the ILFC Transaction as provided in the following table. These expenses are included in transaction, integration and restructuring related expenses in our Consolidated Income Statements. Year Ended December 31, 2016 2015 2014 Severance and other compensation expenses $ — $ 7,236 $ 54,600 Banking fees — — 45,740 Professional fees and other expenses — 2,366 48,452 $ — $ 9,602 $ 148,792 The acquired business contributed t otal revenues and other income of $2,574.7 million and n et income of $687.8 million to AerCap for the period beginning May 14, 2014 and ended December 31, 2014. The following unaudited pro forma summary presents consolidated information of AerCap as if the business combination had occurred on January 1, 2013: Year Ended December 31, 2014 Total Revenues and other income $ 5,212,900 Net income 952,778 The most significant pro forma adjustments were to reflect the impact , net of tax, of: (i) the amortization of the intangible lease premium component as an adjustment to revenue; (ii) the expensing of the maintenance rights intangible, which occurs when the lease ends for EOL contracts or when the lessee provides us with the required documentation related to the cost of a qualifying maintenance event that relates to pre-acquisition usage for MR contracts. The related pro forma adjustment was based on the estimated annual charge in the first full year after the acquisition; (iii) the depreciation and amortization expenses related to the fair value adjustments to aircraft and other intangibles; (iv) the interest expense on the existing debt taking into account the fair value adjustment to the debt as of the Closing Date; (v) the interest expense related to the acquisition financing, as if the financing occurred as of January 1, 2013; (vi) other interest expense adjustments relating to the maintenance and security deposit liabilities as well as the prepayments on flight equipment; and (vii) non-recurring transaction and integration related expenses, as if they had been incurred as of January 1, 2013 instead of 2014. The above unaudited pro forma financial information is for informational purposes only and may not necessarily reflect the actual results of operations had the ILFC Transaction been consummated on January 1, 2013. The pro forma information did not adjust for gain from sales, impairment charges and loss from early extinguishment of debt. These pro forma amounts are not designed to represent the future expected financial results of AerCap. The ILFC Transaction resulted in significant increases of our asset s and liabilities, as well as revenues and expenses. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2016 | |
Restricted Cash [Abstract] | |
Restricted Cash | 5. Restricted cash Our r estricted cash balance was $ 329.2 million and $ 419.4 million as of December 31, 2016 and 2015 , respectively. It is primarily related to our ECA financings , our Ex-Im financings, our AerFunding revolving credit facility and other debt . See Note 16 — Debt . |
Flight Equipment Held For Opera
Flight Equipment Held For Operating Leases, Net | 12 Months Ended |
Dec. 31, 2016 | |
Flight Equipment Held For Operating Leases, Net [Abstract] | |
Flight Equipment Held For Operating Leases, Net | 6. Flight equipment held for operating leases, net Movements in flight equipment held for operating leases during the years ended December 31, 2016 and 2015 were as follows: Year Ended December 31, 2016 2015 Net book value at beginning of period $ 32,219,494 $ 31,984,668 Additions 3,863,905 3,604,122 Depreciation (1,753,574) (1,803,125) Impairment (Note 25) (78,335) (16,322) AeroTurbine restructuring (Note 26) (15,392) (22,402) Disposals/Transfers to held for sale (2,246,825) (1,325,626) Transfers from held for sale 24,393 — Transfers to net investment in finance and sales-type leases/inventory (530,093) (201,821) Transfers from net investment in finance and sales-type leases 18,400 — Net book value at end of period $ 31,501,973 $ 32,219,494 Accumulated depreciation as of December 31, 2016 and 2015, respectively $ (5,086,611) $ (3,934,685) |
Net Investment In Finance And S
Net Investment In Finance And Sales-type Leases | 12 Months Ended |
Dec. 31, 2016 | |
Net Investment In Finance And Sales-type Leases [Abstract] | |
Net Investment In Finance And Sales-type Leases | 7 . Net investment in finance and sales-type leases Components of net investment in finance and sales-type leases as of December 31, 2016 and 2015 were as follows: As of December 31, 2016 2015 Future minimum lease payments to be received $ 708,934 $ 533,879 Estimated residual values of leased flight equipment (unguaranteed) 321,739 164,123 Less: Unearned income (274,791) (228,804) $ 755,882 $ 469,198 Less: Allowance for credit losses — (a) — $ 755,882 $ 469,198 (a) During the year ended December 31, 2016, we recognized a direct write-off for credit losses on four finance leases of $11.1 million, which was recorded in leasing expenses in our Consolidated Income Statement. As of December 31, 2016 , future minimum lease payments to be received on finance and sales-type leases were as follows: Future minimum lease payments to be received 2017 $ 137,388 2018 120,216 2019 106,209 2020 82,116 2021 67,271 Thereafter 195,734 $ 708,934 |
Maintenance Rights Intangible A
Maintenance Rights Intangible And Lease Premium, Net | 12 Months Ended |
Dec. 31, 2016 | |
Maintenance Rights Intangible And Lease Premium, Net [Abstract] | |
Maintenance Rights Intangible And Lease Premium | 8. Maintenance rights intangible and lease premium , net Maintenance rights intangible and lease premium consisted of the following as of December 31, 2016 and 2015 : As of December 31, 2016 2015 Maintenance rights intangible $ 2,117,034 $ 3,068,318 Lease premium, net 50,891 70,727 $ 2,167,925 $ 3,139,045 Movements in maintenance rights intangible during the year s ended December 31, 2016 and 2015 were as follows: Year Ended December 31, 2016 2015 Maintenance rights intangible at beginning of period $ 3,068,318 $ 3,812,259 EOL and MR contract maintenance rights expense (381,637) (348,366) MR contract maintenance rights write off due to maintenance liability release (173,971) (161,839) EOL contract maintenance rights write off due to cash receipt (96,503) (118,438) EOL and MR contract intangible write off due to sale of aircraft (284,411) (115,298) Transfer to other assets (17,162) — Additions due to aircraft acquisitions 2,400 — Maintenance rights intangible at end of period $ 2,117,034 $ 3,068,318 The following tables present details of lease premium and related accumulated amortization as of December 31, 2016 and 2015 : As of December 31, 2016 Gross carrying amount Accumulated amortization Net carrying amount Lease premium $ 94,959 $ (44,068) $ 50,891 As of December 31, 2015 Gross carrying amount Accumulated amortization Net carrying amount Lease premium $ 107,140 $ (36,413) $ 70,727 Lease premiums that are fully amortized are removed from the gross carrying amount and accumulated amortization column s in the table s above. During the years ended December 31 , 2016 , 2015 and 2014 , we recorded amortization expense for lease premium of $19.8 million, $ 23. 0 million and $ 18.0 million, respectively. As of December 31, 2016 , the estimated future amortization expense for lease premium was as follows: Estimated amortization expense 2017 $ 13,633 2018 11,219 2019 10,466 2020 7,727 2021 5,394 Thereafter 2,452 $ 50,891 |
Flight Equipment Held For Sale
Flight Equipment Held For Sale | 12 Months Ended |
Dec. 31, 2016 | |
Flight Equipment Held For Sale [Abstract] | |
Flight Equipment Held For Sale | 9 . Flight equipment held for sale Generally, an aircraft is classified as held for sale when the sale is probable and 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, 2016 , six aircraft and four engines met the held for sale criteria and were classified as flight equipment held for sale in our Consolidated Balance Sheet. As of December 31, 2015 , we had five aircraft classified as flight equipment held for sale in our Consolidated Balance Sheet, and the sale of those aircraft closed during the first quarter of 2016 . |
Other Intangibles, Net
Other Intangibles, Net | 12 Months Ended |
Dec. 31, 2016 | |
Other Intangibles, Net [Abstract] | |
Other Intangibles, Net | 10 . Other i ntan gible s, net Other intangibles consisted of the following as of December 31, 2016 and 2015 : As of December 31, 2016 2015 Goodwill $ 58,094 $ 58,094 Customer relationships, net 304,294 325,471 Contractual vendor intangible assets 21,019 38,775 Tradename and other intangible assets, net 13,694 38,666 $ 397,101 $ 461,006 The following tables present details of customer relationships and tradename and other intangible assets and related accumulated amortization as of December 31, 2016 and 2015 : As of December 31, 2016 Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 360,000 $ (55,706) $ 304,294 Tradename and other intangible assets 40,000 (26,306) 13,694 $ 400,000 $ (82,012) $ 317,988 As of December 31, 2015 Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 360,000 $ (34,529) $ 325,471 Tradename and other intangible assets 56,465 (17,799) 38,666 $ 416,465 $ (52,328) $ 364,137 During the years ended December 31, 2016 , 2015 and 2014 , we recorded amortization expense for customer relationships and tradename and other intangible assets of $31.9 million, $ 33.7 million and $21.3 million, respectively. During the years ended December 31, 2016 and 2015 , we recognized impairment charges of $14.9 million and $24.8 million, respectively, of tradename and other intangible assets related to the downsizing of AeroTurbine. The amount was recorded in transaction, integration and restructuring related expenses in our Consolidated Income Statement. Please refer to Note 26 — AeroTurbine restructuring for further details. During the years ended December 31, 2016 and 2015 , we utilized $17.8 million and $8.8 million , respectively, of contractual vendor intangible assets to reduce the cash outlay related to purchases of goods and services from our vendors. As of December 31, 2016 , the estimated future amortization expense for customer relationships and tradename and other intangible assets was as follows: Estimated amortization expense 2017 $ 31,177 2018 24,871 2019 21,176 2020 21,176 2021 21,176 Thereafter 198,412 $ 317,988 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets [Abstract] | |
Other Assets | 11. Other assets Other assets consisted of the following as of December 31, 2016 and 2015 : As of December 31, 2016 2015 Inventory $ 52,673 $ 260,269 Debt issuance costs (a) 33,700 45,524 Lease incentives 177,128 162,277 Other receivables 188,759 174,841 Investments (Note 12) 118,783 114,711 Notes receivables 23,359 (b)(c) 116,197 (d) Derivative assets (Note 13) 37,187 18,965 Other tangible fixed assets 36,427 20,845 Straight-line rents, prepaid expenses and other 111,190 85,114 $ 779,206 $ 998,743 (a) We retrospectively reclassified $165.0 million of debt issuance costs from other assets to a direct reduction of the debt liability as of December 31, 2015. We continue to present debt issuance costs related to our revolving credit facilities within other assets. Please refer to Note 3 — Summary of significant accounting policies . (b) As of December 31, 2016 , we did no t have an allowance for credit losses on notes receivables and there was no activity recorded for credit losses during the year ended December 31, 2016 . (c) In December 2016, the ALS Note Receivable was repaid. Please refer to Note 28 — Variable Interest Entities for further details. (d) As of December 31, 2015, we did no t have an allowance for credit losses on notes receivables. We recognized a $2.0 million provision, which was used upon termination of the related leases during the year ended December 31, 2015 . |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Investments | 12 . Investments Investments consisted of the following as of December 31, 2016 and 2015 : As of December 31, Ownership as of December 31, 2016 (%) 2016 2015 Equity investment in unconsolidated joint venture (AerDragon) (a) 17 $ 60,124 $ 55,430 Equity investment in unconsolidated joint venture (AerLift) 39 45,087 47,352 Equity investment in unconsolidated joint venture (ACSAL) (a) 19 13,566 11,923 Other investments at cost NA 6 6 $ 118,783 $ 114,711 (a) AerDragon and ACSAL are VIEs for which we are not the PB but do have significant influence. Therefore, they are accounted for under the equity method. Our share of undistributed earnings of investments in which our ownership interest is less than 50% was $38.4 million and $34.4 million as of December 31, 2016 and 2015 , respectively . Our equity investment s in our unconsolidated joint ventures, AerDragon, AerLift and ACSAL , are accounted for under the equity m ethod. |
Derivative Assets And Liabiliti
Derivative Assets And Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Assets And Liabilities [Abstract] | |
Derivative Assets And Liabilities | 13 . Derivative assets and liabilities 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, 2016 , we had interest rate caps and swaps outstanding, with underlying variable benchmark interest rates ranging from one to three-month U.S. dollar LIBOR. None of our derivatives that were outstanding as of December 31, 2016 were subject to master netting agreements, which would allow the netting of derivative assets and liabilities in the case of default under any one contract. Some of our agreements with derivative counterparties require a two-way cash collateralization of derivative fair values. As of December 31, 2016 and 2015 , we had cash collateral of $8.6 million and $4.5 million , respectively, from various counterparties and the obligation to return such collateral was recorded in accounts payable, accrued expenses and other liabilities. We had not advanced any cash collateral to counterparties as of December 31, 2016 or 2015 . The counterparties to our interest rate derivatives are 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 material 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, 2016 and 2015 : As of December 31, 2016 2015 Notional amount Fair value Notional amount Fair value Derivative assets not designated as hedges: Interest rate caps $ 2,911,220 $ 30,362 $ 2,194,210 $ 18,965 Derivative assets designated as cash flow hedges: Interest rate swaps $ 425,612 $ 6,825 — — Total derivative assets $ 37,187 $ 18,965 As of December 31, 2016 2015 Notional amount Fair value Notional amount Fair value Derivative liabilities designated as cash flow hedges: Interest rate swaps $ — $ — $ 23,223 $ 21 Total derivative liabilities $ — $ 21 We recorded the following in other comprehensive income (loss) related to derivative financial instruments for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Gain (Loss) Effective portion of change in fair market value of derivatives designated as cash flow hedges: Interest rate swaps $ 6,846 $ 385 $ 2,065 Reclassification of derivative loss to interest expense — — 3,126 Income tax effect (856) (47) (649) Net changes in cash flow hedges, net of tax $ 5,990 $ 338 $ 4,542 The following table presents the effect of derivatives recorded in interest expense in our Consolidated Income Statements for the years ended December 31, 2016 , 2015 and 2014 . We do not expect to reclassify amounts from AOCI to interest expense in our Consolidated Income Statement over the next 12 months. Year Ended December 31, 2016 2015 2014 Loss (Gain) Derivatives not designated as hedges: Interest rate caps and swaps $ 1,628 $ 18,118 $ 13,569 Reclassification to Consolidated Income Statements: Reclassification of amounts previously recorded in AOCI — — 3,126 Effect from derivatives $ 1,628 $ 18,118 $ 16,695 |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses And Other Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Payable, Accrued Expenses And Other Liabilities [Abstract] | |
Accounts Payable, Accrued Expenses And Other Liabilities | 14 . Accounts payable, accrued expenses and other liabilities Accounts payable, accrued expenses and other liabilities consist ed of the following as of December 31 , 2016 and 2015 : As of December 31, 2016 2015 Accounts payable and accrued expenses $ 330,437 $ 417,892 Deferred revenue 463,090 463,167 Accrued interest 287,205 310,739 Guarantees (Note 30) 51,804 47,380 Derivative liabilities (Note 13) — 21 $ 1,132,536 $ 1,239,199 |
Accrued Maintenance Liability
Accrued Maintenance Liability | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Maintenance Liability [Abstract] | |
Accrued Maintenance Liability | 15 . Accrued maintenance liability Movements in accrued maintenance liability during the years ended December 31, 2016 and 2015 were as follows: Year Ended December 31, 2016 2015 Accrued maintenance liability at beginning of period $ 3,185,794 $ 3,194,365 Maintenance payments received 794,711 776,488 Maintenance payments returned (505,407) (558,477) Release to income other than upon sale (421,332) (243,809) Release to income upon sale (341,161) (49,077) Lessor contribution, top ups and other 8,315 18,403 Interest accretion 26,563 47,901 Additions due to aircraft acquisitions 3,093 — Accrued maintenance liability at end of period $ 2,750,576 $ 3,185,794 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt [Abstract] | |
Debt | 16 . Debt As of December 31, 2016 , the principal amount of our outstanding indebtedness totaled $ 27.4 billion, which excluded fair value adjustments of $ 0.5 billion and debt issuance costs and debt discounts of $ 0.2 billion. As of December 31, 2016 , our undrawn lines of credit were approximately $ 7.3 billion, subject to certain conditions, including compliance with certain financial covenants. As of December 31, 2016 , we remained in compliance with the respective financial covenants across our various debt obligations. The following table provides a summary of our indebtedness as of December 31, 2016 and 2015 : As of December 31, 2016 2015 Debt Obligation Collateral (Number of aircraft) Commitment Undrawn amounts Outstanding Weighted average interest rate (a) Maturity Outstanding Unsecured ILFC Legacy Notes $ 7,670,000 $ — $ 7,670,000 6.96% 2017 - 2022 $ 9,220,000 AerCap Aviation Notes 300,000 — 300,000 6.38% 2017 300,000 AerCap Trust & AICDC Notes 6,399,864 — 6,399,864 4.25% 2017 - 2022 5,399,864 Asia revolving credit facility 600,000 600,000 — — 2020 — Citi revolving credit facility 3,000,000 3,000,000 — — 2018 — AIG revolving credit facility 500,000 500,000 — — 2019 — Other unsecured debt — — — — NA 27,959 Fair value adjustment NA NA 430,348 NA NA 671,687 TOTAL UNSECURED 18,469,864 4,100,000 14,800,212 15,619,510 Secured Export credit facilities 85 1,722,376 — 1,722,376 2.52% 2017 - 2027 2,292,686 Senior Secured Notes 85 1,275,000 — 1,275,000 7.13% 2018 2,550,000 Institutional secured term loans & secured portfolio loans 221 6,484,123 1,455,500 5,028,623 3.16% 2020 - 2024 3,269,822 ALS II debt 26 17,746 — 17,746 2.55% 2038 210,557 AerFunding revolving credit facility 15 2,160,000 1,563,181 596,819 2.92% 2019 1,058,294 AeroTurbine revolving credit agreement (b) 200,000 75,000 125,000 3.27% 2019 321,603 Other secured debt 108 2,814,826 144,500 2,670,325 3.57% 2017 - 2034 2,745,423 Fair value adjustment NA NA 82,251 NA NA 174,903 TOTAL SECURED 14,674,071 3,238,181 11,518,140 12,623,288 Subordinated ECAPS subordinated notes 1,000,000 — 1,000,000 4.77% 2065 1,000,000 Junior Subordinated Notes 500,000 — 500,000 6.50% 2045 500,000 Subordinated debt joint ventures partners 55,780 — 55,780 2.26% 2022 64,280 Fair value adjustment NA NA (232) NA NA (235) TOTAL SUBORDINATED 1,555,780 — 1,555,548 1,564,045 Debt issuance costs and debt discounts NA NA (156,901) NA NA (164,980) (c) 540 $ 34,699,715 $ 7,338,181 $ 27,716,999 $ 29,641,863 (a) The weighted average interest rate for our floating rate debt is calculated based on the U.S. dollar LIBOR rate as of the last 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 and debt discounts. (b) AeroTurbine’s assets serve d as collateral for the AeroTurbine revolving credit agreement. (c) We retrospectively reclassified $165.0 million of debt issuance costs from other assets to a direct reduction of the debt liability as of December 31, 2015. See Note 3 — Summary of significant accounting policies . As of December 31, 2016 , all debt was guaranteed by us with the exception of the ALS II debt, the AerFunding revolving credit facility and the Glide Funding term loan facility. As of December 31, 2016, a further $209.5 million included in other secured debt was limited recourse in nature. Maturities of our debt financing s (exclu ding fair value adjustments, debt issuance costs and debt discounts) as of December 31, 2016 were as follows: Maturities of debt financing 2017 $ 3,755,193 2018 3,123,579 2019 4,616,811 2020 3,687,839 2021 4,952,852 Thereafter 7,225,259 $ 27,361,533 During the years ended December 31, 2016 , 2015 and 2014 , we recorded a mortization expense for debt issuance cost s and debt discounts of $55.8 million, $45.6 million and $86.2 million , respectively. The un amortized debt issuance costs and debt discounts as of December 31, 2016 are expected to be amortized through 2045 . ILFC Legacy Notes As of December 31, 2016 , we had an aggregate outstanding principal amount of senior unsecured notes of $ 7.7 billion issued by ILFC prior to the ILFC Transaction (the “ILFC Legacy Notes”) . The ILFC Legacy Notes have maturities ranging through 2022 . The fixed rate notes bear interest at rates ranging from 3.875% to 8.875% . The notes are not subject to redemption prior to their stated maturity and there are no sinking fund requirements. The indenture s governing the ILFC Legacy Notes contain customary covenants that, among other things, restrict our, and our restricted subsidiaries ’, ability to (i) incur liens on assets; (ii) declare or pay dividends or acquire or re tire shares of our capital stock during certain events of default; (iii) designate restricted subsidiaries as un restricted subsidiaries or designate un restricted subsidiaries; (iv) make investmen ts in or transfer assets to un restricted subsidiaries; and (v) consolidate, merge, sell, or otherwise dispose of all or substantially all of our assets. The indenture s also provide for customary events of default, including, but not limited to, the failure to pay scheduled principal and interest payments on the notes, the failure to comply with covenants and agreements specified in the indenture s , 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 indenture s may immediately become due and payable. 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 t he ILFC Legacy Notes . AerCap Aviation Notes In May 2012, AerCap Aviation Solutions B.V. issued $300.0 million of 6.375% senior unsecured notes due 2017 (the “AerCap Aviation Notes”). The proceeds from the offering were used for general corporate purposes. The AerCap Aviation Notes are guaranteed by AerCap Holdings N.V. and AerCap Ireland. The AerCap Aviation Notes contain customary covenants that, among other things, limit our , and our restricted subsidiaries’, ability to incur additional indebtedness, enter into certain mergers or consolidations, incur certain liens and engage in certain transactions with our affiliates. In addition, the indenture governing the AerCap Aviation Notes restricts our , and our restricted subsidiaries’, ability to pay dividends or make certain restricted payments, subject to certain exceptions, unless certain conditions are met . AerCap Trust & AICDC Notes In May 2014, AerCap Trust and AICDC co- issued $2.6 billion aggregate principal amount of senior unsecured notes, consisting of $400.0 million of 2.75% notes due 2017, $1.1 billion of 3.75% notes due 2019 , and $1.1 billion of 4.50% notes due 2021 ( collectively, the “ Acquisition Notes ”). The proceeds from the offering were used to finance in part the consideration payable in connection with the ILFC Transaction . In September 2014, AerCap Trust and AICDC co- issued $800.0 million aggregate principal amount of 5.00% senior notes due 2021 (the “ September 2014 Notes” ) . The proceeds from the offering were used for general corporate purposes. In June 2015, AerCap Trust and AICDC co-issued $1.0 billion aggregate principal amount of senior unsecured notes, consisting of $500.0 million of 4.25% notes due 2020 and $500.0 million of 4.625% notes due 2022 (collectively, the “ June 2015 Notes ”) . The proceeds from the offering were used for general corporate purposes. I n October 2015, AerCap Trust and AICDC co-issued $1.0 billion aggregate principal amount of 4.625% senior unsecured notes due 2020 (the “October 2015 Notes”). The proceeds from the offering were used for general corporate purposes. In May 2016, AerCap Trust and AICDC co-issued $1.0 billion aggregate principal amount of 3.95% senior unsecured notes due 2022 (the “May 2016 Notes ” ). The proceeds from the offering were used for general corporate purposes. In January 2017, AerCap Trust and AICDC co-issued $600.0 million aggregate principal amount of 3.50% senior unsecured notes due 2022 (the “January 2017 Notes” , and together with the Acquisition Notes, the September 2014 Notes , the June 2015 Notes , the October 2015 Notes and the May 2016 Notes, the “AGAT/AICDC Notes”). The proceeds from the offering were used for general corporate purposes . The AGAT/AICDC Notes are registered with the SEC. The AGAT/AICDC Notes are jointly and severally and fully and unconditionally guaranteed by AerCap Holdings N.V. and certain of its subsidiaries . 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 a mount plus the applicable “make- whole” premium plus accrued and unpaid interest, if any, to the redemption date. The “make- whole” premium is the excess of: (i) the sum of the present value at such redemption date of all remaining scheduled payments of principal and interest on such note through the stated maturity date of the notes (excluding accrued but unpaid interest to the redemption date), discounted to the date of redemption using a discount rate equal to the treasury r ate plus 50 basis points; over ( ii) the principal amount of the notes to be redeemed. The indenture s governing the AGAT/AICDC N otes contain customary covenants that, among other things, restrict our, a nd our restricted subsidiaries', ability to (i) incur liens on assets; (ii ) designate restricted subsidiaries as un restricted subsidiaries or designate un restricted subsidiaries; (iii ) consolidate, merge, sell, or otherwise dispose of all or substantially all of our assets ; and, in certain cases, (iv) declare or pay dividends or acquire or retire shares of our capital stock during certain events of default ; and (v) make investments in or transfer assets to unrestricted subsidiaries . The indenture s 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 N otes, the failure to comply with covenants and agreements specified in the indenture s , 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 indenture s may immediately become due and payable. Asia r evolving c redit f acility In December 2015, AerCap Holdings N.V. entered into a $575.0 million unsecured revolving and term loan agreement (the “Asia Revolver”). In June 2016, the facility was increased to $585.0 million. In October 2016, the facility was further increased to $600.0 million. The Asia Revolver is a five - year facility, split between a three -y ear revolving period followed by a two -y ear term loan. The interest rate for borrowings under the Asia Revolver is LIBOR plus a margin of 1.95% during the revolving period, with the margin increasing to 2.25% during the first year of the term loan and increasing to 2.50% during the second year of the term loan. The outstanding principal amount of any loans under the Asia Revolver at the end of the three-year revolving period will be a mortized over the remaining two- year term out period of the facility. One - third of the balance is to be repaid i n December 2019 and the remaining two - thirds must be repaid i n December 2020 . All borrowings under the Asia Revolver are subject to the satisfaction of customary conditions precedent. We have the right to terminate or cancel, in whole or in part, the unused portion of the commitment amount. The Asia Revolver contains covenants customary for unsecured financings, including financial covenants that require us to maintain compliance with a maximum ratio of consolidated indebtedness to shareholders ’ equity , a minimum fixed charges coverage ratio and a maximum ratio of unencumbered assets to certain financial indebtedness. Citi r evolving c redit f acility In March 2014, AICDC entered into a $2.75 billion four -year senior unsecured revolving credit facility (the “Citi Revolver”), which became effective upon completion of the ILFC Transaction . The facility has an accordion feature permitting increases to a maximum size of $4.0 billion . The facility matures in 2018. The obligations under the Citi Revolver are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries . In September 2014, we increased the size of the facility to $2.925 billion , and in October 2014, we further increased the size of the facility to $2.955 billion. In March 2015, we further increased the size of the facility to $3.0 billion. All borrowings under the facility are subject to the satisfaction of customary conditions precedent. We have the right to terminate or cancel, in whole or in part, the unused portion of the commitment amount. In February 2017, the facility was upsized to $3.745 billion and the maturity of the facility was extended to February 2021 . The interest rates for borrowings under the Citi Revolver were reduced from a base rate or LIBOR plus a margin of 2.0% for drawn facilities to a margin of 1.50% and undrawn facility commitment fees of 0.375% to 0.25% . The Citi Revolver contains covenants customary for unsecured financings, including financial covenants that require us to maintain compliance with a maximum ratio of consolidated indebtedness to shareholder s’ equity, a minimum interest coverage ratio and a maximum ratio of unencumbered assets to certain financial indebtedness. The facility also contains 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 . AIG r evolving c redit f acility I n December 2013, AICDC entered into a $1.0 billion five ‑year senior unsecured revolving credit facility (the “AIG Revolver”), with AIG as lender and administrative agent , which became effective upon completion of the ILFC Transaction. The interest rate for borrowings under the facility is, at our option, either (i) LIBOR plus 3.75%; or (ii) 2.75% plus the greatest of (x) the U.S. federal funds rate plus 0.50% ; (y) the rate of interest publicly announced from time to time by Citibank, N.A. as its “base rate” ; and (z) one ‑month LIBOR plus 1.00% . The facility matures i n May 2019 . The obligations under the AIG Revolver are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. In June 2015, the amount available under the AIG revolving credit facility was reduced from $1.0 billion to $500.0 million u pon the issuance o f the Junior Subordinated Notes . All borrowings under the facility are subject to the satisfaction of customary conditions precedent. We have the right to terminate or cancel, in whole or in part, the unused portion of the commitment amount. The AIG Revolver contains covenants customary for unsecured financings, including financial covenants that require us to maintain compliance with a maximum ratio of consolidated indebtedness to shareholder s ’ equity, a minimum interest coverage ratio and a maximum ratio of unencumbered assets to c ertain financial indebtedness. The facility also contains 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 c redit f acilities The net book value of aircraft pledged under the export credit facilities was approximately $3.6 billion as of December 31, 2016 . The following table provides details regarding the terms of our outstanding export credit facilities: As of December 31, 2016 Collateral (Number of aircraft) Amount outstanding Tranche Weighted average interest rate Maturity 2003 Airbus ECA facility 15 $ 140,723 Floating Rate Three month LIBOR + 0.37% 2017-2020 2004 Airbus ECA facility 29 317,426 Floating Rate Six month LIBOR + 1.42% 2017-2019 8 96,256 Fixed Rate 4.02% 2018-2020 2008 Airbus ECA facility 4 88,195 Floating Rate Three month LIBOR + 1.35% 2022 12 339,717 Fixed Rate 2.64% 2021-2023 2009 Airbus ECA facility 2 36,608 Floating Rate Three month LIBOR + 1.11% 2022 3 54,482 Fixed Rate 4.21% 2021-2022 Airbus ECA capital markets facilities 3 110,290 Fixed Rate 3.60% 2021 Other Airbus ECA facilities 5 313,445 Fixed Rate 2.38% 2024-2027 2010 Ex-Im facilities 2 28,817 Fixed Rate 2.95% 2022 2012 Ex-Im capital markets facility 2 196,417 Fixed Rate 1.49% 2025 Total 85 $ 1,722,376 General 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 borrow ers hold legal title to the financed aircraft. The export credit facilities obligations are secured by, among other things, a pledge of the shares of the SPEs . The export credit facilities contain affirmative covenants customary for secured financings , in addition to customary events of default and restrictive covenants. The facilities also contain net worth financial covenants. As of December 31, 2016 , AerCap was in compliance with its covenants under the export credit facilities. The obligations under export credit facilities are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries , as well as various export credit agencies . Senior Se cured Notes In August 2010, ILFC issued $3.9 billion of senior secured notes (the “Senior Secured Notes”) , with $1.35 billion that matured in September 2014 and bore interest of 6.5% , $1.275 billion that matured in September 2016 and b ore interest of 6.75% , and $1.275 billion maturing in September 2018 and bearing interest of 7.125% . Upon consummation of the ILFC Transaction, AerCap Trust became the successor issuer under the indenture governing the Senior Secured Notes. ILFC also agreed to continue to be a co-obligor. We can redeem the Senior Secured Notes at any time prior to their maturity , subject to a penalty of the greater of 1.00% of the outstanding principal amount and a “ make-whole ” premium based on the relevant U.S. Treasury Rate plus 50 basis points . There is no sinking fund for the Senior Secured Notes . The obligations of the subsidiary borrower are guaranteed by AerCap Holdings N.V. a nd certain of its subsidiaries. The Senior Secured Notes are secured by a designated pool of aircraft and cash collateral when required. In addition, two of our subsidiaries, which either own or hold leases attached to the aircraft included in the pool securing the Senior Secured Notes , have guaranteed the notes . The indenture and the aircraft mortgage and security agreement governing the Senior Secured Notes contain customary covenants that, among other things, restrict our , and our restricted subsidiaries ’, ability to (i) create liens; (ii) sell, transfer or otherwise dispose of the assets serving as collateral for the Senior Secured Notes ; (iii) declare or pay dividends or acquire or re tire shares of our capital stock during certain events of default; (iv) designate restricted subsidiaries as unr estricted subsidiaries or designate un restricted subsidiaries; and (v) make investmen ts in or transfer assets to un restricted subsidiaries. The indenture restricts our , and the subsidiary guarantors’ , ability to consolidate, merge, sell or otherwise dispose of all, or substantially all, of our assets. The indenture also provides for customary events of default, including , but not limited to, the failure to pay scheduled principal and interest payments on the Senior Secured N otes, the failure to comply with covenants and agreements specified in the indenture, 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 Senior Secured Notes may immediately become due and payable. Institutional secured term loans & secured portfolio loans Hyperion facility In March 2014, one of ILFC ’ s indirect wholly-owned subsidiaries entered into a secured term loan agreement in the amount of $1.5 billion. In January 2017, AerCap extended the maturity of the Hyperion facility from March 2021 to October 2023 and reduced the margin above LIBOR from 2.75% to 2.25% . We can voluntarily prepay the loan at any time , subject to certain conditions . The obligations of the subsidiary borrower are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. The loan is secured by the equity interests in the borrower and certain SPE subsidiaries of the borrower . The SPEs hold title to 85 aircraft with an appraised value of approximately $2.46 billion as of December 31, 2016 , representing a loan-to-value ratio of approximately 61% . The loan requires a loan-to-value ratio of no more than 70% . If the maximum loan ‑to ‑value ratio is exceeded , we will be required to prepay portions of the outstanding loans, deposit an amount in the cash collateral account or transfer additional aircraft to SPEs, subject to certain concentration criteria, so that the ratio is equal to or less than 70% . The loan contains customary covenants and events of default, including covenants that limit the ability of the subsidiary borrower and its subsidiaries to incur additional indebtedness and create liens, and covenants that limit the ability of the guarantors, the subsidiary borrower and its subsidiaries to consolidate, merge or dispose of all or substantially all of their assets and enter into transactions with affiliates. Vancouver facility In February 2012, one of ILFC ’ s indirect wholly ‑owned subsidiaries entered into a secured term loan agreement in the amount of $900.0 million. In April 2013, ILFC amended the agreement and simultaneously prepaid $150.0 million of the outstanding principal amount. In December 2016, we entered into an amendment to extend the maturity date from April 2020 to October 2022 and reduce the margin above LIBOR from 2.75% to 2.25% . The remaining outstanding principal amount of $750.0 million bears interest at an annual rate of LIBOR plus 2.25% , with a LIBOR floor of 0.75% , or, if applicable, a base rate plus a margin of 1.25% . We can voluntarily prepay the loan at any time , subject to certain conditions . The obligations of the subsidiary borrower are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. The loan is secured by the equity interests in certain SPEs of the subsidiary borrower. As of December 31, 2016 , the SPEs collectively own a portfolio of 51 aircraft with an appraised value of approximately $ 1.34 billion, equaling a loan ‑to ‑value ratio of approximatel y 56% . The loan requires a loan ‑ to ‑value ratio of no more than 63% . If the maximum loan ‑to ‑value ratio is exceeded , we will be required to prepay a portion of the outstanding loan, deposit an amount in the cash collateral account or transfer additional aircraft to SPEs, subject to certain concentration criteria, so that the ratio is equal to or less than 63% . The loan contains customary covenants and events of default, including covenants that limit the ability of the subsidiary borrower and its subsidiaries to incur additional indebtedness and create liens, and covenants that limit the ability of the guarantors, the subsidiary borrower and its subsidiaries to consolidate, merge or dispose of all or substantially all of their assets and enter into transactions with affiliates. Temescal f acility In March 2011, one of ILFC’s indirect wholly ‑owned subsidiaries entered into a secured term loan agreement with lender commitments in the amount of approximately $1.3 billion, which was subsequently increased to approximately $1.5 billion. A s of December 31, 2016 , approximately $ 880.4 m illion was outstanding. In February 2017, AerCap extended the maturity of the Temescal facility fr om March 2021 to March 2023 and reduced the margin above LIBOR from 2.00% to 1.95% . We can voluntarily prepay the loan at any time , subject to certain conditions . The obligations of the subsidiary borrower are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. The loan is secured by a portfolio of 52 aircraft and the equity interests in certain SPEs that own the pledged aircraft. As of the latest loan-to-value ratio determination date, the appraised value of the pledged aircraft was $ 1.67 billion, resulting in a loan-to-value ratio of approximately 56% . The subsidiary borrower is required to maintain compliance with a maximum loan ‑to ‑value ratio, which was 58.5% as of the latest loan-to-value ratio determination date. The maximum loan-to value ratio declines over time, as set forth in the term loan agreement. If the maximum loan ‑to ‑value ratio is exceeded , we will be required to prepay portions of the outstanding loans, deposit an amount in the cash collateral account or transfer additional aircraft to the SPEs, subject to certain concentration criteria, so that the ratio is equal to or less than the maximum loan ‑ to ‑value ratio. As of December 31, 2016 , we were in compliance with this ratio. The loan facility contains customary covenants and events of default, including covenants that limit the ability of the subsidiary borrower and its subsidiaries to incur additional indebtedness and create liens, and covenants that limit the ability of the guarantors, the subsidiary borrower and its subsidiaries to consolidate, merge or dispose of all or substantially all of their assets and enter into transactions with affiliates. Glide Funding term loan facility Glide Funding Limited (“Glide Funding”) is a SPE that is a wholly-owned subsidiary of AerCap Ireland. Glide Funding is a consolidated subsidiary formed for the purpose of acquiring and financing aircraft assets. In December 2015, Glide Funding entered into a non-recourse term loan credit facility in the aggregate amount of up to $500.0 million with a term of five years, which would be used to finance the acquisition of up to nine specified aircraft under the facility. As of December 31, 2016 , Glide Funding had $469.1 million of loans outstanding, relating to nine aircraft. Borrowings under the Glide Funding term loan facility bear interest at a rate equal to one-month LIBOR plus 1.60% . Principal may be prepaid without penalty upon notice, subject to certain conditions. Mandatory partial prepayments of borrowings under the facility are required in certain circumstances, including upon removal of an aircraft from the facility, unless an acceptable substitute aircraft is added to the facility. The loan obligations are secured by, among other things, security interests in the equity ownership and beneficial interest in all of the subsidiaries of Glide Funding that own or lease its financed aircraft, and their interests in the leases of the financed aircraft. The facility contains customary covenants and events of default, including covenants that limit the ability of Glide Funding and its subsidiaries to incur additional indebtedness and create liens, to consolidate, merge or dispose of all or substantially all of their assets and to enter into transactions with affiliates. Celtago facility Celtago Funding Limited (“Celtago”) is a wholly-owned subsidiary of AerCap Ireland. Celtago was formed for the purpose of acquiring and financing aircraft assets . In December 2015, Celtago entered into a secured term loan agreement with lend er commitments in the amount of $817.0 million , which is being used to finance 13 aircraft, with a maturity date of December 2024 . Borrowings under the term loan facility bear interest at three-month LIBOR plus a margin of 1.50% , or, if applicable, a base rate plus a margin of 1.50% . The loans can be voluntarily prepaid at any time, subject to certain conditions. Celtago’s obligations under the term loan facility are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. As of December 31, 2016 , Celtago had $775.2 million of loans outstanding relating to 13 aircraft. The term loan facility contains customary covenants and events of default, including covenants that limit the ability of Celtago and its subsidiaries to incur additional indebtedness and create liens, and covenants that limit the ability of the guarantors and Celtago and its subsidiaries to consolidate, merge or dispose of all or substantially all of their assets or enter into transactions with affiliates. BlowfishFunding Facility Blowfish Funding B.V. (“Blowfish”) is a wholly -owned subsidiary of AerCap B.V. Blowfish was formed for the purpose of financing aircraft assets. In April 2016, Blowfish entered into a new secured term loan agreement with lender commitments in the amount of $650 million, which will be used to finance nine aircraft. The loan has a maturity date of December 2022 . Borrowings under the term loan facility bear interest at three-month LIBOR plus a margin of 1.65% , or, if applicable, a base rate plus a margin of 1.65% . The loans can be voluntarily prepaid at any time, subject to certain conditions. Blowfish’s obligations under the term loan facility are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. As of December 31, 2016, Blowfish had $588.9 million of loans outstan ding relating to eight aircraft. The term loan facility contains customary covenants and events of default, including covenants that limit the ability of Blowfish and its subsidiaries to incur additional indebtedness and create liens, and covenants that limit the ability of the guarantors and Blowfish and its subsidiaries to consolidate, merge or dispose of all or substantially all of their assets or enter into transactions with affiliates. Celtago II Facility Celtago II Funding Limited (“Celtago II”) is a wholly-owned subsidiary of AerCap Ireland. Celtago II was formed for the purpose of acquiring and financing aircraft assets. In July 2016, Celtago II entered into a new secured term loan agreement with lender commitments in the amount of $684.0 million, which will be used to finance 13 aircraft. The loan has a maturity date of November 2022 . Borrowings under the term loan facility bear interest at three-month LIBOR plus a margin of 1.75% , or, if applicable, a base rate plus a margin of 1.75% . The loans can be voluntarily prepaid at any time, subject to certain conditions. Celtago II’s obligations under the term loan facility are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. As of December 31, 2016, Celtago II had $65.0 million of loans outstanding relating to two aircraft. The term loan facility contains customary covenants and events of default, including covenants that limit the ability of Celtago II and its subsidiaries to incur additional indebtedness and create liens, and covenants that limit the ability of the guarantors and Celtago II and its subsidiaries to consolidate, merge or dispose of all or substantially all of their assets or enter into transactions with affiliates. Iridium Facility Iridium Funding Limited (“Iridium”) is a wholly-owned subsidiary of AerCap Ireland. Iridium was formed for the purpose of acquiring and financing aircraft assets. In November 2016, Iridium entered a new secured term loan agreement with lender commitments in the amount of $595.0 million, which will be used to finance eight aircraft. The loan has a maturity date of May 2024 . Borrowings under the term loan facility bear interest at three-month LIBOR plus a margin of 1.75% , or, if applicable, a base rate plus a margin of 1.75% . The loans can be voluntarily prepaid at any time, subject to certain conditions. Iridium’s obligations under the term loan facility are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. As of December 31, 2016, there were no loans outstanding. The term loan facility contains customary covenants and events of default, including covenants that limit the ability of Iridium and its subsidiaries to incur additional indebtedness and create liens, and covenants that limit the ability of the guarantors and Iridium and its subsidiaries to consolidate, merge or dispose of all or substantial |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 17 . Income taxes Our subsidiaries are subject to taxation in a number of tax jurisdictions, principally Ireland, the Netherlands and the United States of America. The following table presents our provision for income taxes by tax jurisdiction for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Deferred tax expense (benefit) Ireland $ 141,364 $ 151,623 $ 87,147 The Netherlands (8,346) (7,453) 1,339 United States of America (41,163) (65,341) 26,267 Other 14,124 22,130 (5,744) 105,979 100,959 109,009 Deferred tax expense (benefit) related to an increase (decrease) in changes in valuation allowance of deferred tax assets Ireland 1,562 — — The Netherlands 12,843 13,915 — United States of America 54,056 10,074 — Other (13,100) (13,922) 6,850 55,361 10,067 6,850 Current tax expense (benefit) Ireland 4,730 (99) 229 The Netherlands 1,164 37,512 5,290 United States of America 3,166 39,358 15,553 Other 3,096 2,008 442 12,156 78,779 21,514 Provision for income taxes $ 173,496 $ 189,805 $ 137,373 The following table provides a reconciliation of the statutory income tax expense to provision for income taxes for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 (a) 2014 (a) Income tax expense at statutory income tax rate of 12.5% $ 150,050 $ 170,712 $ 114,612 Non-taxable items (permanent differences) 29,057 (b) 29,555 (c) 15,010 (d) Foreign rate differential (5,611) (10,462) 7,751 23,446 19,093 22,761 Provision for income taxes $ 173,496 $ 189,805 $ 137,373 (a) Effective February 1, 2016, we moved our headquarters and executive officers from Amsterdam to Dublin, and as of February 1, 2016, we became tax resident in Ireland. Accordingly, we have updated the figures for the years ended December 31, 2015 and 2014 as compared to those previously reported in the financial statements contained in our 2015 annual report on Form 20-F to reflect the permanent differences being taxed at the Irish statutory rate of 12.5% rather than the Dutch statutory rate of 25%. (b) The 2016 non-taxable items included non-deductible share-based compensation in Ireland and in the Netherlands, non-deductible intercompany interest allocated to the United States of America and a valuation allowance taken in respect of U.S., Dutch and Irish tax losses. It also included the non-taxable income arising from aircraft with a higher tax basis in general. (c) The 2015 non-taxable items included the non-deductible intercompany interest allocated to the United States of America, non-deductible share-based compensation in the Netherlands, non-deductible costs relating to the transfer of certain functions from the Netherlands to Ireland, and a valuation allowance taken in respect of U.S. and Dutch tax losses. It also included the non-taxable income arising from aircraft with a higher tax basis in general. (d) The 2014 non-taxable items included the non-deductible intercompany interest allocated to the United States of America, non-deductible share-based compensation in the Netherlands and the non-deductible transaction costs from the ILFC Transaction. It also included the non-taxable income arising from aircraft with a higher tax basis in general. The following tables present our foreign rate differential by tax jurisdiction for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 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 $ 1,151,387 12.5 % 0.0 % $ — The Netherlands 37,580 25.0 % 12.5 % 4,698 United States of America 44,238 36.3 % 23.8 % 10,529 Isle of Man 181,286 0.0 % (12.5) % (22,661) Other 18,989 22.1 % 9.6 % 1,823 $ 1,433,480 $ (5,611) Non-taxable items (c) (233,084) Income from continuing operations before income tax $ 1,200,396 Year Ended December 31, 2015 (d) 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 $ 1,212,190 12.5 % 0.0 % $ — The Netherlands 175,897 25.0 % 12.5 % 21,987 United States of America (43,825) 36.3 % 23.8 % (10,430) Isle of Man 181,118 0.0 % (12.5) % (22,640) Other 77,671 13.3 % 0.8 % 621 $ 1,603,051 $ (10,462) Non-taxable items (e) (237,352) Income from continuing operations before income tax $ 1,365,699 Year Ended December 31, 2014 (d) 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 $ 694,605 12.5 % 0.0 % $ — The Netherlands 26,081 25.0 % 12.5 % 3,260 United States of America 95,585 38.3 % 25.8 % 24,661 Isle of Man 167,689 0.0 % (12.5) % (20,961) Other 7,528 23.0 % 10.5 % 791 $ 991,488 $ 7,751 Non-taxable items (f) (74,590) Income from continuing operations before income tax $ 916,898 (a) The local statutory income tax expense for our significant tax jurisdictions (Ireland, the Netherlands, the United States of America and Isle of Man) 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 2016 non-taxable items included non-deductible share-based compensation in Ireland and in the Netherlands, non-deductible intercompany interest allocated to the United States of America and a valuation allowance taken in respect of U.S., Dutch and Irish tax losses. It also included the non-taxable income arising from aircraft with a higher tax basis in general. (d) Due to our migration from the Netherlands to Ireland as of February 1, 2016, we have updated the tax rate reconciliation for the years ended December 31, 2015 and 2014. The tax variance as a result of the global activities has been calculated as the difference between the local statutory tax rate in the relevant jurisdictions and the Irish statutory tax rate of 12.5%. (e) The 2015 non-taxable items included the non-deductible intercompany interest allocated to the United States of America, non-deductible share-based compensation in the Netherlands, non-deductible costs relating to the transfer of certain functions from the Netherlands to Ireland, and a valuation allowance taken in respect of U.S. and Dutch tax losses. It also included the non-taxable income arising from aircraft with a higher tax basis in general. (f) The 2014 non-taxable items included the non-deductible intercompany interest allocated to the United States of America, non-deductible share-based compensation in the Netherlands and the non-deductible transaction costs from the ILFC Transaction. It also included the non-taxable income arising from aircraft with a higher tax basis in general. 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, 2016 and 2015 : As of December 31, 2016 Ireland The Netherlands United States of America Other Total Depreciation/Impairment $ (1,030,901) $ 8,547 $ (16,322) $ (63) $ (1,038,739) Intangibles (6,353) — (16,242) — (22,595) Interest expense — — (588) — (588) Accrued maintenance liability (6,028) — 12,810 — 6,782 Obligations under capital leases and debt obligations (3,151) — — — (3,151) Investments — — (12,641) — (12,641) Deferred losses — — 66,119 — 66,119 Accrued expenses — — 13,942 — 13,942 Valuation allowance (1,562) (26,758) (89,130) (9,911) (127,361) Losses and credits forward 666,214 26,759 92,215 20,693 805,881 Other (46,133) (4,399) 5,539 (6,190) (51,183) Net deferred income tax (liabilities) assets $ (427,914) $ 4,149 $ 55,702 $ 4,529 $ (363,534) As of December 31, 2015 Ireland The Netherlands United States of America Other Total Depreciation/Impairment $ (876,219) $ 11,580 $ 5,393 $ 963 $ (858,283) Intangibles (10,071) — (18,763) — (28,834) Interest expense — — (5,435) — (5,435) Accrued maintenance liability (7,003) — 11,880 — 4,877 Obligations under capital leases and debt obligations (3,411) — — — (3,411) Investments — — (10,155) — (10,155) Deferred losses — — 66,543 — 66,543 Accrued expenses — — 14,554 — 14,554 Valuation allowance — (13,915) (35,074) (23,011) (72,000) Losses and credits forward 630,302 13,915 32,342 39,282 715,841 Other (20,647) (2,936) 7,350 (11,651) (27,884) Net deferred income tax (liabilities) assets $ (287,049) $ 8,644 $ 68,635 $ 5,583 $ (204,187) The net deferred income tax liabilities as of December 31, 2016 of $ 363.5 million were recognized in our Consolidated Balance Sheet as deferred income tax assets of $ 215.5 million and as deferred income tax liabilities of $ 579.0 million. The net deferred income tax liabilities as of December 31, 2015 of $ 204.2 million were recognized in our Consolidated Balance Sheet as deferred income tax assets of $ 161.2 million and as deferred income tax liabilities of $ 365.4 million. The following table presents the movements in the valuation allowance for deferred income tax assets during the years ended December 31, 2016 and 2015 : Year Ended December 31, 2016 2015 Valuation allowance at beginning of period $ 72,000 $ 61,933 Increase of allowance to income tax provision 55,361 10,067 Valuation allowance at end of period $ 127,361 $ 72,000 The valuation allowance as of December 31, 2016 of $ 127.4 million included $9.9 million related to losses and credit forwards in Australia, $ 89.1 million related to having insufficient sources of projected taxable income to fully realize the deferred tax asset in the United States of America, particularly in respect of our U.S. subsidiary AeroTurbine, $ 26.8 million related to loss carry forwards in the Netherlands and $1.6 million related to loss carry forwards in Ireland . The valuation allowance as of December 31, 2015 of $ 72.0 million included $23.0 million related to losses and credit forwards in Australia, $35.1 million related to having insufficient sources of projected taxable income to fully realize the deferred tax asset in the United States of America, and $13.9 million related to loss carry forwards in the Netherlands. As of December 31, 2016 and 2015 , we had $29.8 million and $15.5 million, respectively, of unrecognized tax benefits. Substantially all of the unrecognized tax benefits as of December 31, 2016 , 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 Netherlands and the United States of America. Our tax returns are open for examination in Ireland from 2012 forward, in the Netherlands from 2011 forward, and in the United States of America f rom 2014 forward. In the United States of America, the 2013 audit of the federal income tax return for AerCap, Inc. and its subsidiaries was closed without adjustment in early 2016. The 2014 federal income tax return of some of our U.S. resident subsidiaries was subject to audit , and we do not expect any material changes in the outcome of this audit. Our policy is to recognize accrued interest on the underpayment of income taxes as a component of interest expense and penalties associated with tax liabilities as a component of provision for income taxes. Ireland Since 2006, the enacted Irish corporate income tax rate has been 12.5 %. Some of our Irish tax-resident operating subsidiaries have significant losses carry forward as of December 31, 2016 which give rise to deferred income tax assets. The availability of these losses does not expire with time. In addition, the vast majority of all of our Irish tax-resident subsidiaries are entitled to accelerated aircraft depreciation for tax purposes and shelter net taxable income with the surrender of losses on a current year basis within the Irish tax group. 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 no t recognized a valuation allowance against such assets , with the exception of $1.6 million, as of December 31, 2016 . The Netherlands The majority of our Dutch subsidiaries are part of two Dutch fiscal unities and are included in consolidated tax filing s . C urrent tax expenses are limited with respect to the Dutch subsidiaries due to the existence of interest bearing intercompany liabilities. Deferred income tax is calculated using the Dutch corporate income tax rate ( 25.0 %). Tax losses in the Netherlands can generally be carried back one year and carried forward nine years before expiry. United States of America Our U.S. subsidiaries are assessable to federal and state U.S. taxes. Since the ILFC Transaction, we no longer file one consolidated federal income tax return. We have two distinct groups of U.S. companies that file consolidated return s . The blended federal and state tax rate applicable to our combined U.S. group was 36.3 % for the year ended December 31, 2016 . Due to a restructuring of activities in the U.S. AeroTurbine group, which started in late 2015, we do not expect to generate sufficient sources of taxable income to realize our deferred income tax asset in the U.S. Additionally, certain tax attributes are subject to an annual limitation as a result of the change in ownership in 2015 as defined under Internal Revenue Code Section 382. We had $234.7 million U.S. federal net operating losses as of December 31, 2016 , which expire between 202 6 and 203 6. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Equity | 18 . Equity In February 2015, our Board of Directors approved a share repurchase program authorizing total repurchases of up to $250 million of AerCap ordinary shares. In May 2015, the Board of Directors authorized an additional $500 million of share repurchases, increasing the total authorization under the program to $750 million. On June 9, 2015, we completed the Share Repurchase from AIG, at an approximate price per share of $47.77 for consideration equal to $750 million. See Note 4— ILFC Transaction . In relation to the Share Repurchase from AIG, we incurred $11.2 million of expenses. In October 2015, our Board of Directors cancelled 9, 698 , 588 ordinary shares which were acquired through the Share Repurchase from AIG in accordance with the authorizations obtained from the Company's shareholders. In February 2016, our Board of Directors approved a share repurchase program authorizing total repurchases of up to $400 million of AerCap ordinary shares through June 30, 2016. We completed this share repurchase program on June 1, 2016. In May 2016, our Board of Directors approved another share repurchase program authorizing total repurchases of up to $250 million of AerCap ordinary shares through September 30, 2016. We completed this share repurchase program on September 7, 2016. In August 2016, our Board of Directors approved another share repurchase program authorizing total repurchases of up to $250 million of AerCap ordinary shares through December 31, 2016. We completed this share repurchase program on December 8, 2016. In November 2016, our Board of Directors approved another share repurchase program authorizing total repurchases of up to $250 million of AerCap ordinary shares through March 31, 2017. We completed this share repurchase program on March 6, 2017. In February 2017, our Board of Directors approved another share repurchase program authorizing total repurchases of up to $350 million of AerCap ordinary shares through June 30, 2017. See Note 33 — Subsequent events . During the year ended December 31, 2016 , we repurchased an aggregate of 25,012,978 of our ordinary shares under our share repurchase programs at an average price, including commissions, of $38.62 per ordinary share. During the year ended December 31, 2016 , our Board of Directors cancelled 15,563,862 ordinary shares which were acquired through the share repurchase programs in accordance with the authorizations obtained from the Company’s shareholders. Between January 1, 2017 and March 15, 2017, we repurchased an aggregate of 5,000,005 of our ordinary shares under our share repurchase programs at an average price, including commissions, of $44.63 per ordinary share. I n March 2017, we cancelled 5,000,000 ordinary shares which were acquired through the share repurchase program s in accordance with the authorizations obtained from the Company’s shareholders. Movements in AOCI for the year s ended December 31, 2016 and 2015 we re as follows : Net change in fair value of derivatives Actuarial gain (loss) on pension obligations Total Balance as of December 31, 2014 $ (356) $ (6,539) $ (6,895) Total other comprehensive income 338 250 588 Balance as of December 31, 2015 $ (18) $ (6,289) $ (6,307) Total other comprehensive income (loss) 5,990 (1,452) 4,538 Balance as of December 31, 2016 $ 5,972 $ (7,741) $ (1,769) |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | 19 . Share ‑based compensation Under our equity incentive plans we have granted restricted stock units, rest ricted stock and stock options to directors, officers and employees in order to enable us to attract, retain and motivate such people and to align their interests with ours, including but not limited to retention and motivation in relation to the implementation of the ILFC Transaction. AerCap Holdings N.V. Equity Grants In March 2012, we implemented an equity incentive plan ( the “Equity Incentive Plan 2012”) which provides for the grant of stock options, non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights and other stock awards to participants of the plan selected by the Nomination and Compensation Committee of our Board of Directors. Effective May 14, 2014, the Equity Incentive Plan 2012 was expanded and the maximum number of shares a vailable under the plan is equivalent to 8,064,081 Company 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 shares available under the plan is equivalent to 4,500,000 Company 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 collectively referred to herein as “AerCap Holdings N.V. 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 Holdings N.V. Equity Plans are determined by the Nomination and Compensation Committee and, for our directors, by the Board of Directors in line with the remuneration policy approved by the General Meeting of Shareholders. The vesting periods of the equity awards range between three years and five years, subject to certain exceptions. Certain awards are subject to long term performance vesting criteria, based on the average earnings per share 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 are granted after the year end and the number of awards granted is dependent on the performance of AerCap and the re spective individual officer during the previous financial year. The 2015 annual equity awards were granted to some of our officers in December 2015 in lieu of the first quarter of 2016 in order to avoid double taxation in connection with the migration of the Company’s headquarters to Ireland in early 2016. All outstanding awards of restricted stock units are convertible into common shares of the Company at a ratio of one -to-one . During the year ended December 31, 2016 , the Company’s obligations to issue shares at the exercise of vested options , on the vesting date of restricted stock units , or upon lapse of the restrictions in relation to restricted stock were satisfied by the transfer of treasury shares acquired through share repurchases . Shares subject to outstanding equity awards, that are not issued or delivered by reason of, amongst others, the cancellation or forfeiture of such awards or the withholding of such shares to settle tax obligations, shall again be available under the AerCap Holdings N.V. Equity Plans. The following table presents movements in the outstanding restricted stock units and restricted stock under the AerCap Holdings N.V. Equity Plans during the year ended December 31, 2016 : Year Ended December 31, 2016 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 3,739,690 5,554,011 $ 39.81 $ 45.42 Granted (a) 307,907 276,669 41.12 40.14 Transfers between categories 64,448 (64,448) 46.59 46.59 Vested (b) (495,508) (180,480) 13.76 19.39 Cancelled (36,703) (73,410) 45.90 45.90 Number at end of period (c) 3,579,834 5,512,342 $ 42.78 $ 46.19 (a) Includes 180,000 restricted stock granted under the AerCap Holdings N.V. Equity Plans, of which 111,901 restricted stock were issued with the remaining restricted stock being withheld and applied to pay the taxes involved. (b) 279,594 restricted stock units, which were previously granted under the AerCap Holdings N.V. Equity Plans, vested. In connection with the vesting of the restricted stock units, the Company issued, in full satisfaction of its obligations, 150,082 ordinary shares to the holders of these restricted stock units with the remainder being withheld and applied to pay the taxes involved. In addition, restrictions on 396,394 restricted stock ( 253,040 restricted stock net of withholding for taxes) lapsed during the period. (c) During the year ended December 31, 2016, 807,227 restricted stock units that had been issued previously were converted to restricted stock of which 541,037 were issued with the remaining stock being withheld and applied to pay the taxes involved. The converted restricted stock remained subject to restrictions and conditions identical to the restricted stock units, including vesting and forfeiture conditions. The following table presents movements in the outstanding stock options under the Equity Incentive Plan 2006 (no options were granted under the Equity Incentive Plan 2012 or Equity Incentive Plan 2014) and the stock options that rolled over from the amalgamation of Genesis in 2010 during the year ended December 31, 2016 . All outstanding options were vested. Year Ended December 31, 2016 Number of options Weighted average exercise price ($) Options outstanding at beginning of period 519,693 $ 19.08 Exercised (379,648) 23.90 Options outstanding at end of period (a) 140,045 $ 6.02 (a) Includes 2,100 AER options granted to former Genesis directors and employees at the closing of the amalgamation with Genesis on March 25, 2010. These options were issued pursuant to a separate board resolution, and were not issued under any of the AerCap Holdings N.V. Equity Plans. The amount of share-based compensation expense is determined by reference to the fair value of the restricted stock units or restricted stock on th e 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. We incurred share-based compensation expense of $ 102.8 million, $ 100.2 million and $ 68.2 million during the years ended December 31, 2016 , 2015 and 2014 , respectively. The following table presents our expected share-based compensation expense assuming that the established performance criteria are met and that no forfeitures occur: Expected share-based compensation expense (U.S. dollar amounts in millions) 2017 $ 98.1 2018 47.6 2019 7.9 2020 0.6 |
Pension Plans
Pension Plans | 12 Months Ended |
Dec. 31, 2016 | |
Pension Plans [Abstract] | |
Pension Plans | 20 . Pension plans We operate defined benefit plans and defined contribution pension plans for our employees. These plans do not have a material impact on our Consolidated Balance Sheets or Consolidated Income Statements. Defined benefit plans Dutch defined benefit plan We provide an insured defined benefit pension plan covering our Dutch employees ( the "Dutch Plan") based on years of service and career average pay. The Dutch P lan is funded through a guaranteed insurance contract, and we determine the funded status of this plan with the assistance of an actuary. During the years ended December 31, 2016 , 2015 and 2014 , we recognized actuarial gains (losses) of pension obligations, net of taxes, of $0.1 million, $(0.2) million and $1.6 million, respectively, in AOCI. The actuarial gains or losses were calculated assuming a discount rate of 2.0% , 2.4% and 2.4% for the years ended December 31, 2016 , 2015 and 2014 , respectively, and various assumptions regarding the plan’s future funding and pay out. As of December 31, 2016 and 2015 , we recorded a liability in accounts payable, accrued expenses and other liabilities of $2.2 million and $3.2 million, respectively, which covers the excess of our projected benefit obligation s over plan assets. Irish defined benefit plan We provide a defined benefit pension plan covering some of our Irish employees ( the "Irish Plan") based on years of service and fi nal pensionable pay. The Irish P lan is funded through contributions by the Company and invested in trustee administered funds, which was closed to new participants as of June 30, 2009, but will continue to accrue benefits for existing participants. We determine the funded status of this plan with the assistance of an actuary. During the years ended December 31, 2016 , 2015 and 2014 , we recognized actuarial gains (losses), net of tax, of $(1.6) million, $0.5 million and $(3.1) million , respectively, in AOCI. The actuarial gains or losses were calculated assuming a discount rate of 2.0% , 2.5 % and 2.4 % for the years ended December 31, 2016 , 2015 , and 2014 , respectively, and various assumptions regarding the plan’s future funding and pay out. As of December 31, 2016 and 2015 , we recorded a liability in accounts payable, accrued expenses and other liabilities of $9.1 million and $6.9 million, respectively, which covers the excess of our projected benefit obligations over plan assets. Defined contribution plans Dutch defined contribution plan We provide a defined contribution pension plan for those Dutch employees that are not covered by the defined benefit plan. During the years ended December 31, 2016 , 2015 and 2014 , we contributed $ 0.2 million, $0.4 million and $0.3 million, respectively, to this plan. No amounts were outstanding in respect of pension contributions as of December 31, 2016 . Irish defined contribution plan We provide a defined contribution pension plan for those Irish employees that are not covered by the defined benefit plan. During the years ended December 31, 2016 , 2015 and 2014 , we contributed $ 1.8 million, $1.1 million and $0. 3 million, respectively, to this plan. No amounts were outstanding in respect of pension contributions as of December 31, 2016 . Other plan s We provide defined contribution pension plans or comparable company saving plans to employees not covered by the Dutch or Irish plans as disclosed above. All of these plans, individually or on an aggregated basis, do not have a material impact on our Consolidated Balance Sheets or Consolidated Income Statements. |
Geographic Information
Geographic Information | 12 Months Ended |
Dec. 31, 2016 | |
Geographic Information [Abstract] | |
Geographic Information | 21 . Geographic information The following table presents (i) the percentage of lease revenue attributable to individual countries representing at least 10% of our total lease revenue in any year presented; and (ii) the percentage of lease revenue attributable to Ireland , our country of domicile, based on each lessee’s principal place of business, for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Amount % Amount % Amount % China (a) $ 669,859 13.8 % $ 656,809 13.2 % $ 427,737 12.4 % United States of America 535,526 11.0 % 538,686 10.8 % 378,693 11.0 % Ireland 117,259 2.4 % 58,571 1.2 % 36,513 1.1 % Other countries (b) 3,544,979 72.8 % 3,737,485 74.8 % 2,606,628 75.5 % Total $ 4,867,623 100.0 % $ 4,991,551 100.0 % $ 3,449,571 100.0 % (a) Includes m ainland China, Hong Kong and Macau. (b) No individual country within this category accounts for more than 10% of our lease revenue. The following table presents (i) 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 intangible assets, attributable to individual countries representing at least 10% of our total long-lived assets in any year presented; and (ii) the percentage of long-lived assets attributable to Ireland , our country of domicile , based on each lessee’s principal place of business, as of December 31, 2016 and 2015 : As of December 31, 2016 2015 Amount % Amount % China (a) $ 4,962,336 14.5 % $ 5,143,237 14.5 % United States of America 4,752,971 13.9 % 4,528,441 12.8 % Ireland 703,635 2.1 % 929,509 2.6 % Other countries (b) 23,858,317 69.5 % 24,897,193 70.1 % Total (c) $ 34,277,259 100.0 % $ 35,498,380 100.0 % (a) Includes m ainland China, Hong Kong and Macau. (b) No individual country within this category accounts for more than 10% of our long-lived assets. (c) Excludes AeroTurbine long-lived assets of $105.7 million and $225.0 million as of December 31, 2016 and 2015 , respectively. We lease and sell aircraft to airlines and others throughout the world and our trade and notes receivable s are from entities located throughout the world. During the years end ed December 31, 2016 , 2015 and 2014 , 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, 2016 | |
Selling, General And Administrative Expenses [Abstract] | |
Selling, General And Administrative Expenses | 22 . Selling, general and administrative expenses Selling, general and administrative expenses consisted of the following for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Personnel expenses $ 149,505 $ 161,967 $ 130,254 Share-based compensation 102,843 100,162 68,152 Travel expenses 21,201 23,090 17,501 Professional services 30,983 42,921 32,359 Office expenses 20,703 26,989 21,678 Directors' expenses 3,051 2,780 3,441 Other expenses 22,726 23,399 26,507 $ 351,012 $ 381,308 $ 299,892 |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2016 | |
Other Income [Abstract] | |
Other Income | 23 . Other income Other income consisted of the following for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Management fees $ 18,298 $ 23,094 $ 23,867 Interest and other income 127,688 (a) 89,582 (b) 80,624 (c) $ 145,986 $ 112,676 $ 104,491 (a) Includes income from net insurance proceeds of $54.2 million, lease terminations of $63.2 million and a gain related to the repayment of a note receivable earlier than expected of $27.7 million. In addition, we incurred an expense of $36.0 million related to a lower of cost or market adjustment of AeroTurbine’s parts inventory as a result of the AeroTurbine downsizing. Please refer to Note 26 — AeroTurbine restructuring . (b) Includes income from net insurance proceeds of $16.2 million and the settlement of asset value guarantees of $22.6 million. In addition, we incurred an expense of $38.7 million related to a lower of cost or market adjustment of AeroTurbine’s parts inventory as a result of the AeroTurbine downsizing. Please refer to Note 26— AeroTurbine restructuring . (c) Includes a $19.9 million gain from the sale of an investment accounted for under the equity method . |
Lease Revenue
Lease Revenue | 12 Months Ended |
Dec. 31, 2016 | |
Lease Revenue [Abstract] | |
Lease Revenue | 24 . 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 as of December 31, 2016 were as follows: Contracted minimum future lease payments receivable 2017 $ 3,985,709 2018 3,422,297 2019 2,849,348 2020 2,319,871 2021 1,941,373 Thereafter 6,563,776 $ 21,082,374 |
Asset Impairment
Asset Impairment | 12 Months Ended |
Dec. 31, 2016 | |
Asset Impairment [Abstract] | |
Asset Impairment | 25 . Asset impairment Asset impairment consisted of the following for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Flight equipment held for operating leases (Note 6) $ 78,335 $ 16,322 $ 21,828 Flight equipment held for sale 3,272 — — Other assets — 13 — $ 81,607 $ 16,335 $ 21,828 Our long-lived assets include flight equipment and definite- lived intangible assets . We test long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount s of the assets may not be recoverable. During the year ended December 31, 2016 , we recognized impairment charges of $ 81.6 million on 35 aircraft. The impairment charges primarily related to lease terminations and amendments of lease agreements for 25 aircraft. These impairments were more than offset by lease revenue of $95.9 million that we recognized when we retained maintenance related balances or received EOL compensation upon lease termination or amendment. In addition we recognized impairment charges for ten aircraft that were part of sale transactions and were classified as flight equipment held for sale. During the year ended December 31, 2015 , we recognized total impairment charges of $ 16.3 million primarily related to eight aircraft and 12 engines. Four of the impaired aircraft were redelivered from the respective lessees for which we retained maintenance related balances or received EOL compensation and recognized $20.5 million of lease revenue upon redelivery. The impairment on the remaining four aircraft and 12 engines was recognized as the ir net book values were no longer supportable based on our latest cash flow estimate s for each of these assets . During the years ended December 31, 2016 and 2015 , we also recognized impairment charges for certain AeroTurbine intangible assets and leased engines. Please refer to Note 26 — AeroTurbine r estructuring for further details . During the year ended December 31, 2014 , we recognized impairment charges of $21.8 million primarily related to eight aircraft that were returned early from our lessees, and three previo usly leased engines that we sold for parts. The impairment was recognized as the ir net book values were no longer support able based on our latest cash flow estimates for each of these assets . |
AeroTurbine Restructuring
AeroTurbine Restructuring | 12 Months Ended |
Dec. 31, 2016 | |
AeroTurbine Restructuring [Abstract] | |
AeroTurbine Restructuring | 26 . AeroTurbine restructuring At the end of 2015, we made the decision to restructure and downsize the AeroTurbine business. Since we made this decision, AeroTurbine has been actively reducing its debt and total assets by disposing of engines from its engine leasing portfolio as well as parts from its inventory. In February 2017, the AeroTurbine revolving credit facility was fully repaid and terminated. In connection with the downsizing, during the year ended December 31, 2015, we performed recoverability assessments of AeroTurbine’s long-lived assets. These recoverability assessments indicated that the book value of certain AeroTurbine intangible assets and leased engines were no longer supported by their future expected cash flows. The resulting impairment was measured as the excess of the carrying amount of each asset over its fair value. Fair value was estimated based on the present value of future cash flows expected to be generated from the asset, including its expected residual value, discounted at a rate commensurate with the associated risk. During the year ended December 31, 2015, we also recognized a lower of cost or market adjustment of $38.7 million related to AeroTurbine’s parts inventory. Please refer to Note 23 — Other income . During 2016, AeroTurbine entered into a letter of intent to sell its storage and maintenance facility located in Goodyear, Arizona, which resulted in a write-down of assets and associated intangible assets. In January 2017, AeroTurbine completed the sale of its Goodyear operations. In March 2017, AeroTurbine executed an amendment to the existing lease agreement for its facility in Florida. Pursuant to the amendment, the square footage of the leased premises was reduced from approximately 264,000 square feet to approximately 64,000 square feet. During 2016, we also completed a review of AeroTurbine’s engine leasing portfolio and identified specific engines for longer-term use and support of AerCap’s core aircraft leasing business, as well as the specific engines to be sold by AeroTurbine to third parties. As a result, we recognized impairments related primarily to older, out-of-production engines. The sale of the Goodyear operations and the engine portfolio review, together, triggered our decision in the second half of 2016, to accelerate the final phase of the AeroTurbine downsizing. We performed a review of AeroTurbine’s parts inventory, and recognized a lower of cost or market adjustment of $36.0 million based on current available market information. Please refer to Note 23 — Other income . The lower of cost or market adjustment related primarily to older, out-of-production assets, and also reflected our decision to accelerate the downsizing of AeroTurbine generally, including ascribing a discount to reflect the expected cost of potential consignment transactions for the remaining inventory. We recorded the following charges in transaction, integration and restructuring related expenses in our Consolidated Income Statements during the years ended December 31, 2016 and 2015 . Year Ended December 31, 2016 2015 Leased engines impairment $ 15,392 $ 22,402 Severance expenses 19,801 2,072 Tradename and other intangible assets impairment 14,868 24,837 Write-down of fixed assets and consumable inventory 3,328 — $ 53,389 $ 49,311 In addition to the charges described above, during the years ended December 31, 2016 and 2015, AeroTurbine incurred other operating losses of $33.9 million and other operating income of $14.0 million, respectively, bringing AeroTurbine’s total pre-tax loss to $ 123.3 million and $ 74.0 million, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 27 . Earnings per share Basic earnings per share (“ EPS”) is calculated by dividing net income by the weighted average number of our ordinary shares outstanding, which excludes 3,426,810 , 3,030,724 and 232,140 unvested restricted stock as of December 31, 2016 , 2015 and 2014 , 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, including awards under our equity compensation plans. The number of shares excluded from diluted shares outstanding was 152,314 , 36,666 and nil for the years ended December 31, 2016 , 2015 and 2014 , 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, 2016 , 2015 and 2014 were as follows: Year Ended December 31, 2016 2015 2014 Net income for the computation of basic EPS $ 1,046,630 $ 1,178,730 $ 810,447 Weighted average ordinary shares outstanding - basic 185,514,370 203,850,828 175,912,662 Basic EPS $ 5.64 $ 5.78 $ 4.61 Year Ended December 31, 2016 2015 2014 Net income for the computation of diluted EPS $ 1,046,630 $ 1,178,730 $ 810,447 Weighted average ordinary shares outstanding - diluted 189,682,036 206,224,135 178,684,989 Diluted EPS $ 5.52 $ 5.72 $ 4.54 The computations of ordinary shares outstanding, excluding unvested restricted stock, as of December 31, 2016 , 2015 and 2014 were as follows: As of December 31, 2016 2015 2014 Number of ordinary shares Ordinary shares issued 187,847,345 203,411,207 212,318,291 Treasury shares (11,600,191) (3,069,003) — Ordinary shares outstanding 176,247,154 200,342,204 212,318,291 Unvested restricted stock (3,426,810) (3,030,724) (232,140) Ordinary shares outstanding, excluding unvested restricted stock 172,820,344 197,311,480 212,086,151 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 28 . Variable interest entities Our leasing and financing activities require us to use many forms of entities to achieve our business objectives and we have participated to varying degrees in the design and formation of these entities. Our involvement in VIEs 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, 2016 , we have not provided any financial support to any of our VIEs that we were not contractually obligated to provide. Consolidated VIEs As of December 31, 2016 and 2015 , substantially all assets and liabilities presented in our Consolidated Balance Sheets were held in consolidated VIEs. The assets of our consolidated VIEs that can only be used to settle obligations of these entities, and the liabilities of these VIEs 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 VIEs are disclosed in Note 16 – 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 whi ch we have variable interests. The se 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. 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, 2016 , AerCap Partners I had a portfolio consisting of eight Boeing 737NG aircraft. During the year ended December 31, 2016, AerCap Partners I sold three Boeing 737NG aircraft, with leases attached, to a third party . As of December 31, 2016 , AerCap Partners I had $81.5 million outstanding under a senior debt facility, which is guaranteed by us, and $63 .8 million of subordinated debt outstanding , consisting of $31.9 million from us and $31.9 million from our joint venture partner. AerCap Partners II AerCap Partners II Holding Limited (“AerCap Partners II”) 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 II 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, 2016 , AerCap Partners II had a portfolio consisting of three Airbus A320 aircraft. As of December 31, 2016 , AerCap Partners II had $49 .0 million outstanding under an ECA senior debt facility, which is guaranteed by us , and $16.8 million of subordinated debt outstanding, consisting of $8.4 million from us and $8.4 million from our joint venture partner . 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, 2016 , AerCap Partners 767 had a portfolio consisting of two Boeing 767-300ER aircraft. As of December 31, 2016 , AerCap Partners 767 had $ 16.2 million outstanding under a senior debt facility , which is limited recourse to us and $31.0 million of subordinated debt outstanding, consisting of $15.5 million from us and $15.5 million from our joint venture partner. ALS II We hold a 5% equity investment and 100% of the subordinated fixed rate deferrable interest asset- backed notes (“ ALS II Class E-1 Note s ”) in ALS II. We provide lease management, insurance management and aircraft asset management services to ALS II for a fee . We have determined that we ar e the PB of the entity because we have control and we absorb the majority of the risks and rewards of the entity. As of December 31, 2016 , ALS II had a portfolio consisting of 26 Airbus A320 Family aircraft. During the year ended December 31, 2016, ALS II sold four Airbus A320 Family aircraft, with leases attached, to a third party. As of December 31, 2016 , ALS II had $17.7 million of senior Class A notes outstanding and $350.0 million of ALS II Class E-1 Notes outstanding due to us. The ALS II senior Class A notes were repaid in full in January 2017. 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 have control and we absorb the majority of the risks and rewards of the entity. As of December 31, 2016 , AerFunding had a portfolio consisting of five Airbus A320 Family aircraft, five Airbus A330 aircraft, seven Boeing 737NG aircraft and two Boeing 787 aircraft. As of December 31, 2016 , AerFunding had $596.8 million outstanding under a secured revolving credit facility and $192.7 million of AerFunding Class E-1 Notes outstanding due to us. AerLift Jet AerLift Leasing Jet Ltd. (“AerLift Jet”) is a 50% - 50% joint venture owned by us and a U.S.- based aircraft leasing company. We provide lease management, insurance management and aircraft asset management services to AerLift Jet 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. During the year ended December 31, 2016, AerLift Jet sold its four aircraft and repaid all amounts previously outstanding under its secured bank loans. AerLift Jet did not own any aircraft as of December 31 , 2016 . Non-consolidated VIEs The following table presents our maximum exposure to loss in VIEs for which we are not the PB as of December 31, 2016 and 2015 : As of December 31, 2016 2015 Carrying value of investments (Note 12) $ 118,783 $ 114,711 Carrying value of the ALS Note Receivable — 85,747 Debt guarantees 125,429 248,105 Maximum exposure to loss $ 244,212 $ 448,563 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 VIEs, for which we are not the PB, had no value and outstanding debt guarantees were called upon in full. AerDragon AerDragon is a joint venture with 50% owned by China Aviation Supplies Holding Company and the other 50% owned equally 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 certain aircraft and accounting related services to AerDragon, and guarantee debt secured by certain aircraft which AerDragon purchased directly from us for a fee. As of December 31, 2016 and 2015 , we guaranteed debt of $3.4 million and $7.5 million, respectively, for AerDragon. With the exception of the debt for which we act as a guarantor, the obligations of AerDragon are non-recourse to us. As of December 31, 2016 , AerDragon had 29 narrowbody aircraft on lease to ten airlines. During the year ended December 31, 2016, AerDragon completed the sale of one widebody aircraft, with lease attached, to a third party. We have determined that AerDragon is a VIE, in which we do not have control and therefore we 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, 2016 and 2015 , we guaranteed debt of $122.0 million and $168.9 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, 2016 , AerLift owned four aircraft. During the year ended December 31, 2016 , AerLift completed the sale of two aircraft to third parties. We have determined that AerLift is a VIE in which we do not have control and therefore we 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 737-800 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, 2016 , ACSAL continued to own the eight aircraft. We have determined that ACSAL is a VIE in which we do not have control and therefore we are not the PB. We do have significant influence and, accordingly, we account for our investment in ACSAL under the equity method of accounting. AerCap Partners III In 2010, we entered into a 50% joint venture, AerCap Partners III Holdings Limited (“AerCap Partners III”), which initially owned three Airbus A330 aircraft. On June 1, 2011, we sold our 50% interest in the three Airbus A330 aircraft but we continue d to guarantee debt for AerCap Partners III for a fee. During the year ended December 31, 2016, AerCap Partners III was unwound and we no longer act as a guarantor for the debt of AerCap Partners III as of December 31, 2016. As of December 31, 2015, we guaranteed $71.7 million of debt for AerCap Partners III. Other than the debt for which we act ed as a guarantor, the obligations of AerCap Partne rs III we re non-recourse to us. We determined that AerCap Partners III was a VIE in which we did not have control and therefore we were not the PB. ALS In 2012, we completed the ALS Transaction. In addition, we obtained financing (the “ALS Coupon Liability”) in return for which we received a contingent asset (the “ALS Note Receivable”) with the substance of a structured note. Repayments of the ALS Coupon Liability were equal to an annual 8% coupon of the transaction price, paid until the earlier of December 2016 or the month in which the senior securities issued by ALS (the “G-Notes”), were fully repaid. As of December 31, 2015, the ALS Note Receivable was $85 .7 million, and the amount outstanding under the ALS Coupon Liability was $28.0 million. On December 7, 2016, the ALS Coupon Liability and the G-Notes were both repaid in full. On December 23, 2016, the ALS portfolio was refinanced (the “ALS Refinancing”), upon which we received $120.3 million based on 20% of the cash flows from the ALS Refinancing up to a cap equal to the total ALS Coupon Liability payments. At the time of the ALS Refinancing, the ALS Note Receivable had a carrying value of $92.6 million and as a result we recognized a net gain of $27.7 million in other i ncome. We have determined that ALS was a VIE in which we did not have control and therefore we were not the PB. AerCo We had an economic interest in AerCo Limited (“AerCo”). AerCo was an aircraft securitization vehicle in which we held the most junior class of subordinated notes and certain notes immediately senior to those junior notes. On August 4, 2015, AerCo entered into a creditor’s winding up. On October 15, 2015, AerCo disclosed that no further payments of interest or principal would be made in respect of the classes of notes held by us. Hence, we did not realize any value from the creditor’s winding up of AerCo. On February 16, 2016, AerCo Limited was dissolved. We provided a variety of management services to AerCo for which we received fees. AerCo was a VIE for which we determined that we did not have control and were not the PB and, accordingly, we did not consolidate the financial results of AerCo in our Consolidated Financial Statements. Historically, the investment in AerCo had been written down to zero . AerData In 2014, we sold our 42.3% equity interest in AerData, an integrated software solution provider for the aircraft leasing industry. AerData continues to provide software services to us. 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 entity's economic performance. Our variable interest in these entities consists of servicing fees that we receive for providing aircraft management services. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 29 . Related party transactions AIG As a result of the ILFC Transaction, AIG held a significant ownership interest in AerCap. Following both secondary public offerings and the Share Repurchase from AIG , AIG no longer owns any of our outstanding ordinary shares. See Note 4 — ILFC Transaction . AIG and its subsidiaries were considered related parties between the Closing Date and August 24, 2015, when AIG sold its remaining AerCap ordinary shares and when AIG’s remaining designee resigned from AerCap’s Board of Directors. Debt We have a senior unsecured revolving credit facility with AIG as lender and administrative agent. We paid fees of $4.1 million and $14.9 million from January 1, 2015 through August 24, 2015 and for the year ended December 31, 2014 , respectively. In June 2015, AerCap Trust issued the Junior Subordinated Notes due 2045 to AIG. See Note 16 — Debt . We paid no fees or interest to AIG from January 1 , 2015 through August 24, 2015 for these notes . As of December 31, 2016, AIG did not hold any of the Junior Subordinated Notes. Repurchase of shares On June 9, 2015, we completed the Share Repurchase from AIG. See Note 18 — Equity . Derivatives We had interest rate swap agreements with AIG Markets, Inc., a wholly ‑owned subsidiary of AIG, that matured during the year ended December 31, 2015. The net effect in our Consolidated Income Statements from January 1, 2015 through August 24, 2015 and for the year ended December 31, 2014 from derivative contracts with AIG Markets, Inc., was nil , as the cash expense of $1.3 million and $4.3 million, respectively, was offset by a mark-to-market gain of $1.3 million and $4.3 million, respectively. See also Note 13 — Derivative assets and liabilities . Management fees We recei v ed ma n agement fees of $5.1 million and $4.9 million from January 1, 2015 through August 24, 2015 and during t he year en d ed December 31 , 2 0 14, respectively, f rom affil i a t es o f AIG. AerDragon We provide certain aircraft and accounting related services to, and guarantee certain debt of, AerDragon, a joint venture accounted for under the equity method. We charged AerDragon a fee for these services of $0.6 million, $0.5 million and $0.4 million during the year s ended December 31, 2016 , 2015 and 2014 , respectively. In addition, we received a dividend of $1.7 million and $0.3 million from AerDragon during the years ended December 31, 2016 and 2015 , respectively. ACSAL We provide aircraft asset and lease management services to ACSAL, an investment accounted for under the equity method, for which we received a fee of $0.5 million, $0.5 million and $0.5 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. AerLift We provide a variety of management services to, and guarantee certain debt of, AerLift, a joint venture accounted for under the equity method, for which we received a fee of $2.9 million, $2.8 million and $4.0 million during the year s ended December 31, 2016 , 2015 and 2014 , respectively . In addition, we received dividends of $7.5 million and $2.3 million from AerLift during the years ended December 31 , 2016 and 2015 , respectively. AerCo AerCo wa s an aircraft securit ization vehicle in which we he ld the most junior class of subordinated notes and certain notes immediately senior to those junior notes. On February 16, 2016, AerCo was dissolved. During the years ended December 31, 2015 and 2014, we provide d a variety of management services to AerCo , for which we received fees of $1.4 million and $1.5 million, respectively. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 30 . Commitments and contingencies Aircraft on order As of December 31, 2016 , we had commitments to purchase 420 new aircraft scheduled for delivery through 2022 . The majority of these commitments are based upon purchase a greements 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, 2016 , we had made non-refundable deposits on these purchase commitments (exclusive of capitalized interest and fair value adjustments) of approximately $636.2 million, $667.3 million and $7.5 million with Boeing, Airbus and Embraer, respectively. Management anticipates that 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, 2016 and 2015 were as follows: Year Ended December 31, 2016 2015 Prepayments on flight equipment at beginning of period $ 3,300,426 $ 3,486,514 Prepayments made during the period 837,776 747,541 Interest capitalized during the period 107,688 79,230 Prepayments and capitalized interest applied to the purchase of flight equipment (979,911) (1,012,859) Prepayments on flight equipment at end of period $ 3,265,979 $ 3,300,426 The following table presents our contractual commitments for the purchase of flight equipment as of December 31, 2016 : 2017 2018 2019 2020 2021 2022 Total Purchase obligations (a) $ 5,051,158 $ 6,028,196 $ 5,084,565 $ 3,624,926 $ 2,838,730 $ 534,991 $ 23,162,566 (a) Includes commitments to purchase 396 aircraft and 24 purchase and leaseback transactions. Leases We have operating lease agreements with third parties for office space, company cars and office equipment. As of December 31, 2016 , minimum payments under the lease agreements for office space were as follows: Future minimum lease payments 2017 $ 11,155 2018 11,056 2019 8,754 2020 8,828 2021 8,967 Thereafter 51,343 $ 100,103 Asset value guarantees We have potential obligation s under contracts that guarantee a portion of the residual value of aircraft owned by third parties. These guarantees e xpire at various dates through 2023 and generally obligate us to pay the shortfall between the fair market value and the guaranteed value of the aircraft and, in certain cases, provide us with an option to purchase the aircraft for the guaranteed value. As of December 31, 2016 , eight guarantees were outstanding. We regularly review the underlying values of the aircraft collateral to determine our exposure under these asset value guarantees. We did not record any asset value guarantee loss provisions during the years ended December 31, 2016 or 2015 . As of December 31, 2016 and 2015 , the carrying value of the asset value guarantee liability was $37.5 million and $37.5 million, respectively, and was included in accounts payable, accrued expenses and other liabilities in our Consolidated Balance Sheets. As of December 31, 2016 , the maximum aggregate potential commitment that we were obligated to pay under these guarantees, including those exercised, and without any offset for the projected value of the aircraft or other contractual features that may limit our exposure, was approximately $ 168.4 million. Other guarantees W e guarantee the future re-lease or extension rental rates and other costs of four sold aircraft up to agreed maximum amounts for each aircraft. These guarantees expire when qualifying re-lease or extension agreements are signed but generally no later than 2018. We are obligated to perform under these guarantees if the contracted net re-lease or extension rates do not equal or exceed the specified amounts in the guarantees. We also guarantee the replacement lease rental cash flows of three sold aircraft, in the event of a default and lease termination by the current lessee s , up to agreed maximum amounts for each aircraft. Two of t hese guarantees expire in 2020 and the third guarantee expires in 2018. We are obligated to perform under these guarantees in the event of a default and lease termination by the current lessee s , and if the contracted net replacement lease rental rates do not equal or exceed the rental amounts in the current lease contracts. As of December 31, 2016 and 2015 , the carrying value of these guarantees was $14.3 million and $9.9 million , respectively, and was included in accounts payable, accrued expenses and other liabilities in our Consolidated Balance Sheet s . As of December 31, 2016 , the maximum undiscounted aggregate future guarantee payments that we could be obligated to make under these guarantees, without offset for the projected net future re-lease or extension rates, were approximately $34.2 million. 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. The Federal Supreme Court is not bound by the opinion of the Attorney General. While we have been advised that it would be normal practice to take such an opinion into consideration, there are no assurances that the Federal Supreme Court will rule in accordance with the Attorney General opinion or, if it did, what the outcome of the judgment of the STJ would be. On February 23, 2006, VASP commenced a procedure to calculate its alleged damages and since then 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. The public prosecutor ha d 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 has since filed a new opinion that is less supportive of the VASP-appointed expert’s opinion. The procedure is ongoing. We believe, and we have been advised, that it is not probable that VASP will 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, and the court is conducting its own analysis and will reach its own conclusion. The 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. 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 $40.0 million in damages plus accrued interest. We subsequently applied to the STJ for an order ratifying the English judgment, so that it might be asserted 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. On November 6, 2012, the STJ ruled in favor of VASP on its appeal from the order placing it in bankruptcy. Acting alone, the reporting justice of the appellate panel ordered the bankruptcy revoked and the matter converted to a judicial reorganization. Several creditors of VASP appealed that ruling to the full panel of the STJ. On December 17, 2012, the Special Court of the STJ reversed the ruling of the reporting justice and upheld the order placing VASP in bankruptcy . The decision was published on February 1, 2013. On February 25, 2013, the lapse of time for appeal (res judicata) was certified. In addition to 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 judgment in favo r of AerCap, awarding us damages in the amount of approximately $36.9 million. We are presently seeking to have the Irish judgment ratified by the STJ in Brazil, so that it might be asserted in the VASP bankruptcy . 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 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. 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, pres erving the October 2013 order. The parties have the right to seek further appellate review of the appellate panel’s November 2016 order. 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. Transbrasil’s Provisional Enforcement Action with respect to the Indemnity Claim remains pending; however, the action has currently been stayed pending a final decision in the Transbrasil Lawsuit. 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 wa s 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 t heir action at the trial court. The trial court granted ILFC’s motion to dismiss the Hassanati plaintiffs’ second c omplaint on November 22, 2016. The Hassanati plaintiffs have appealed this order. 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. 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, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 31. 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, 2016 and 2015 , 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, 2016 and 2015 : December 31, 2016 Total Level 1 Level 2 Level 3 Assets Derivative assets $ 37,187 $ — $ 37,187 $ — December 31, 2015 Total Level 1 Level 2 Level 3 Assets Derivative assets $ 18,965 $ — $ 18,965 $ — Liabilities Derivative liabilities 21 — 21 — 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 flight equipment and definite-lived intangible assets 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. We impaired certain definite-lived intangible assets to fair value during the years ended December 31, 2016 and 2015 as the carrying value of these assets was not expected to be recoverable based on the revised cash flow estimates. Please refer to Note 26 — AeroTurbine restructuring for further details. 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 estimated future cash flows for flight equipment include 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 market attractiveness of the aircraft type, the likely debt and equity financing components, and the required returns of those financing components. For flight equipment that we measured at fair value on a non-recurring basis during the year ended December 31, 2016 , the following table presents the fair value of such flight equipment as of the measurement date, the valuation technique and the related unobservable inputs: Fair value Valuation technique Unobservable input Range Weighted average Flight equipment $492.6 million Income approach Discount rate 0% - 14% 5% Remaining holding period 0 - 14 years 7 years Non-contractual cash flows 0% - 100% 25% During the year ended December 31, 2016 , we recognized impairment charges of $ 81.6 million on 35 aircraft. The impairment charges primarily related to lease terminations and amendments of lease agreements for 25 aircraft. These impairments were more than offset by lease revenue of $95.9 million that we recognized when we retained maintenance related balances or received EOL compensation upon lease termination or amendment . In addition, we recognized impairment charges for ten aircraft that were part of sale transactions and were classified as flight equipment held for sale. 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. 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 notes receivables approximates its carrying value (Level 2). 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). The fair value of guarantees is determined by reference to the fair market value or future lease cash flows of the underlying aircraft and the guaranteed amount (Level 3). The carrying amounts and fair values of our most significant financial instruments as of December 31, 2016 and 2015 were as follows: December 31, 2016 Carrying value Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 2,035,447 $ 2,035,447 $ 2,035,447 $ — $ — Restricted cash 329,180 329,180 329,180 — — Derivative assets 37,187 37,187 — 37,187 — Notes receivables 23,359 23,359 — 23,359 — $ 2,425,173 $ 2,425,173 $ 2,364,627 $ 60,546 $ — Liabilities Debt $ 27,873,900 (a) $ 28,203,635 $ — $ 28,203,635 $ — Guarantees 51,804 51,804 — — 51,804 $ 27,925,704 $ 28,255,439 $ — $ 28,203,635 $ 51,804 (a) Excludes debt issuance costs and debt discounts. December 31, 2015 Carrying value Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 2,403,098 $ 2,403,098 $ 2,403,098 $ — $ — Restricted cash 419,447 419,447 419,447 — — Derivative assets 18,965 18,965 — 18,965 — Notes receivables 116,197 116,197 — 116,197 — $ 2,957,707 $ 2,957,707 $ 2,822,545 $ 135,162 $ — Liabilities Debt $ 29,806,843 (a) $ 29,915,965 $ — $ 29,915,965 $ — Derivative liabilities 21 21 — 21 — Guarantees 47,380 46,827 — — 46,827 $ 29,854,244 $ 29,962,813 $ — $ 29,915,986 $ 46,827 (a) Excludes debt issuance costs and debt discounts. |
Supplemental Guarantor Financia
Supplemental Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Guarantor Financial Information [Abstract] | |
Supplemental Guarantor Financial Information | 32 . Supplemental guarantor financial information The following supplemental financial information is presented to comply with Rule 3-10 of Regulation S-X. AerCap Aviation Notes In May 2012, AerCap Aviation Solutions B.V. (“AerCap Aviation Solutions”), a 100% - owned finance subsidiary of AerCap Holdings N.V. (the “Parent Guarantor”) , issued $300.0 million of 6.375% senior unsecured notes due 2017 (the “AerCap Aviation Notes”). The AerCap Aviation Notes are fully and unconditionally guaranteed by the Parent Guarantor. I n November 2012, we entered into a $285 .0 million unsecured revolving credit facility which was guaranteed by AerCap Aviation Solutions and AerCap Ireland . The guarantee by AerCap Ireland under this facility triggered a springing guarantee under the AerCap Aviation Notes indenture , as a result of which AerCap Ireland also fully and unconditionally guarantees the AerCap Aviation Notes. The following condensed consolidating financial information presents the Condensed Consolidating Balan ce Sheets as of December 31, 2016 and 2015 , the Condensed Consolidating Income Statement s , Condensed Consolidating Statements of Cash Flows and Condensed Consolidating Statement s of Comprehensive Income for t he years ended December 31, 2016 , 2015 and 2014 of (i ) the Parent Guarantor; (ii ) AerCap Aviation Solutions ; (iii ) AerCap Ireland ; (iv ) the non-guarantor subsidiaries ; (v ) elimination entries necessary to consolidate the Parent Guarantor with AerCap Aviation Solutions, AerCap Ireland and the non-guarantor subsidiaries ; and (vi ) the Company on a consolidated basis. Investments in consolidated subsidiaries are presented under the equity method of accounting. 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 Ireland and AerCap Aviation Solutions have not been provided because AerCap Ireland and AerCap Aviation Solutions are 100%- owned by the Parent Guarantor, all guarantees are full and unconditional and the Parent Guarantor’s financial statements have been filed in this annual report for the periods specified by Rules 3-01 and 3-02 of Regulation S-X . Condensed Consolidating Balance Sheet December 31, 2016 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Assets Cash and cash equivalents $ 4 $ — $ 835 $ 1,196 $ — $ 2,035 Restricted cash — — 9 320 — 329 Flight equipment held for operating leases, net — — 1,136 30,366 — 31,502 Maintenance rights intangible and lease premium, net — — 51 2,117 — 2,168 Flight equipment held for sale — — — 107 — 107 Net investment in finance and sales-type leases — — — 757 — 757 Prepayments on flight equipment — — — 3,266 — 3,266 Investments including investments in subsidiaries 9,310 — 4,257 119 (13,567) 119 Intercompany receivables 106 — 8,005 5,726 (13,837) — Other assets 104 10 440 951 (168) 1,337 Total Assets $ 9,524 $ 10 $ 14,733 $ 44,925 $ (27,572) $ 41,620 Liabilities and Equity Debt $ — $ 300 $ 40 $ 27,377 $ — $ 27,717 Intercompany payables 978 19 5,701 7,139 (13,837) — Other liabilities 22 2 381 5,084 (168) 5,321 Total liabilities 1,000 321 6,122 39,600 (14,005) 33,038 Total AerCap Holdings N.V. shareholders' equity 8,524 (311) 8,611 5,267 (13,567) 8,524 Non-controlling interest — — — 58 — 58 Total Equity 8,524 (311) 8,611 5,325 (13,567) 8,582 Total Liabilities and Equity $ 9,524 $ 10 $ 14,733 $ 44,925 $ (27,572) $ 41,620 Condensed Consolidating Balance Sheet December 31, 2015 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Assets Cash and cash equivalents $ 14 $ — $ 1,193 $ 1,196 $ — $ 2,403 Restricted cash — — 18 401 — 419 Flight equipment held for operating leases, net — — 1,034 31,185 — 32,219 Maintenance rights intangible and lease premium, net — — 80 3,059 — 3,139 Flight equipment held for sale — — — 71 — 71 Net investment in finance and sales-type leases — — 22 447 — 469 Prepayments on flight equipment — — — 3,300 — 3,300 Investments including investments in subsidiaries 8,290 — 3,385 115 (11,675) 115 Intercompany receivables 46 5 6,157 4,652 (10,860) — Other assets 61 — 377 1,176 — 1,614 Total Assets $ 8,411 $ 5 $ 12,266 $ 45,602 $ (22,535) $ 43,749 Liabilities and Equity Debt $ — $ 298 $ 77 $ 29,267 $ — $ 29,642 Intercompany payables 4 — 4,525 6,331 (10,860) — Other liabilities 58 2 184 5,437 — 5,681 Total liabilities 62 300 4,786 41,035 (10,860) 35,323 Total AerCap Holdings N.V. shareholders' equity 8,349 (295) 7,480 4,490 (11,675) 8,349 Non-controlling interest — — — 77 — 77 Total Equity 8,349 (295) 7,480 4,567 (11,675) 8,426 Total Liabilities and Equity $ 8,411 $ 5 $ 12,266 $ 45,602 $ (22,535) $ 43,749 Condensed Consolidating Income Statement Year Ended December 31, 2016 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Revenues and other income Lease revenue $ — $ — $ 157 $ 4,711 $ — $ 4,868 Net gain on sale of assets — — — 139 — 139 Other income (loss) 6 — 507 400 (768) 145 Total Revenues and other income 6 — 664 5,250 (768) 5,152 Expenses Depreciation and amortization — — 64 1,727 — 1,791 Asset impairment — — — 82 — 82 Interest expense — 20 378 1,388 (694) 1,092 Leasing expenses — — 26 557 — 583 Transaction, integration and restructuring related expenses — — — 53 — 53 Selling, general and administrative expenses 60 — 68 297 (74) 351 Total Expenses 60 20 536 4,104 (768) 3,952 (Loss) income before income taxes and income of investments accounted for under the equity method (54) (20) 128 1,146 — 1,200 Provision for income taxes 7 5 (16) (169) — (173) Equity in net earnings of investments accounted for under the equity method — — — 13 — 13 Net (loss) income before income from subsidiaries (47) (15) 112 990 — 1,040 Income (loss) from subsidiaries 1,094 — 867 112 (2,073) — Net income (loss) 1,047 (15) 979 1,102 (2,073) 1,040 Net loss attributable to non-controlling interest — — — 7 — 7 Net income (loss) attributable to AerCap Holdings N.V. $ 1,047 $ (15) $ 979 $ 1,109 $ (2,073) $ 1,047 Condensed Consolidating Income Statement Year Ended December 31, 2015 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Revenues and other income Lease revenue $ — $ — $ 110 $ 4,882 $ — $ 4,992 Net gain on sale of assets — — 14 169 — 183 Other income (loss) 9 — 430 476 (802) 113 Total Revenues and other income 9 — 554 5,527 (802) 5,288 Expenses Depreciation and amortization — — 52 1,791 — 1,843 Asset impairment — — — 16 — 16 Interest expense 12 20 268 1,397 (597) 1,100 Leasing expenses — — 50 472 — 522 Transaction, integration and restructuring related expenses — — — 59 — 59 Selling, general and administrative expenses 108 — 202 277 (205) 382 Total Expenses 120 20 572 4,012 (802) 3,922 (Loss) income before income taxes and income of investments accounted for under the equity method (111) (20) (18) 1,515 — 1,366 Provision for income taxes 28 5 2 (225) — (190) Equity in net earnings of investments accounted for under the equity method — — — 1 — 1 Net (loss) income before income from subsidiaries (83) (15) (16) 1,291 — 1,177 Income (loss) from subsidiaries 1,262 — 1,088 (16) (2,334) — Net income (loss) 1,179 (15) 1,072 1,275 (2,334) 1,177 Net loss attributable to non-controlling interest — — — 2 — 2 Net income (loss) attributable to AerCap Holdings N.V. $ 1,179 $ (15) $ 1,072 $ 1,277 $ (2,334) $ 1,179 Condensed Consolidating Income Statement Year Ended December 31, 2014 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Revenues and other income Lease revenue $ — $ — $ 81 $ 3,369 $ — $ 3,450 Net gain on sale of assets — — 10 28 — 38 Other income (loss) 25 — 254 377 (552) 104 Total Revenues and other income 25 — 345 3,774 (552) 3,592 Expenses Depreciation and amortization — — 9 1,273 — 1,282 Asset impairment — — — 22 — 22 Interest expense 13 20 244 932 (428) 781 Leasing expenses — — 96 46 — 142 Transaction, integration and restructuring related expenses — — — 149 — 149 Selling, general and administrative expenses 83 — 72 269 (124) 300 Total Expenses 96 20 421 2,691 (552) 2,676 (Loss) income before income taxes and income of investments accounted for under the equity method (71) (20) (76) 1,083 — 916 Provision for income taxes (1) — (93) (43) — (137) Equity in net earnings of investments accounted for under the equity method — — — 29 — 29 Net (loss) income before income from subsidiaries (72) (20) (169) 1,069 — 808 Income (loss) from subsidiaries 882 — 869 (169) (1,582) — Net income (loss) 810 (20) 700 900 (1,582) 808 Net loss attributable to non-controlling interest — — — 2 — 2 Net income (loss) attributable to AerCap Holdings N.V. $ 810 $ (20) $ 700 $ 902 $ (1,582) $ 810 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2016 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) $ 1,047 $ (15) $ 979 $ 1,102 $ (2,073) $ 1,040 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (1,094) — (867) (112) 2,073 — Depreciation and amortization — — 64 1,727 — 1,791 Asset impairment — — — 82 — 82 Amortization of debt issuance costs and debt discount — 1 2 53 — 56 Amortization of lease premium intangibles — — — 20 — 20 Amortization of fair value adjustments on debt — — — (336) — (336) Accretion of fair value adjustments on deposits and maintenance liabilities — — 1 54 — 55 Maintenance rights write off — — 23 629 — 652 Maintenance liability release to income — — (19) (402) — (421) Net gain on sale of assets — — — (139) — (139) Deferred income taxes (7) (5) 16 157 — 161 Restructuring expenses — — — 34 — 34 Other 63 — (20) 79 — 122 Cash flow from operating activities before changes in working capital 9 (19) 179 2,948 — 3,117 Working capital 1,002 19 (380) (377) — 264 Net cash provided by (used in) operating activities 1,011 — (201) 2,571 — 3,381 Purchase of flight equipment — — (299) (2,594) — (2,893) Proceeds from sale or disposal of assets — — 142 2,225 — 2,367 Prepayments on flight equipment — — — (947) — (947) Collections of finance and sales-type leases — — — 74 — 74 Movement in restricted cash — — 9 81 — 90 Other — — (22) — — (22) Net cash used in investing activities — — (170) (1,161) — (1,331) Issuance of debt — — — 3,642 — 3,642 Repayment of debt — — (9) (5,205) — (5,214) Debt issuance costs paid — — (2) (33) — (35) Maintenance payments received — — 38 758 — 796 Maintenance payments returned — — (30) (475) — (505) Security deposits received — — 20 182 — 202 Security deposits returned — — (3) (268) — (271) Dividend paid to non-controlling interest holders — — — (11) — (11) Repurchase of shares and tax withholdings on share-based compensation (1,021) — — — — (1,021) Net cash (used in) provided by financing activities (1,021) — 14 (1,410) — (2,417) Net decrease in cash and cash equivalents (10) — (357) — — (367) Effect of exchange rate changes — — (1) — — (1) Cash and cash equivalents at beginning of period 14 — 1,193 1,196 — 2,403 Cash and cash equivalents at end of period $ 4 $ — $ 835 $ 1,196 $ — $ 2,035 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2015 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) $ 1,179 $ (15) $ 1,072 $ 1,275 $ (2,334) $ 1,177 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (1,262) — (1,088) 16 2,334 — Depreciation and amortization — — 52 1,791 — 1,843 Asset impairment — — — 16 — 16 Amortization of debt issuance costs and debt discount 1 1 9 35 — 46 Amortization of lease premium intangibles — — — 23 — 23 Amortization of fair value adjustments on debt — — — (443) — (443) Accretion of fair value adjustments on deposits and maintenance liabilities — — 1 75 — 76 Maintenance rights write off — — 7 622 — 629 Maintenance liability release to income — — (4) (240) — (244) Net gain on sale of assets — — (14) (169) — (183) Deferred income taxes (28) (5) (2) 145 — 110 Restructuring expenses — — — 49 — 49 Other 64 — 26 — — 90 Cash flow from operating activities before changes in working capital (46) (19) 59 3,195 — 3,189 Working capital 846 19 537 (1,231) — 171 Net cash provided by operating activities 800 — 596 1,964 — 3,360 Purchase of flight equipment — — (299) (2,473) — (2,772) Proceeds from sale or disposal of assets — — 94 1,474 — 1,568 Prepayments on flight equipment — — — (792) — (792) Collections of finance and sales-type leases — — 3 52 — 55 Movement in restricted cash — — (11) 309 — 298 Other — — — (73) — (73) Net cash used in investing activities — — (213) (1,503) — (1,716) Issuance of debt 300 — — 3,614 — 3,914 Repayment of debt (300) — (8) (3,736) — (4,044) Debt issuance costs paid — — (1) (48) — (49) Maintenance payments received — — 19 757 — 776 Maintenance payments returned — — (20) (538) — (558) Security deposits received — — 20 151 — 171 Security deposits returned — — (7) (137) — (144) Repurchase of shares and tax withholdings on share-based compensation (794) — — — — (794) Net cash (used in) provided by financing activities (794) — 3 63 — (728) Net increase in cash and cash equivalents 6 — 386 524 — 916 Effect of exchange rate changes 1 — (9) 5 — (3) Cash and cash equivalents at beginning of period 7 — 816 667 — 1,490 Cash and cash equivalents at end of period $ 14 $ — $ 1,193 $ 1,196 $ — $ 2,403 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2014 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) $ 810 $ (20) $ 700 $ 900 $ (1,582) $ 808 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (882) — (869) 169 1,582 — Dividend received — — 12 — (12) — Depreciation and amortization — — 9 1,273 — 1,282 Asset impairment — — — 22 — 22 Amortization of debt issuance costs and debt discount 3 1 — 82 — 86 Amortization of lease premium intangibles — — — 18 — 18 Amortization of fair value adjustments on debt — — — (331) — (331) Accretion of fair value adjustments on deposits and maintenance liabilities — — — 72 — 72 Maintenance rights write off — — — 131 — 131 Maintenance liability release to income — — — (92) — (92) Net gain on sale of assets — — (10) (27) — (37) Deferred income taxes — — 93 23 — 116 Other 43 — 7 52 — 102 Cash flow from operating activities before changes in working capital (26) (19) (58) 2,292 (12) 2,177 Working capital 163 19 1,131 (1,176) — 137 Net cash provided by (used in) operating activities 137 — 1,073 1,116 (12) 2,314 Purchase of flight equipment — — (1,198) (892) — (2,090) Proceeds from sale or disposal of assets 21 — 737 (188) — 570 Prepayments on flight equipment — — (2) (456) — (458) Acquisition of ILFC, net of cash acquired — — — (195) — (195) Collections of finance and sales-type leases — — — 41 — 41 Movement in restricted cash — — 1 281 — 282 Net cash provided by (used in) investing activities 21 — (462) (1,409) — (1,850) Issuance of debt 75 — 43 5,294 — 5,412 Repayment of debt (225) — (10) (4,592) — (4,827) Debt issuance costs paid — — — (135) — (135) Maintenance payments received — — 26 536 — 562 Maintenance payments returned — — — (286) — (286) Security deposits received — — 9 98 — 107 Security deposits returned — — (2) (97) — (99) Dividend paid — — — (12) 12 — Net cash (used in) provided by financing activities (150) — 66 806 12 734 Net increase in cash and cash equivalents 8 — 677 513 — 1,198 Effect of exchange rate changes (1) — (1) (2) — (4) Cash and cash equivalents at beginning of period — — 140 156 — 296 Cash and cash equivalents at end of period $ 7 $ — $ 816 $ 667 $ — $ 1,490 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2016 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) attributable to AerCap Holdings N.V. $ 1,047 $ (15) $ 979 $ 1,109 $ (2,073) $ 1,047 Other comprehensive (loss) income: Net change in fair value of derivatives, net of tax — — — 6 — 6 Actuarial loss on pension obligations, net of tax — — (2) — — (2) Total other comprehensive (loss) income — — (2) 6 — 4 Total comprehensive income (loss) attributable to AerCap Holdings N.V. $ 1,047 $ (15) $ 977 $ 1,115 $ (2,073) $ 1,051 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2015 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) attributable to AerCap Holdings N.V. $ 1,179 $ (15) $ 1,072 $ 1,277 $ (2,334) $ 1,179 Other comprehensive income: Net change in fair value of derivatives, net of tax — — — — — — Actuarial gain on pension obligations, net of tax — — — — — — Total other comprehensive income — — — — — — Total comprehensive income (loss) attributable to AerCap Holdings N.V. $ 1,179 $ (15) $ 1,072 $ 1,277 $ (2,334) $ 1,179 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2014 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) attributable to AerCap Holdings N.V. $ 810 $ (20) $ 700 $ 902 $ (1,582) $ 810 Other comprehensive income: Net change in fair value of derivatives, net of tax — — — 5 — 5 Actuarial gain (loss) on pension obligations, net of tax — — 3 (5) — (2) Total other comprehensive income — — 3 — — 3 Share of other comprehensive income (loss) from subsidiaries 3 — — — (3) — Total comprehensive income (loss) attributable to AerCap Holdings N.V. $ 813 $ (20) $ 703 $ 902 $ (1,585) $ 813 AGAT/AICDC Notes In May 2014, AerCap Trust and AICDC co-issued the Acquisition Notes . In September 2014, AerCap Trust and AICDC co-issued the September 2014 Notes . In June 2015, AerCap Trust and AICDC co-issued the June 2015 Notes. In October 2015, AerCap Trust and AICDC co-issued the October 2015 Notes . In May 2016, AerCap Trust and AICDC co-issued the May 2016 Notes. In January 2017, AerCap Trust and AICDC co-issued the January 2017 Notes. The AGAT/AIC DC Notes are jointly and severally and fully and unconditionally guaranteed by the Parent Guarantor and by AerCap Ireland, AerCap Aviation Solutions, International Lease Finance Corporation and AerCap U.S. Global Aviation LLC (together, the “ Subsidiary Guarantors ”) . The following condensed consolidating financial information presents the Condensed Consolidating Balance Sheet s as of December 31, 2016 and 2015 , the Condensed Consolidating Income Statement s, Condensed Consolidating Statements of Cash Flows and Condensed Consolidating Statement s of Comprehensive Income for the years ended December 31, 2016 , 2015 and 2014 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 b asis; (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. Condensed Consolidating Balance Sheet December 31, 2016 AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Designated Activity Company Guarantors (a) Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Assets Cash and cash equivalents $ 4 $ 829 $ 64 $ 931 $ 207 $ — $ 2,035 Restricted cash — — — 9 320 — 329 Flight equipment held for operating leases, net — 11,012 — 1,299 19,191 — 31,502 Maintenance rights intangible and lease premium, net — 1,190 — 52 926 — 2,168 Flight equipment held for sale — 28 — — 79 — 107 Net investment in finance and sales-type leases — 437 — 166 154 — 757 Prepayments on flight equipment — 3,006 — 5 255 — 3,266 Investments including investments in subsidiaries 9,310 874 7,249 4,941 119 (22,374) 119 Intercompany receivables 106 12,639 1 8,405 5,947 (27,098) — Other assets 104 538 60 632 171 (168) 1,337 Total Assets $ 9,524 $ 30,553 $ 7,374 $ 16,440 $ 27,369 $ (49,640) $ 41,620 Liabilities and Equity Debt $ — $ 17,316 $ — $ 340 $ 10,061 $ — $ 27,717 Intercompany payables 978 3,726 5,057 7,067 10,270 (27,098) — Other liabilities 22 2,241 11 448 2,767 (168) 5,321 Total liabilities 1,000 23,283 5,068 7,855 23,098 (27,266) 33,038 Total AerCap Holdings N.V. shareholders' equity 8,524 7,270 2,306 8,509 4,289 (22,374) 8,524 Non-controlling interest — — — 76 (18) — 58 Total Equity 8,524 7,270 2,306 8,585 4,271 (22,374) 8,582 Total Liabilities and Equity $ 9,524 $ 30,553 $ 7,374 $ 16,440 $ 27,369 $ (49,640) $ 41,620 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. Condensed Consolidating Balance Sheet December 31, 2015 AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Designated Activity Company Guarantors (a) Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Assets Cash and cash equivalents $ 14 $ 769 $ 62 $ 1,366 $ 192 $ — $ 2,403 Restricted cash — — — 18 401 — 419 Flight equipment held for operating leases, net — 13,913 — 1,171 17,135 — 32,219 Maintenance rights intangible and lease premium, net — 1,789 — 82 1,268 — 3,139 Flight equipment held for sale — 12 — — 59 — 71 Net investment in finance and sales-type leases — 193 — 57 219 — 469 Prepayments on flight equipment — 3,022 — 6 272 — 3,300 Investments including investments in subsidiaries 8,290 633 6,319 4,211 115 (19,453) 115 Intercompany receivables 46 11,541 — 6,152 5,739 (23,478) — Other assets 61 619 41 580 342 (29) 1,614 Total Assets $ 8,411 $ 32,491 $ 6,422 $ 13,643 $ 25,742 $ (42,960) $ 43,749 Liabilities and Equity Debt $ — $ 19,456 $ — $ 375 $ 9,811 $ — $ 29,642 Intercompany payables 4 4,025 4,872 5,473 9,104 (23,478) — Other liabilities 58 2,676 14 234 2,728 (29) 5,681 Total liabilities 62 26,157 4,886 6,082 21,643 (23,507) 35,323 Total AerCap Holdings N.V. shareholders' equity 8,349 6,334 1,536 7,484 4,099 (19,453) 8,349 Non-controlling interest — — — 77 — — 77 Total Equity 8,349 6,334 1,536 7,561 4,099 (19,453) 8,426 Total Liabilities and Equity $ 8,411 $ 32,491 $ 6,422 $ 13,643 $ 25,742 $ (42,960) $ 43,749 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. Condensed Consolidating Income Statement Year Ended December 31, 2016 AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Designated Activity Company Guarantors (a) Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Revenues and other income Lease revenue $ — $ 2,058 $ — $ 205 $ 2,605 $ — $ 4,868 Net gain on sale of assets — 33 — 6 100 — 139 Other income (loss) 6 653 — 552 359 (1,425) 145 Total Revenues and other income 6 2,744 — 763 3,064 (1,425) 5,152 Expenses Depreciation and amortization — 770 — 72 949 — 1,791 Asset impairment — 32 — — 50 — 82 Interest expense — 753 184 385 955 (1,185) 1,092 Leasing expenses — 290 — 27 266 — 583 Transaction, integration and restructuring related expenses — — — — 53 — 53 Selling, general and administrative expenses 60 120 1 102 308 (240) 351 Total Expenses 60 1,965 185 586 2,581 (1,425) 3,952 (Loss) income before income taxes and income of investments accounted for under the equity method (54) 779 (185) 177 483 — 1,200 Provision for income taxes 7 (97) 23 (36) (70) — (173) Equity in net earnings of investments accounted for under the equity method — — — — 13 — 13 Net (loss) income before income from subsidiaries (47) 682 (162) 141 426 — 1,040 Income (loss) from subsidiaries 1,094 237 919 701 (867) (2,084) — Net income (loss) 1,047 919 757 842 (441) (2,084) 1,040 Net loss attributable to non-controlling interest — — — — 7 — 7 Net income (loss) attributable to AerCap Holdings N.V. $ 1,047 $ 919 $ 757 $ 842 $ (434) $ (2,084) $ 1,047 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. Condensed Consolidating Income Statement Year Ended December 31, 2015 AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Designated Activity Company Guarantors (a) Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Revenues and other income Lease revenue $ — $ 2,355 $ — $ 134 $ 2,503 $ — $ 4,992 Net gain on sale of assets — 168 — 13 2 — 183 Other income (loss) 9 599 14 479 319 (1,307) 113 Total Revenues and other income 9 3,122 14 626 2,824 (1,307) 5,288 Expenses Depreciation and amortization — 868 — 65 910 — 1,843 Asset impairment — 3 — — 13 — 16 Interest expense 12 780 164 359 735 (950) 1,100 Leasing expenses — 266 — 61 195 — 522 Transaction, integration and restructuring related expenses — — — 9 50 — 59 Selling, general and administrative expenses 108 112 — 257 262 (357) 382 Total Expenses 120 2,029 164 751 2,165 (1,307) 3,922 (Loss) income before income taxes and income of investments accounted for under the equity method (111) 1,093 (150) (125) 659 — 1,366 Provision for income taxes 28 (136) 19 38 (139) — (190) Equity in net earnings of investments accounted for under the equity method — — — — 1 — 1 Net (loss) income before income from subsidiaries (83) 957 (131) (87) 521 — 1,177 Income (loss) from subsidiaries 1,262 104 1,060 933 (1,090) (2,269) — Net income (loss) 1,179 1,061 929 846 (569) (2,269) 1,177 Net loss attributable to non-controlling interest — — — — 2 — 2 Net income (loss) attributable to AerCap Holdings N.V. $ 1,179 $ 1,061 $ 929 $ 846 $ (567) $ (2,269) $ 1,179 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. Condensed Consolidating Income Statement Year Ended December 31, 2014 AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Designated Activity Company Guarantors (a) Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Revenues and other income Lease revenue $ — $ 789 $ 10 $ 220 $ 2,431 $ — $ 3,450 Net gain on sale of assets — 8 — 10 20 — 38 Other income (loss) 25 317 — 333 342 (913) 104 Total Revenues and other income 25 1,114 10 563 2,793 (913) 3,592 Expenses Depreciation and amortization — 501 — 53 728 — 1,282 Asset impairment — 3 — — 19 — 22 Interest expense 13 443 18 317 715 (725) 781 Leasing expenses — (446) 11 124 453 — 142 Transaction, integration and restructuring related expenses — — 94 26 29 — 149 Selling, general and administrative expenses 83 80 3 142 180 (188) 300 Total Expenses 96 581 126 662 2,124 (913) 2,676 (Loss) income before income taxes and income of investments accounted for under the equity method (71) 533 (116) (99) 669 — 916 Provision for income taxes (1) (56) 10 (33) (57) — (137) Equity in net earnings of investments accounted for under the equity method — — — — 29 — 29 Net (loss) income before income from subsidiaries (72) 477 (106) (132) 641 — 808 Income (loss) from subsidiaries 882 205 683 988 79 (2,837) — Net income (loss) 810 682 577 856 720 (2,837) 808 Net loss attributable to non-controlling interest — — — — 2 — 2 Net income (loss) attributable to AerCap Holdings N.V. $ 810 $ 682 $ 577 $ 856 $ 722 $ (2,837) $ 810 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2016 AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Designated Activity Company Guarantors (a) Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) $ 1,047 $ 919 $ 757 $ 842 $ (441) $ (2,084) $ 1,040 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (1,094) (237) (919) (701) 867 2,084 — Depreciation and amortization — 770 — 72 949 — 1,791 Asset impairment — 32 — — 50 — 82 Amortization of debt issuance costs and debt discount — 13 5 4 34 — 56 Amortization of lease premium intangibles — 7 — — 13 — 20 Amortization of fair value adjustments on debt — (330) — — (6) — (336) Accretion of fair value adjustments on deposits and maintenance liabilities — 33 — 2 20 — 55 Maintenance rights write off — 395 — 22 235 — 652 Maintenance liability release to income — (206) — (19) (196) — (421) Net gain on sale of assets — (33) — (6) (100) — (139) Deferred income taxes (7) 98 (22) 28 64 — 161 Restructuring expenses — — — — 34 — 34 Other 63 13 — (7) 53 — 122 Cash flow from operating activities before changes in working capital 9 1,474 (179) 237 1,576 — 3,117 Working capital 1,002 911 181 (545) (1,285) — 264 Net cash provided by (used in) operating activities 1,011 2,385 2 (308) 291 — 3,381 Purchase of flight equipment — (594) — (298) (2,001) — (2,893) Proceeds from sale or disposal of assets — 998 — 158 1,211 — 2,367 Prepayments on flight equipment — (937) — (9) (1) — (947) Collections of finance and sales-type leases — 26 — 22 26 — 74 Movement in restricted cash — — — 9 81 — 90 Other — — — (22) — — (22) Net cash used in investing activities — (507) — (140) (684) — (1,331) Issuance of debt — 1,012 35 — 2,595 — 3,642 Repayment of debt — (2,825) (35) (8) (2,346) — (5,214) Debt issuance costs paid — (9) — (2) (24) — (35) Maintenance payments received — 292 — 39 465 — 796 Maintenance payments returned — (234) — (30) (241) — (505) Security deposits received — 57 — 25 120 — 202 Security deposits returned — (111) — (10) (150) — (271) Dividend paid to non-controlling interest holders — — — — (11) — (11) Repurchase of shares and tax withholdings on share-based compensation (1,021) — — — — — (1,021) Net cash (used in) provided by financing activities (1,021) (1,818) — 14 408 — (2,417) Net (decrease) increase in cash and cash equivalents (10) 60 2 (434) 15 — (367) Effect of exchange rate changes — — — (1) — — (1) Cash and cash equivalents at beginning of period 14 769 62 1,366 192 — 2,403 Cash and cash equivalents at end of period $ 4 829 64 931 207 — $ |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 33 . Subsequent events In January 2017, AICDC and AerCap Trust co-issued $600.0 million aggregate principal amount of 3.50% senior unsecured notes due 2022, which are jointly and severally and fully and unconditionally guaranteed by the Parent Guarantor and the Subsidiary Guarantors. The proceeds from the offering were used for general corporate purposes. In February 2017, our Board of Directors approved a new share repurchase program authorizing total repurchases of up to $350 million of AerCap ordinary shares through June 30, 2017. 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 common 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. |
Summary Of Significant Accoun43
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant 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 and have control under ASC 810. All intercompany balances and transactions with consolidated subsidiaries have been eliminated. The results of consolidated entities are included from the effective date of control or, in the case of 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. Other investments in which we have the ability to exercise significant influence and joint ventures are accounted for under the equity method of accounting. Our Consolidated Financial Statements are stated in U.S. dollars, which is our functional currency. |
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 . T he use of estimates is or could be a significant factor affecting the reported carrying values of flight equipment, intangibles, investments, trade and notes receivable s , deferred income tax assets and accruals and reserves. We consider information available from professional appraisers, where possible, to support our estimates, particularly with respect to flight equipment. Actual results may differ from our estimates under different conditions, sometimes materially. During the years ended December 31, 2016 , 2015 and 2014 , we changed our estimates of useful lives and residual values of certain aircraft. The changes in estimates are a result of the current market conditions or other factors that have affected the useful lives and residual values for such aircraft. T he effect for the years ended December 31, 2016 , 2015 and 2014 was to reduce net income by $14.4 million, $35.8 million and $4.4 million , respectively , basic earnings per share by $0.08 , $0.18 and $0.02 , respectively, and diluted earnings per share by $0.08 , $0.17 and $0.02 , respectively. |
Cash And Cash Equivalents | Cash and cash equivalents Cash and cash equivalents include cash and highly liquid inves tments 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 obligations under existing lease contracts or receivables related to inventory sales. 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 expensed unless the improvement increases the long-term value or extends the useful life of the flight equipment. 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 standard price, except where more relevant information indicates a different residual value is more appropriate. We periodically review the estimated useful lives and residual values of our flight equipment based on our knowledge of the industry, 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 aircraft by aircraft basis , as necessary. On a quarterly basis, we perform recoverability assessments of our long-lived assets when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Annually, we perform impairment assessments for all of our aircraft held for operating leases that are five years of age or older. The review of recoverability includes an assessment of the estimated future cash flows associated with the use of an asset and its eventual disposal. The assets are grouped at the lowest level for which identifiable cash flows are largely independent of other groups of assets, which includes the individual aircraft and the lease-related assets and liabilities of that aircraft (the “Asset Group”). If the sum of the expected undiscounted future cash flows is less than the aggregate net book value of 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 fair value. Fair value reflects the present value of cash expected to be generated from the aircraft in the future, including its expected residual value, discounted at a rate commensurate with the associated risk. Future cash flows are assumed to occur under the current market conditions and assume adequate time for a sale between a willing buyer and a willing seller. Expected future lease rates are based on all relevant information available, including current contracted rates for similar aircraft, appraisal data and industry trends. |
Capitalization Of Interest | Capitalization of interest We capit alize interest on prepayments of forward order flight equipment and add such amount to prepayments on flight equipment. The amount of interest capitalized is the actual interest costs incurred on the debt specific to the prepayments, if any, or 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 finance and 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 a ssessment of the values of the flight equipment at expiration of the lease. The unearned income is recognized as lease revenue in our Consolidated Income Statements over the lease term, in a manner that produces a constant rate of return on 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 intangible and lease premium, net Maintenance rights intangible assets are recognized when we acquire aircraft subject to existing leases, primarily as a result of the ILFC Transaction. These intangible assets represent the contractual right to receive the aircraft in a specified maintenance condition at the end of the lease (EOL contracts) or our right to receive an 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 (MR contracts), or through a lessor contribution to the lessee. For EOL contracts, to the extent the lease end cash compensation paid to us is less than the maintenance rights intangible asset, we recognize the difference between these two amounts as maintenance rights expense upon lease termination. Maintenance rights expense is included in leasing expenses in our Consolidated Income Statements. To the extent the lease end cash compensation paid to us is more than the maintenance rights intangible asset, we recognize the difference between these two amounts as lease revenue in our Consolidated Income Statements upon lease termination. 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. L ease premium assets represent the value of an acquired lease where the contractual rent al 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 in our Consolidated Income Statements. Other definite-lived intangible assets Other definite-lived intangible assets primarily consist of customer relationships recorded at fair value on the Closing Date as a result of the ILFC Transaction. These intangible assets are amortized over the period which we expect to derive economic benefits from such assets. The amortization expense is recorded in depreciation and amortization in our Consolidated Income Statements. 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 inventory, notes receivables, investments, derivative financial instruments, lease incentives, other tangible fixed assets, and straight-line rents, prepaid expenses and other receivables. |
Inventory | Inventory Inventory consists primarily of engine and airframe parts and rotable and consumable parts we sell through our subsidiary , AeroTurbine. We value our inventory at the lower of cost or market value. Cost is primarily determined using the specific identification method for individual part purchases and on an allocated basis for engines and aircraft purchased for disassembly and for bulk purchases. Costs are allocated using the relationship of the cost of the engine, aircraft, or bulk inventory purchase to the estimated retail sales value at the time of purchase. At the time of sale , this ratio is applied to the sales price of each individual part to determine its cost. We periodically evaluate this ratio and, if necessary, update sales estimates and make adjustments to this ratio. Generally, inventory that is held for more than four years is considered excess inventory and its carrying value is reduced to zero . |
Notes Receivable | Notes receivables Notes receivables 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 receivables 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. The note receivable as a result of the ALS Transaction was recorded at fair value and wa s subsequently measured at amortized cost using the retrospective effective interest method. |
Investments | Investments Investments over which we have significant influence but not a controlling interest, joint ventures or VIEs for which we are not the PB are reported using the equity method of accounting. Under the equity method of accounting, we include our share of earnings and losses of such investments in equity in net earnings (losses) of investments accounted for under the equity method. |
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 transaction 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 in any reporting period is classified as operating cash flows in our Consolidated Statements of Cash Flows. |
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 in lease revenue in our Consolidated Income Statements. |
Other Tangible Fixed Assets | Other tangible fixed assets Other tangible fixed assets consist primarily of computer equipment, leasehold improvements and office furniture, and are valued at 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. 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 31 — Fair value measurements . |
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 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. |
Guarantees | Guarantees We have potential obligations under guarantee contracts that we have entered into with third parties . See Note 30 — Commitment and contingencies . We initially reco gnize guarantees at fair value. Subsequently, if it becomes probable that we will be required to perform under a guarantee, we accrue a liability based on an estimate of the loss we will incur to perform under the guarantee. The estimate of the loss is generally measured as the amount by which the contractual guaranteed value exceeds the fair market value or future lease cash flows of the underlying aircraft. |
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. In certain instances, such as 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 in our Consolidated Income Statements, 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 existing at the inception of the lease (“lessor maintenance contributions”). For all lease contracts, we expense planned major maintenance activities, such as lessor maintenance contributions, when incurred. The expense is recorded in leasing expenses in our Consolidated Income Statements. 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 increase s 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 discount s or premium s 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. The coupon liability as a result of the ALS Transaction was recorded at fair value and wa s subsequently measured at amortized cost using the retrospective effective interest method. |
Lessee Security Deposits | Lessee security deposits For all lessee deposits assumed as part of the ILFC Transaction, we discounted the lessee security deposit amounts to their respective present values. We accrete the discounted security deposit amounts to their respective nominal values over the period we expect to refund the security deposits to each lessee, using the effective interest method, recognizing an increase in interest expense. |
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 difference between rental revenue recognized and cash received is included in our Consolidated Balance Sheets in other assets, or in the event it is a liability, in accounts payable, accrued expenses and other liabilities. In certain cases, leases provide for rentals contingent on usage. The usage may be calculated based on hourly usage or on the number of cycles operated, depending on the lease contract. Revenue contingent on usage is recognized at the time the lessee reports the usage to us. Lease agreements for which base rent is based on floating interest rates are included in minimum lease payments based on the floating interest rate that exist ed at the inception of the lease; and any 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 such rentals is no longer reasonably assured. For past-due rentals that exceed related security deposits held, which have been recognized as revenue, we establish provisions on the basis of management’s assessment of collectability. Such provisions are recorded in leasing expenses in our Consolidated Income Statements. R evenue from net investment in finance and sales-type leases is included in lease revenue in our Consolidated Income Statements and is recognized using the interest method to produce a constant yield over the life of the lease. Most of our lease contracts req uire payment in advance. Rental payments received but unearned under these lease agreements 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 related to our flight equipment 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 lessees. We estimate the total amount of maintenance reimbursements for the entire lease and only record revenue after we have received sufficient maintenance rents under a particular lease 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. We recognize receipts of EOL cash compensation as lease revenue when received to the extent those receipts exceed the EOL contract maintenance rights intangible asset, and we recognize leasing expenses when the EOL contract maintenance rights intangible asset exceeds the EOL cash receipts. Accrued maintenance liability existing at the end of a lease is released and recognized as lease revenue at lease termination to the extent that the maintenance liability exceeds the MR contract maintenance rights intangible asset. If the maintenance liability does not exceed the MR contract maintenance rights intangible asset, we recognize the difference as a leasing expense. When flight equipment is sold, the portion of the accrued maintenance liability which is not specifically assigned to the buyer is released from our Consolidated Balance Sheets, net of any maintenance rights intangible asset balance, and recognized as part of the sale of the flight equipment as gain or loss in net gain on sale of assets in our Consolidated Income Statements. Net gain or loss on sale of assets originates primarily from the sale of aircraft and engines. The sale is recognized when the relevant asset is delivered, the risk of loss has transferred to the buyer, and we no longer have significant ownership risk in the asset sold. Other income consists of interest income, management fees, lease termination penalties, inventory part sales and net gain on sale of equity investments accounted for under the equity method , insurance proceeds, and other miscellaneous activities . Income from secured loans, notes receivables and other interest bearing instruments is recognized using the effective yield method as interest accrues under the associated contracts. Lease management fees are recognized as income as they accrue 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. |
Pension | Pension We operate a defined benefit pension plan for our Dutch employees and some of our Irish employees. We recognize net periodic pension costs associated with these plans in selling, general and administrative expenses and recognize the unfunded status of the plan, if any, in accounts payable, accrued expenses and other liabilities. The change in fair value of the funded pension liability that is not related to the net periodic pension cost is recorded in AOCI. The projection of benefit obligation and fair value of plan assets require the use of assumptions and estimates, including discount rates. Actual results could differ from those estimates. Furthermore, we operate defined contribution plans for the employees who do not fall under the defined benefit pension plans. We recognize an expense for contributions to the defined contribution plans in selling, general and administrative expenses in the period the contributions are made. |
Share-Based Compensation | Share ‑based compensation Certain employees receive AerCap share-based awards, consisting of restricted stock units and restricted stock. S hare-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 in our Consolidated Income Statements. |
Foreign Currencies | 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 currenc ies are remeasured into U.S. dollars at the exchange rate 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 entities’ 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 earnings per share is computed by dividing income available to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For the purposes of calculating diluted earnings per share, the denominator includes both the weighted average number of ordinary shares outstanding during the period and the weighted average number of potentially dilutive ordinary shares, such as restricted 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 | Recent accounting standards adopted during the year ended December 31, 2016 : Amendments to the consolidation analysis In February 2015, the FASB issued an accounting standard that affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and provide a scope exemption from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. We adopted the standard on its required effective date of January 1, 2016 and it did not have any effect on our Consolidated Financial Statements. Presentation of debt issuance costs In April 2015, the FASB issued an accounting standard that requires debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability. In August 2015, the FASB issued an accounting standard to clarify that entities are permitted to defer and present debt issuance costs related to line-of-credit arrangements as an asset, and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. Upon adoption, the standards should be applied retrospectively to all prior periods presented in the financial statements. We adopted the standards on their required effective date of January 1, 2016. As a result, we have retrospectively reclassified $165.0 million of debt issuance costs from other assets to a direct reduction of the debt liability in our Consolidated Balance Sheet as of December 31, 2015. We continue to present debt issuance costs related to our line-of-credit arrangements within other assets. The adoption of this standard did not have any effect on our Consolidated Income Statements or Consolidated Statements of Cash Flows. |
Future Application Of Accounting Standards | Future application of accounting standards: Revenue from contracts with customers In May 2014, the FASB issued an accounting standard that provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry ‑specific guidance. This guidance does not apply to lease contracts with customers. The standard will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five ‑step model that requires entities to exercise judgment when considering the terms of the contract including (i) identifying the contract with the customer; (ii) identifying the separate performance obligations in the contract; (iii) determining the transaction price; (iv) allocating the transaction price to the separate performance obligations; and (v) recognizing revenue when each performance obligation is satisfied. This standard was originally scheduled to be effective for fiscal years beginning after December 15, 2016 and subsequent interim periods. In August 2015, the FASB issued an update to the standard which deferred the effective date to January 1, 2018. The standard may be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of applying this standard recognized at the date of adoption. Early adoption is permitted but not before the originally scheduled effective date. We plan to adopt the standard on its required effective date of January 1, 2018. We are evaluating the effect the adoption of the standard will have on our Consolidated Financial Statements. This new standard does not impact the accounting of our lease revenue but may impact the accounting of our revenue other than lease revenue. While we are still performing our analysis, we do not expect the impact of this standard to be material to our Consolidated Financial Statements. Inventory In July 2015, the FASB issued an accounting standard that simplifies the subsequent measurement of all inventory except for inventory measured using the last-in, first-out or the retail inventory method. Inventory within the scope of this standard will be measured at the lower of cost and net realizable value instead of the lower of cost or market as required under existing guidance. Net realizable value is the estimated sale price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This standard also requires that substantial and unusual losses that result from the subsequent measurement of inventory be disclosed in the financial statements. The new standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This standard should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We plan to adopt the standard on its required effective date of January 1, 2017. We do not expect the impact of this standard to be material to our Consolidated Balance Sheets and Consolidated Income Statements. Lease accounting In February 2016, the FASB issued an accounting standard that requires lessees to recognize lease-related assets and liabilities on the balance sheet, other than leases that meet the definition of a short-term lease. In certain circumstances, the lessee is required to remeasure the lease payments. Qualitative and quantitative disclosures, including significant judgments made by management, will be required to provide insight into the extent of revenue and expense recognized and expected to be recognized from existing contracts. Under the new standard, lessor accounting remains similar to the current model. The new standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using the modified retrospective transition approach. We plan to adopt the standard on its required effective date of January 1, 2019. We do not expect the impact of this standard to be material to our Consolidated Balance Sheets and Consolidated Income Statements. Stock compensation In March 2016, the FASB issued an accounting standard that requires entities to record all tax effects related to share-based awards in the income statement when the awards vest or are settled. The accounting standard also requires excess tax benefits to be recorded when they arise, subject to normal valuation allowance considerations. Excess tax benefits are to be reported as operating activities on the statement of cash flows. The standard is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption will be permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. We plan to adopt the standard on its required effective date of January 1, 2017. We do not expect the impact of this standard to be material to our Consolidated Financial Statements. Allowance for credit losses In June 2016, the FASB issued an accounting standard that requires entities to estimate lifetime expected credit losses for most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, net investments in leases and off-balance sheet credit exposures. The standard also requires additional disclosure, 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 investments in 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 will be permitted in any interim or annual period beginning after December 15, 2018. The new standard must be adopted using the modified retrospective transition approach. We plan to adopt the standard on its required effective date of January 1, 2020. We are evaluating the effect the adoption of the standard will have on our Consolidated Balance Sheets and Consolidated Income Statements. Statement of cash flows In August 2016, the FASB issued an accounting standard that is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The standard includes clarifications that (i) cash payments for debt prepayment or extinguishments costs must be classified as cash outflows for financing activities; (ii) cash proceeds from the settlement of insurance claims should be classified based on the nature of the loss; (iii) an entity is required to make an accounting policy election to classify distributions received from equity method investees under either the cumulative-earnings approach or the nature of distribution approach; and (iv) in the absence of specific guidance, an entity should classify each separately identifiable cash source and use on the basis of the underlying cash flows. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption will be permitted in any interim or annual period. The new standard must be adopted using the retrospective transition method. We plan to adopt the standard on its required effective date of January 1, 2018. We do not expect the impact of this standard to be material to our Consolidated Statements of Cash Flows. Presentation of restricted cash in the statement of cash flows In November 2016, the FASB issued an accounting standard that clarifies how entities should present restricted cash and restricted cash equivalents in the statem ent of cash flows. The standard requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The standard also requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted in any interim or annual period, but any adjustments must be reflected as of the beginning of the fiscal year. The new standard must be adopted retrospectively. We plan to adopt the standard on its required effective date of January 1, 2018. We are evaluating the effect the adoption of the standard will have on our Consolidated Statements of Cash Flows. |
ILFC Transaction (Tables)
ILFC Transaction (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule Of The Consideration Transferred To Effect The ILFC Transaction | The consideration transferred to effect the ILFC Transaction consisted of the following: Cash consideration (a) $ 2,400,000 97,560,976 AerCap common shares issued multiplied by AerCap closing share price per share of $46.59 on May 14, 2014 4,545,366 Share compensation 12,275 Consideration transferred $ 6,957,641 (a) Excludes the $600.0 million special distribution paid by ILFC to AIG prior to the Closing Date. |
Summary Of Pro Forma Information | The following unaudited pro forma summary presents consolidated information of AerCap as if the business combination had occurred on January 1, 2013: Year Ended December 31, 2014 Total Revenues and other income $ 5,212,900 Net income 952,778 |
ILFC [Member] | |
Schedule Of Reported Transaction And Integration Expenses Related To The ILFC Transaction | AerCap reported transaction and integration expenses related to the ILFC Transaction as provided in the following table. These expenses are included in transaction, integration and restructuring related expenses in our Consolidated Income Statements. Year Ended December 31, 2016 2015 2014 Severance and other compensation expenses $ — $ 7,236 $ 54,600 Banking fees — — 45,740 Professional fees and other expenses — 2,366 48,452 $ — $ 9,602 $ 148,792 |
Flight Equipment Held For Ope45
Flight Equipment Held For Operating Leases, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Net Investment In Finance And Sales-type Leases [Abstract] | |
Movements In Flight Equipment Held For Operating Leases | Movements in flight equipment held for operating leases during the years ended December 31, 2016 and 2015 were as follows: Year Ended December 31, 2016 2015 Net book value at beginning of period $ 32,219,494 $ 31,984,668 Additions 3,863,905 3,604,122 Depreciation (1,753,574) (1,803,125) Impairment (Note 25) (78,335) (16,322) AeroTurbine restructuring (Note 26) (15,392) (22,402) Disposals/Transfers to held for sale (2,246,825) (1,325,626) Transfers from held for sale 24,393 — Transfers to net investment in finance and sales-type leases/inventory (530,093) (201,821) Transfers from net investment in finance and sales-type leases 18,400 — Net book value at end of period $ 31,501,973 $ 32,219,494 Accumulated depreciation as of December 31, 2016 and 2015, respectively $ (5,086,611) $ (3,934,685) |
Net Investment In Finance And46
Net Investment In Finance And Sales-type Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Net Investment In Finance And Sales-type Leases [Abstract] | |
Components Of The Net Investment In Finance And Sales-type Leases | Components of net investment in finance and sales-type leases as of December 31, 2016 and 2015 were as follows: As of December 31, 2016 2015 Future minimum lease payments to be received $ 708,934 $ 533,879 Estimated residual values of leased flight equipment (unguaranteed) 321,739 164,123 Less: Unearned income (274,791) (228,804) $ 755,882 $ 469,198 Less: Allowance for credit losses — (a) — $ 755,882 $ 469,198 (a) During the year ended December 31, 2016, we recognized a direct write-off for credit losses on four finance leases of $11.1 million, which was recorded in leasing expenses in our Consolidated Income Statement. |
Minimum Future Lease Payments On Finance And Sales-type Leases | As of December 31, 2016 , future minimum lease payments to be received on finance and sales-type leases were as follows: Future minimum lease payments to be received 2017 $ 137,388 2018 120,216 2019 106,209 2020 82,116 2021 67,271 Thereafter 195,734 $ 708,934 |
Maintenance Rights Intangible47
Maintenance Rights Intangible And Lease Premium, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule Of Movements In Maintenance Rights Intangible | Movements in maintenance rights intangible during the year s ended December 31, 2016 and 2015 were as follows: Year Ended December 31, 2016 2015 Maintenance rights intangible at beginning of period $ 3,068,318 $ 3,812,259 EOL and MR contract maintenance rights expense (381,637) (348,366) MR contract maintenance rights write off due to maintenance liability release (173,971) (161,839) EOL contract maintenance rights write off due to cash receipt (96,503) (118,438) EOL and MR contract intangible write off due to sale of aircraft (284,411) (115,298) Transfer to other assets (17,162) — Additions due to aircraft acquisitions 2,400 — Maintenance rights intangible at end of period $ 2,117,034 $ 3,068,318 |
Maintenance Rights Intangible And Lease Premium, Net [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule Of Maintenance Rights Intangible And Lease Premiums | Maintenance rights intangible and lease premium consisted of the following as of December 31, 2016 and 2015 : As of December 31, 2016 2015 Maintenance rights intangible $ 2,117,034 $ 3,068,318 Lease premium, net 50,891 70,727 $ 2,167,925 $ 3,139,045 |
Lease Premium [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule Of Maintenance Rights Intangible And Lease Premiums | The following tables present details of lease premium and related accumulated amortization as of December 31, 2016 and 2015 : As of December 31, 2016 Gross carrying amount Accumulated amortization Net carrying amount Lease premium $ 94,959 $ (44,068) $ 50,891 As of December 31, 2015 Gross carrying amount Accumulated amortization Net carrying amount Lease premium $ 107,140 $ (36,413) $ 70,727 |
Schedule Of Future Amortization Of The Intangible Assets | As of December 31, 2016 , the estimated future amortization expense for lease premium was as follows: Estimated amortization expense 2017 $ 13,633 2018 11,219 2019 10,466 2020 7,727 2021 5,394 Thereafter 2,452 $ 50,891 |
Other Intangibles, Net (Tables)
Other Intangibles, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Finite Lived Intangible Assets and Goodwill [Line Items] | |
Schedule Of Other Intangibles | Other intangibles consisted of the following as of December 31, 2016 and 2015 : As of December 31, 2016 2015 Goodwill $ 58,094 $ 58,094 Customer relationships, net 304,294 325,471 Contractual vendor intangible assets 21,019 38,775 Tradename and other intangible assets, net 13,694 38,666 $ 397,101 $ 461,006 |
Customer Relationships And Other Intangible Assets [Member] | |
Finite Lived Intangible Assets and Goodwill [Line Items] | |
Schedule Of Customer Relationships And Tradename And Other Intangible Assets And Related Accumulated Amortization | The following tables present details of customer relationships and tradename and other intangible assets and related accumulated amortization as of December 31, 2016 and 2015 : As of December 31, 2016 Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 360,000 $ (55,706) $ 304,294 Tradename and other intangible assets 40,000 (26,306) 13,694 $ 400,000 $ (82,012) $ 317,988 As of December 31, 2015 Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 360,000 $ (34,529) $ 325,471 Tradename and other intangible assets 56,465 (17,799) 38,666 $ 416,465 $ (52,328) $ 364,137 |
Schedule Of Future Amortization Of The Intangible Assets | As of December 31, 2016 , the estimated future amortization expense for customer relationships and tradename and other intangible assets was as follows: Estimated amortization expense 2017 $ 31,177 2018 24,871 2019 21,176 2020 21,176 2021 21,176 Thereafter 198,412 $ 317,988 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets [Abstract] | |
Schedule Of Other Assets | Other assets consisted of the following as of December 31, 2016 and 2015 : As of December 31, 2016 2015 Inventory $ 52,673 $ 260,269 Debt issuance costs (a) 33,700 45,524 Lease incentives 177,128 162,277 Other receivables 188,759 174,841 Investments (Note 12) 118,783 114,711 Notes receivables 23,359 (b)(c) 116,197 (d) Derivative assets (Note 13) 37,187 18,965 Other tangible fixed assets 36,427 20,845 Straight-line rents, prepaid expenses and other 111,190 85,114 $ 779,206 $ 998,743 (a) We retrospectively reclassified $165.0 million of debt issuance costs from other assets to a direct reduction of the debt liability as of December 31, 2015. We continue to present debt issuance costs related to our revolving credit facilities within other assets. Please refer to Note 3 — Summary of significant accounting policies . (b) As of December 31, 2016 , we did no t have an allowance for credit losses on notes receivables and there was no activity recorded for credit losses during the year ended December 31, 2016 . (c) In December 2016, the ALS Note Receivable was repaid. Please refer to Note 28 — Variable Interest Entities for further details. (d) As of December 31, 2015, we did no t have an allowance for credit losses on notes receivables. We recognized a $2.0 million provision, which was used upon termination of the related leases during the year ended December 31, 2015 . |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Components Of Investments | Investments consisted of the following as of December 31, 2016 and 2015 : As of December 31, Ownership as of December 31, 2016 (%) 2016 2015 Equity investment in unconsolidated joint venture (AerDragon) (a) 17 $ 60,124 $ 55,430 Equity investment in unconsolidated joint venture (AerLift) 39 45,087 47,352 Equity investment in unconsolidated joint venture (ACSAL) (a) 19 13,566 11,923 Other investments at cost NA 6 6 $ 118,783 $ 114,711 (a) AerDragon and ACSAL are VIEs for which we are not the PB but do have significant influence. Therefore, they are accounted for under the equity method. |
Derivative Assets And Liabili51
Derivative Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Assets And Liabilities [Abstract] | |
Schedule of Notional Amounts and Fair Values of Derivatives Outstanding | The following tables present notional amounts and fair values of derivatives outstanding as of December 31, 2016 and 2015 : As of December 31, 2016 2015 Notional amount Fair value Notional amount Fair value Derivative assets not designated as hedges: Interest rate caps $ 2,911,220 $ 30,362 $ 2,194,210 $ 18,965 Derivative assets designated as cash flow hedges: Interest rate swaps $ 425,612 $ 6,825 — — Total derivative assets $ 37,187 $ 18,965 As of December 31, 2016 2015 Notional amount Fair value Notional amount Fair value Derivative liabilities designated as cash flow hedges: Interest rate swaps $ — $ — $ 23,223 $ 21 Total derivative liabilities $ — $ 21 |
Schedule of Gain (Loss) Recorded in OCI Related to Derivative Instruments | We recorded the following in other comprehensive income (loss) related to derivative financial instruments for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Gain (Loss) Effective portion of change in fair market value of derivatives designated as cash flow hedges: Interest rate swaps $ 6,846 $ 385 $ 2,065 Reclassification of derivative loss to interest expense — — 3,126 Income tax effect (856) (47) (649) Net changes in cash flow hedges, net of tax $ 5,990 $ 338 $ 4,542 |
Schedule of Effect of Derivatives Recorded in Interest Expense and Other Expenses | The following table presents the effect of derivatives recorded in interest expense in our Consolidated Income Statements for the years ended December 31, 2016 , 2015 and 2014 . We do not expect to reclassify amounts from AOCI to interest expense in our Consolidated Income Statement over the next 12 months. Year Ended December 31, 2016 2015 2014 Loss (Gain) Derivatives not designated as hedges: Interest rate caps and swaps $ 1,628 $ 18,118 $ 13,569 Reclassification to Consolidated Income Statements: Reclassification of amounts previously recorded in AOCI — — 3,126 Effect from derivatives $ 1,628 $ 18,118 $ 16,695 |
Accounts Payable, Accrued Exp52
Accounts Payable, Accrued Expenses And Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Payable, Accrued Expenses And Other Liabilities [Abstract] | |
Schedule Of Accounts Payable, Accrued Expenses And Other Liabilities | Accounts payable, accrued expenses and other liabilities consist ed of the following as of December 31 , 2016 and 2015 : As of December 31, 2016 2015 Accounts payable and accrued expenses $ 330,437 $ 417,892 Deferred revenue 463,090 463,167 Accrued interest 287,205 310,739 Guarantees (Note 30) 51,804 47,380 Derivative liabilities (Note 13) — 21 $ 1,132,536 $ 1,239,199 |
Accrued Maintenance Liability (
Accrued Maintenance Liability (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Maintenance Liability [Abstract] | |
Schedule Of Movements In Accrued Maintenance Liability | Movements in accrued maintenance liability during the years ended December 31, 2016 and 2015 were as follows: Year Ended December 31, 2016 2015 Accrued maintenance liability at beginning of period $ 3,185,794 $ 3,194,365 Maintenance payments received 794,711 776,488 Maintenance payments returned (505,407) (558,477) Release to income other than upon sale (421,332) (243,809) Release to income upon sale (341,161) (49,077) Lessor contribution, top ups and other 8,315 18,403 Interest accretion 26,563 47,901 Additions due to aircraft acquisitions 3,093 — Accrued maintenance liability at end of period $ 2,750,576 $ 3,185,794 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule Of Debt | The following table provides a summary of our indebtedness as of December 31, 2016 and 2015 : As of December 31, 2016 2015 Debt Obligation Collateral (Number of aircraft) Commitment Undrawn amounts Outstanding Weighted average interest rate (a) Maturity Outstanding Unsecured ILFC Legacy Notes $ 7,670,000 $ — $ 7,670,000 6.96% 2017 - 2022 $ 9,220,000 AerCap Aviation Notes 300,000 — 300,000 6.38% 2017 300,000 AerCap Trust & AICDC Notes 6,399,864 — 6,399,864 4.25% 2017 - 2022 5,399,864 Asia revolving credit facility 600,000 600,000 — — 2020 — Citi revolving credit facility 3,000,000 3,000,000 — — 2018 — AIG revolving credit facility 500,000 500,000 — — 2019 — Other unsecured debt — — — — NA 27,959 Fair value adjustment NA NA 430,348 NA NA 671,687 TOTAL UNSECURED 18,469,864 4,100,000 14,800,212 15,619,510 Secured Export credit facilities 85 1,722,376 — 1,722,376 2.52% 2017 - 2027 2,292,686 Senior Secured Notes 85 1,275,000 — 1,275,000 7.13% 2018 2,550,000 Institutional secured term loans & secured portfolio loans 221 6,484,123 1,455,500 5,028,623 3.16% 2020 - 2024 3,269,822 ALS II debt 26 17,746 — 17,746 2.55% 2038 210,557 AerFunding revolving credit facility 15 2,160,000 1,563,181 596,819 2.92% 2019 1,058,294 AeroTurbine revolving credit agreement (b) 200,000 75,000 125,000 3.27% 2019 321,603 Other secured debt 108 2,814,826 144,500 2,670,325 3.57% 2017 - 2034 2,745,423 Fair value adjustment NA NA 82,251 NA NA 174,903 TOTAL SECURED 14,674,071 3,238,181 11,518,140 12,623,288 Subordinated ECAPS subordinated notes 1,000,000 — 1,000,000 4.77% 2065 1,000,000 Junior Subordinated Notes 500,000 — 500,000 6.50% 2045 500,000 Subordinated debt joint ventures partners 55,780 — 55,780 2.26% 2022 64,280 Fair value adjustment NA NA (232) NA NA (235) TOTAL SUBORDINATED 1,555,780 — 1,555,548 1,564,045 Debt issuance costs and debt discounts NA NA (156,901) NA NA (164,980) (c) 540 $ 34,699,715 $ 7,338,181 $ 27,716,999 $ 29,641,863 (a) The weighted average interest rate for our floating rate debt is calculated based on the U.S. dollar LIBOR rate as of the last 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 and debt discounts. (b) AeroTurbine’s assets serve d as collateral for the AeroTurbine revolving credit agreement. (c) We retrospectively reclassified $165.0 million of debt issuance costs from other assets to a direct reduction of the debt liability as of December 31, 2015. See Note 3 — Summary of significant accounting policies . |
Schedule Of Maturities Of Debt And Capital Lease Obligations | Maturities of our debt financing s (exclu ding fair value adjustments, debt issuance costs and debt discounts) as of December 31, 2016 were as follows: Maturities of debt financing 2017 $ 3,755,193 2018 3,123,579 2019 4,616,811 2020 3,687,839 2021 4,952,852 Thereafter 7,225,259 $ 27,361,533 |
Export Credit Facilities [Member] | |
Schedule Of Interest Rate Terms | The following table provides details regarding the terms of our outstanding export credit facilities: As of December 31, 2016 Collateral (Number of aircraft) Amount outstanding Tranche Weighted average interest rate Maturity 2003 Airbus ECA facility 15 $ 140,723 Floating Rate Three month LIBOR + 0.37% 2017-2020 2004 Airbus ECA facility 29 317,426 Floating Rate Six month LIBOR + 1.42% 2017-2019 8 96,256 Fixed Rate 4.02% 2018-2020 2008 Airbus ECA facility 4 88,195 Floating Rate Three month LIBOR + 1.35% 2022 12 339,717 Fixed Rate 2.64% 2021-2023 2009 Airbus ECA facility 2 36,608 Floating Rate Three month LIBOR + 1.11% 2022 3 54,482 Fixed Rate 4.21% 2021-2022 Airbus ECA capital markets facilities 3 110,290 Fixed Rate 3.60% 2021 Other Airbus ECA facilities 5 313,445 Fixed Rate 2.38% 2024-2027 2010 Ex-Im facilities 2 28,817 Fixed Rate 2.95% 2022 2012 Ex-Im capital markets facility 2 196,417 Fixed Rate 1.49% 2025 Total 85 $ 1,722,376 |
AerFunding Revolving Credit Facility [Member] | |
Schedule Of Interest Rate Terms | The following table presents the applicable margin for the borrowings under the AerFunding revolving credit facility during the periods specified: Applicable margin Borrowing period (a) 2.25% Period from December 10, 2017 to December 9, 2018 3.25% Period from December 10, 2018 to December 9, 2019 3.75% (a) The borrowing period is until December 9, 2017, after which the loan converts to a term loan. |
Other Secured Debt [Member] | |
Schedule Of Interest Rate Terms | The following table provides details regarding the terms of these financings: As of December 31, 2016 Collateral (Number of aircraft) Amount outstanding Tranche Weighted average interest rate Maturity SkyFunding I facility 6 $ 126,716 Floating rate Three month LIBOR plus 2.85% 2021-2022 6 125,634 Fixed rate 4.43% 2021-2022 SkyFunding II facility 6 141,179 Floating rate Three month LIBOR plus 3.15% 2022-2023 3 66,699 Fixed rate 4.43% 2022-2023 Camden facility 7 164,162 Fixed rate 3.90% 2022 AerCap Partners I facility 8 81,537 Floating rate Three month LIBOR plus 1.65% 2018 StratusFunding facility 2 155,236 Floating rate Three month LIBOR plus 1.95% 2026 2 154,901 Fixed rate 3.93% 2021-2026 CieloFunding facility 1 42,350 Floating rate Three month LIBOR plus 2.60% 2020 2 67,407 Fixed rate 3.68% 2020 CieloFunding II facility 1 30,095 Floating rate Three month LIBOR plus 2.10% 2020 1 31,888 Fixed rate 3.14% 2020 CloudFunding facilities 15 231,247 Fixed rate 3.98% 2022-2026 LimelightFunding facility 2 157,479 Fixed rate 4.70% 2026 Secured commercial bank financings 34 (a) 844,111 Floating rate LIBOR plus 2.19% 2017-2026 12 249,684 Fixed rate 3.36% 2017-2034 Total 108 $ 2,670,325 (a) Three engines are pledged as collateral in addition to the aircraft. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Summary Of Income Tax Expense (Benefit) By Tax Jurisdiction | The following table presents our provision for income taxes by tax jurisdiction for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Deferred tax expense (benefit) Ireland $ 141,364 $ 151,623 $ 87,147 The Netherlands (8,346) (7,453) 1,339 United States of America (41,163) (65,341) 26,267 Other 14,124 22,130 (5,744) 105,979 100,959 109,009 Deferred tax expense (benefit) related to an increase (decrease) in changes in valuation allowance of deferred tax assets Ireland 1,562 — — The Netherlands 12,843 13,915 — United States of America 54,056 10,074 — Other (13,100) (13,922) 6,850 55,361 10,067 6,850 Current tax expense (benefit) Ireland 4,730 (99) 229 The Netherlands 1,164 37,512 5,290 United States of America 3,166 39,358 15,553 Other 3,096 2,008 442 12,156 78,779 21,514 Provision for income taxes $ 173,496 $ 189,805 $ 137,373 |
Reconciliation Of Statutory Income Tax Expense/(Benefit) | The following table provides a reconciliation of the statutory income tax expense to provision for income taxes for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 (a) 2014 (a) Income tax expense at statutory income tax rate of 12.5% $ 150,050 $ 170,712 $ 114,612 Non-taxable items (permanent differences) 29,057 (b) 29,555 (c) 15,010 (d) Foreign rate differential (5,611) (10,462) 7,751 23,446 19,093 22,761 Provision for income taxes $ 173,496 $ 189,805 $ 137,373 (a) Effective February 1, 2016, we moved our headquarters and executive officers from Amsterdam to Dublin, and as of February 1, 2016, we became tax resident in Ireland. Accordingly, we have updated the figures for the years ended December 31, 2015 and 2014 as compared to those previously reported in the financial statements contained in our 2015 annual report on Form 20-F to reflect the permanent differences being taxed at the Irish statutory rate of 12.5% rather than the Dutch statutory rate of 25%. (b) The 2016 non-taxable items included non-deductible share-based compensation in Ireland and in the Netherlands, non-deductible intercompany interest allocated to the United States of America and a valuation allowance taken in respect of U.S., Dutch and Irish tax losses. It also included the non-taxable income arising from aircraft with a higher tax basis in general. (c) The 2015 non-taxable items included the non-deductible intercompany interest allocated to the United States of America, non-deductible share-based compensation in the Netherlands, non-deductible costs relating to the transfer of certain functions from the Netherlands to Ireland, and a valuation allowance taken in respect of U.S. and Dutch tax losses. It also included the non-taxable income arising from aircraft with a higher tax basis in general. (d) The 2014 non-taxable items included the non-deductible intercompany interest allocated to the United States of America, non-deductible share-based compensation in the Netherlands and the non-deductible transaction costs from the ILFC Transaction. It also included the non-taxable income arising from aircraft with a higher tax basis in general. |
Schedule Of Global Tax Activities | The following tables present our foreign rate differential by tax jurisdiction for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 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 $ 1,151,387 12.5 % 0.0 % $ — The Netherlands 37,580 25.0 % 12.5 % 4,698 United States of America 44,238 36.3 % 23.8 % 10,529 Isle of Man 181,286 0.0 % (12.5) % (22,661) Other 18,989 22.1 % 9.6 % 1,823 $ 1,433,480 $ (5,611) Non-taxable items (c) (233,084) Income from continuing operations before income tax $ 1,200,396 Year Ended December 31, 2015 (d) 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 $ 1,212,190 12.5 % 0.0 % $ — The Netherlands 175,897 25.0 % 12.5 % 21,987 United States of America (43,825) 36.3 % 23.8 % (10,430) Isle of Man 181,118 0.0 % (12.5) % (22,640) Other 77,671 13.3 % 0.8 % 621 $ 1,603,051 $ (10,462) Non-taxable items (e) (237,352) Income from continuing operations before income tax $ 1,365,699 Year Ended December 31, 2014 (d) 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 $ 694,605 12.5 % 0.0 % $ — The Netherlands 26,081 25.0 % 12.5 % 3,260 United States of America 95,585 38.3 % 25.8 % 24,661 Isle of Man 167,689 0.0 % (12.5) % (20,961) Other 7,528 23.0 % 10.5 % 791 $ 991,488 $ 7,751 Non-taxable items (f) (74,590) Income from continuing operations before income tax $ 916,898 (a) The local statutory income tax expense for our significant tax jurisdictions (Ireland, the Netherlands, the United States of America and Isle of Man) 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 2016 non-taxable items included non-deductible share-based compensation in Ireland and in the Netherlands, non-deductible intercompany interest allocated to the United States of America and a valuation allowance taken in respect of U.S., Dutch and Irish tax losses. It also included the non-taxable income arising from aircraft with a higher tax basis in general. (d) Due to our migration from the Netherlands to Ireland as of February 1, 2016, we have updated the tax rate reconciliation for the years ended December 31, 2015 and 2014. The tax variance as a result of the global activities has been calculated as the difference between the local statutory tax rate in the relevant jurisdictions and the Irish statutory tax rate of 12.5%. (e) The 2015 non-taxable items included the non-deductible intercompany interest allocated to the United States of America, non-deductible share-based compensation in the Netherlands, non-deductible costs relating to the transfer of certain functions from the Netherlands to Ireland, and a valuation allowance taken in respect of U.S. and Dutch tax losses. It also included the non-taxable income arising from aircraft with a higher tax basis in general. (f) The 2014 non-taxable items included the non-deductible intercompany interest allocated to the United States of America, non-deductible share-based compensation in the Netherlands and the non-deductible transaction costs from the ILFC Transaction. It also included the non-taxable income arising from aircraft with a higher tax basis in general. |
Deferred Tax Liabilities And Assets | The following tables provide details regarding the principal components of our deferred income tax liabilities and assets by jurisdiction as of December 31, 2016 and 2015 : As of December 31, 2016 Ireland The Netherlands United States of America Other Total Depreciation/Impairment $ (1,030,901) $ 8,547 $ (16,322) $ (63) $ (1,038,739) Intangibles (6,353) — (16,242) — (22,595) Interest expense — — (588) — (588) Accrued maintenance liability (6,028) — 12,810 — 6,782 Obligations under capital leases and debt obligations (3,151) — — — (3,151) Investments — — (12,641) — (12,641) Deferred losses — — 66,119 — 66,119 Accrued expenses — — 13,942 — 13,942 Valuation allowance (1,562) (26,758) (89,130) (9,911) (127,361) Losses and credits forward 666,214 26,759 92,215 20,693 805,881 Other (46,133) (4,399) 5,539 (6,190) (51,183) Net deferred income tax (liabilities) assets $ (427,914) $ 4,149 $ 55,702 $ 4,529 $ (363,534) As of December 31, 2015 Ireland The Netherlands United States of America Other Total Depreciation/Impairment $ (876,219) $ 11,580 $ 5,393 $ 963 $ (858,283) Intangibles (10,071) — (18,763) — (28,834) Interest expense — — (5,435) — (5,435) Accrued maintenance liability (7,003) — 11,880 — 4,877 Obligations under capital leases and debt obligations (3,411) — — — (3,411) Investments — — (10,155) — (10,155) Deferred losses — — 66,543 — 66,543 Accrued expenses — — 14,554 — 14,554 Valuation allowance — (13,915) (35,074) (23,011) (72,000) Losses and credits forward 630,302 13,915 32,342 39,282 715,841 Other (20,647) (2,936) 7,350 (11,651) (27,884) Net deferred income tax (liabilities) assets $ (287,049) $ 8,644 $ 68,635 $ 5,583 $ (204,187) |
Summary Of Valuation Allowance | The following table presents the movements in the valuation allowance for deferred income tax assets during the years ended December 31, 2016 and 2015 : Year Ended December 31, 2016 2015 Valuation allowance at beginning of period $ 72,000 $ 61,933 Increase of allowance to income tax provision 55,361 10,067 Valuation allowance at end of period $ 127,361 $ 72,000 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Changes In Accumulated Other Comprehensive Income (Loss) | Movements in AOCI for the year s ended December 31, 2016 and 2015 we re as follows : Net change in fair value of derivatives Actuarial gain (loss) on pension obligations Total Balance as of December 31, 2014 $ (356) $ (6,539) $ (6,895) Total other comprehensive income 338 250 588 Balance as of December 31, 2015 $ (18) $ (6,289) $ (6,307) Total other comprehensive income (loss) 5,990 (1,452) 4,538 Balance as of December 31, 2016 $ 5,972 $ (7,741) $ (1,769) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-Based Compensation [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 Holdings N.V. Equity Plans during the year ended December 31, 2016 : Year Ended December 31, 2016 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 3,739,690 5,554,011 $ 39.81 $ 45.42 Granted (a) 307,907 276,669 41.12 40.14 Transfers between categories 64,448 (64,448) 46.59 46.59 Vested (b) (495,508) (180,480) 13.76 19.39 Cancelled (36,703) (73,410) 45.90 45.90 Number at end of period (c) 3,579,834 5,512,342 $ 42.78 $ 46.19 (a) Includes 180,000 restricted stock granted under the AerCap Holdings N.V. Equity Plans, of which 111,901 restricted stock were issued with the remaining restricted stock being withheld and applied to pay the taxes involved. (b) 279,594 restricted stock units, which were previously granted under the AerCap Holdings N.V. Equity Plans, vested. In connection with the vesting of the restricted stock units, the Company issued, in full satisfaction of its obligations, 150,082 ordinary shares to the holders of these restricted stock units with the remainder being withheld and applied to pay the taxes involved. In addition, restrictions on 396,394 restricted stock ( 253,040 restricted stock net of withholding for taxes) lapsed during the period. (c) During the year ended December 31, 2016, 807,227 restricted stock units that had been issued previously were converted to restricted stock of which 541,037 were issued with the remaining stock being withheld and applied to pay the taxes involved. The converted restricted stock remained subject to restrictions and conditions identical to the restricted stock units, including vesting and forfeiture conditions. |
Summary Of Outstanding Stock Options Under Equity Incentive Plan 2006 Activity | The following table presents movements in the outstanding stock options under the Equity Incentive Plan 2006 (no options were granted under the Equity Incentive Plan 2012 or Equity Incentive Plan 2014) and the stock options that rolled over from the amalgamation of Genesis in 2010 during the year ended December 31, 2016 . All outstanding options were vested. Year Ended December 31, 2016 Number of options Weighted average exercise price ($) Options outstanding at beginning of period 519,693 $ 19.08 Exercised (379,648) 23.90 Options outstanding at end of period (a) 140,045 $ 6.02 (a) Includes 2,100 AER options granted to former Genesis directors and employees at the closing of the amalgamation with Genesis on March 25, 2010. These options were issued pursuant to a separate board resolution, and were not issued under any of the AerCap Holdings N.V. Equity Plans. |
Summary Of Expected Sharebased Compensation Expenses Assuming Established Performance Criteria Are Met And No Forfeitures Occur | The following table presents our expected share-based compensation expense assuming that the established performance criteria are met and that no forfeitures occur: Expected share-based compensation expense (U.S. dollar amounts in millions) 2017 $ 98.1 2018 47.6 2019 7.9 2020 0.6 |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Geographic Information [Abstract] | |
Schedule Of Lease Revenue By Segment | The following table presents (i) the percentage of lease revenue attributable to individual countries representing at least 10% of our total lease revenue in any year presented; and (ii) the percentage of lease revenue attributable to Ireland , our country of domicile, based on each lessee’s principal place of business, for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Amount % Amount % Amount % China (a) $ 669,859 13.8 % $ 656,809 13.2 % $ 427,737 12.4 % United States of America 535,526 11.0 % 538,686 10.8 % 378,693 11.0 % Ireland 117,259 2.4 % 58,571 1.2 % 36,513 1.1 % Other countries (b) 3,544,979 72.8 % 3,737,485 74.8 % 2,606,628 75.5 % Total $ 4,867,623 100.0 % $ 4,991,551 100.0 % $ 3,449,571 100.0 % (a) Includes m ainland China, Hong Kong and Macau. (b) No individual country within this category accounts for more than 10% of our lease revenue. |
Schedule Of Long-Lived Assets By Segment | The following table presents (i) 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 intangible assets, attributable to individual countries representing at least 10% of our total long-lived assets in any year presented; and (ii) the percentage of long-lived assets attributable to Ireland , our country of domicile , based on each lessee’s principal place of business, as of December 31, 2016 and 2015 : As of December 31, 2016 2015 Amount % Amount % China (a) $ 4,962,336 14.5 % $ 5,143,237 14.5 % United States of America 4,752,971 13.9 % 4,528,441 12.8 % Ireland 703,635 2.1 % 929,509 2.6 % Other countries (b) 23,858,317 69.5 % 24,897,193 70.1 % Total (c) $ 34,277,259 100.0 % $ 35,498,380 100.0 % (a) Includes m ainland China, Hong Kong and Macau. (b) No individual country within this category accounts for more than 10% of our long-lived assets. (c) Excludes AeroTurbine long-lived assets of $105.7 million and $225.0 million as of December 31, 2016 and 2015 , respectively. |
Selling, General And Administ59
Selling, General And Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Selling, General And Administrative Expenses [Abstract] | |
Schedule Of Selling, General And Administrative Expenses | Selling, general and administrative expenses consisted of the following for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Personnel expenses $ 149,505 $ 161,967 $ 130,254 Share-based compensation 102,843 100,162 68,152 Travel expenses 21,201 23,090 17,501 Professional services 30,983 42,921 32,359 Office expenses 20,703 26,989 21,678 Directors' expenses 3,051 2,780 3,441 Other expenses 22,726 23,399 26,507 $ 351,012 $ 381,308 $ 299,892 |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income [Abstract] | |
Schedule Of Other Income | Other income consisted of the following for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Management fees $ 18,298 $ 23,094 $ 23,867 Interest and other income 127,688 (a) 89,582 (b) 80,624 (c) $ 145,986 $ 112,676 $ 104,491 (a) Includes income from net insurance proceeds of $54.2 million, lease terminations of $63.2 million and a gain related to the repayment of a note receivable earlier than expected of $27.7 million. In addition, we incurred an expense of $36.0 million related to a lower of cost or market adjustment of AeroTurbine’s parts inventory as a result of the AeroTurbine downsizing. Please refer to Note 26 — AeroTurbine restructuring . (b) Includes income from net insurance proceeds of $16.2 million and the settlement of asset value guarantees of $22.6 million. In addition, we incurred an expense of $38.7 million related to a lower of cost or market adjustment of AeroTurbine’s parts inventory as a result of the AeroTurbine downsizing. Please refer to Note 26— AeroTurbine restructuring . (c) Includes a $19.9 million gain from the sale of an investment accounted for under the equity method . |
Lease Revenue (Tables)
Lease Revenue (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 as of December 31, 2016 were as follows: Contracted minimum future lease payments receivable 2017 $ 3,985,709 2018 3,422,297 2019 2,849,348 2020 2,319,871 2021 1,941,373 Thereafter 6,563,776 $ 21,082,374 |
Asset Impairment (Tables)
Asset Impairment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Asset Impairment [Abstract] | |
Schedule Of Asset Impairment | Asset impairment consisted of the following for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Flight equipment held for operating leases (Note 6) $ 78,335 $ 16,322 $ 21,828 Flight equipment held for sale 3,272 — — Other assets — 13 — $ 81,607 $ 16,335 $ 21,828 |
AeroTurbine Restructuring (Tabl
AeroTurbine Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
AeroTurbine, Inc. [Member] | |
Schedule Of Impairment Charges And Severance Expenses | We recorded the following charges in transaction, integration and restructuring related expenses in our Consolidated Income Statements during the years ended December 31, 2016 and 2015 . Year Ended December 31, 2016 2015 Leased engines impairment $ 15,392 $ 22,402 Severance expenses 19,801 2,072 Tradename and other intangible assets impairment 14,868 24,837 Write-down of fixed assets and consumable inventory 3,328 — $ 53,389 $ 49,311 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computations Of Basic And Diluted Earnings Per Share | The computations of basic and diluted EPS for the years ended December 31, 2016 , 2015 and 2014 were as follows: Year Ended December 31, 2016 2015 2014 Net income for the computation of basic EPS $ 1,046,630 $ 1,178,730 $ 810,447 Weighted average ordinary shares outstanding - basic 185,514,370 203,850,828 175,912,662 Basic EPS $ 5.64 $ 5.78 $ 4.61 Year Ended December 31, 2016 2015 2014 Net income for the computation of diluted EPS $ 1,046,630 $ 1,178,730 $ 810,447 Weighted average ordinary shares outstanding - diluted 189,682,036 206,224,135 178,684,989 Diluted EPS $ 5.52 $ 5.72 $ 4.54 |
Computation Of Ordinary Shares Outstanding, Excluding Unvested Restricted Stock | The computations of ordinary shares outstanding, excluding unvested restricted stock, as of December 31, 2016 , 2015 and 2014 were as follows: As of December 31, 2016 2015 2014 Number of ordinary shares Ordinary shares issued 187,847,345 203,411,207 212,318,291 Treasury shares (11,600,191) (3,069,003) — Ordinary shares outstanding 176,247,154 200,342,204 212,318,291 Unvested restricted stock (3,426,810) (3,030,724) (232,140) Ordinary shares outstanding, excluding unvested restricted stock 172,820,344 197,311,480 212,086,151 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Variable Interest Entities [Abstract] | |
Schedule Of Maximum Exposure To Loss In VIEs | The following table presents our maximum exposure to loss in VIEs for which we are not the PB as of December 31, 2016 and 2015 : As of December 31, 2016 2015 Carrying value of investments (Note 12) $ 118,783 $ 114,711 Carrying value of the ALS Note Receivable — 85,747 Debt guarantees 125,429 248,105 Maximum exposure to loss $ 244,212 $ 448,563 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Summary Of Movements In Prepayments On Flight Equipment | Movements in prepayments on flight equipment during the years ended December 31, 2016 and 2015 were as follows: Year Ended December 31, 2016 2015 Prepayments on flight equipment at beginning of period $ 3,300,426 $ 3,486,514 Prepayments made during the period 837,776 747,541 Interest capitalized during the period 107,688 79,230 Prepayments and capitalized interest applied to the purchase of flight equipment (979,911) (1,012,859) Prepayments on flight equipment at end of period $ 3,265,979 $ 3,300,426 |
Unrecorded Contractual Commitments For The Purchase Of Flight Equipment | The following table presents our contractual commitments for the purchase of flight equipment as of December 31, 2016 : 2017 2018 2019 2020 2021 2022 Total Purchase obligations (a) $ 5,051,158 $ 6,028,196 $ 5,084,565 $ 3,624,926 $ 2,838,730 $ 534,991 $ 23,162,566 (a) Includes commitments to purchase 396 aircraft and 24 purchase and leaseback transactions. |
Schedule Of Minimum Payments Under Lease Agreements | We have operating lease agreements with third parties for office space, company cars and office equipment. As of December 31, 2016 , minimum payments under the lease agreements for office space were as follows: Future minimum lease payments 2017 $ 11,155 2018 11,056 2019 8,754 2020 8,828 2021 8,967 Thereafter 51,343 $ 100,103 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurements [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, 2016 and 2015 : December 31, 2016 Total Level 1 Level 2 Level 3 Assets Derivative assets $ 37,187 $ — $ 37,187 $ — December 31, 2015 Total Level 1 Level 2 Level 3 Assets Derivative assets $ 18,965 $ — $ 18,965 $ — Liabilities Derivative liabilities 21 — 21 — |
Fair Value Of Flight Equipment As Of The Measurement Date, The Valuation Technique And The Related Unobservable Inputs | For flight equipment that we measured at fair value on a non-recurring basis during the year ended December 31, 2016 , the following table presents the fair value of such flight equipment as of the measurement date, the valuation technique and the related unobservable inputs: Fair value Valuation technique Unobservable input Range Weighted average Flight equipment $492.6 million Income approach Discount rate 0% - 14% 5% Remaining holding period 0 - 14 years 7 years Non-contractual cash flows 0% - 100% 25% |
Carrying Amounts And Fair Values Of Financial Instruments | The carrying amounts and fair values of our most significant financial instruments as of December 31, 2016 and 2015 were as follows: December 31, 2016 Carrying value Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 2,035,447 $ 2,035,447 $ 2,035,447 $ — $ — Restricted cash 329,180 329,180 329,180 — — Derivative assets 37,187 37,187 — 37,187 — Notes receivables 23,359 23,359 — 23,359 — $ 2,425,173 $ 2,425,173 $ 2,364,627 $ 60,546 $ — Liabilities Debt $ 27,873,900 (a) $ 28,203,635 $ — $ 28,203,635 $ — Guarantees 51,804 51,804 — — 51,804 $ 27,925,704 $ 28,255,439 $ — $ 28,203,635 $ 51,804 (a) Excludes debt issuance costs and debt discounts. December 31, 2015 Carrying value Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 2,403,098 $ 2,403,098 $ 2,403,098 $ — $ — Restricted cash 419,447 419,447 419,447 — — Derivative assets 18,965 18,965 — 18,965 — Notes receivables 116,197 116,197 — 116,197 — $ 2,957,707 $ 2,957,707 $ 2,822,545 $ 135,162 $ — Liabilities Debt $ 29,806,843 (a) $ 29,915,965 $ — $ 29,915,965 $ — Derivative liabilities 21 21 — 21 — Guarantees 47,380 46,827 — — 46,827 $ 29,854,244 $ 29,962,813 $ — $ 29,915,986 $ 46,827 (a) Excludes debt issuance costs and debt discounts. |
Supplemental Guarantor Financ68
Supplemental Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
AerCap Aviation Notes [Member] | |
Condensed Consolidated Balance Sheet | Condensed Consolidating Balance Sheet December 31, 2016 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Assets Cash and cash equivalents $ 4 $ — $ 835 $ 1,196 $ — $ 2,035 Restricted cash — — 9 320 — 329 Flight equipment held for operating leases, net — — 1,136 30,366 — 31,502 Maintenance rights intangible and lease premium, net — — 51 2,117 — 2,168 Flight equipment held for sale — — — 107 — 107 Net investment in finance and sales-type leases — — — 757 — 757 Prepayments on flight equipment — — — 3,266 — 3,266 Investments including investments in subsidiaries 9,310 — 4,257 119 (13,567) 119 Intercompany receivables 106 — 8,005 5,726 (13,837) — Other assets 104 10 440 951 (168) 1,337 Total Assets $ 9,524 $ 10 $ 14,733 $ 44,925 $ (27,572) $ 41,620 Liabilities and Equity Debt $ — $ 300 $ 40 $ 27,377 $ — $ 27,717 Intercompany payables 978 19 5,701 7,139 (13,837) — Other liabilities 22 2 381 5,084 (168) 5,321 Total liabilities 1,000 321 6,122 39,600 (14,005) 33,038 Total AerCap Holdings N.V. shareholders' equity 8,524 (311) 8,611 5,267 (13,567) 8,524 Non-controlling interest — — — 58 — 58 Total Equity 8,524 (311) 8,611 5,325 (13,567) 8,582 Total Liabilities and Equity $ 9,524 $ 10 $ 14,733 $ 44,925 $ (27,572) $ 41,620 Condensed Consolidating Balance Sheet December 31, 2015 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Assets Cash and cash equivalents $ 14 $ — $ 1,193 $ 1,196 $ — $ 2,403 Restricted cash — — 18 401 — 419 Flight equipment held for operating leases, net — — 1,034 31,185 — 32,219 Maintenance rights intangible and lease premium, net — — 80 3,059 — 3,139 Flight equipment held for sale — — — 71 — 71 Net investment in finance and sales-type leases — — 22 447 — 469 Prepayments on flight equipment — — — 3,300 — 3,300 Investments including investments in subsidiaries 8,290 — 3,385 115 (11,675) 115 Intercompany receivables 46 5 6,157 4,652 (10,860) — Other assets 61 — 377 1,176 — 1,614 Total Assets $ 8,411 $ 5 $ 12,266 $ 45,602 $ (22,535) $ 43,749 Liabilities and Equity Debt $ — $ 298 $ 77 $ 29,267 $ — $ 29,642 Intercompany payables 4 — 4,525 6,331 (10,860) — Other liabilities 58 2 184 5,437 — 5,681 Total liabilities 62 300 4,786 41,035 (10,860) 35,323 Total AerCap Holdings N.V. shareholders' equity 8,349 (295) 7,480 4,490 (11,675) 8,349 Non-controlling interest — — — 77 — 77 Total Equity 8,349 (295) 7,480 4,567 (11,675) 8,426 Total Liabilities and Equity $ 8,411 $ 5 $ 12,266 $ 45,602 $ (22,535) $ 43,749 |
Condensed Consolidated Income Statement | Condensed Consolidating Income Statement Year Ended December 31, 2016 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Revenues and other income Lease revenue $ — $ — $ 157 $ 4,711 $ — $ 4,868 Net gain on sale of assets — — — 139 — 139 Other income (loss) 6 — 507 400 (768) 145 Total Revenues and other income 6 — 664 5,250 (768) 5,152 Expenses Depreciation and amortization — — 64 1,727 — 1,791 Asset impairment — — — 82 — 82 Interest expense — 20 378 1,388 (694) 1,092 Leasing expenses — — 26 557 — 583 Transaction, integration and restructuring related expenses — — — 53 — 53 Selling, general and administrative expenses 60 — 68 297 (74) 351 Total Expenses 60 20 536 4,104 (768) 3,952 (Loss) income before income taxes and income of investments accounted for under the equity method (54) (20) 128 1,146 — 1,200 Provision for income taxes 7 5 (16) (169) — (173) Equity in net earnings of investments accounted for under the equity method — — — 13 — 13 Net (loss) income before income from subsidiaries (47) (15) 112 990 — 1,040 Income (loss) from subsidiaries 1,094 — 867 112 (2,073) — Net income (loss) 1,047 (15) 979 1,102 (2,073) 1,040 Net loss attributable to non-controlling interest — — — 7 — 7 Net income (loss) attributable to AerCap Holdings N.V. $ 1,047 $ (15) $ 979 $ 1,109 $ (2,073) $ 1,047 Condensed Consolidating Income Statement Year Ended December 31, 2015 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Revenues and other income Lease revenue $ — $ — $ 110 $ 4,882 $ — $ 4,992 Net gain on sale of assets — — 14 169 — 183 Other income (loss) 9 — 430 476 (802) 113 Total Revenues and other income 9 — 554 5,527 (802) 5,288 Expenses Depreciation and amortization — — 52 1,791 — 1,843 Asset impairment — — — 16 — 16 Interest expense 12 20 268 1,397 (597) 1,100 Leasing expenses — — 50 472 — 522 Transaction, integration and restructuring related expenses — — — 59 — 59 Selling, general and administrative expenses 108 — 202 277 (205) 382 Total Expenses 120 20 572 4,012 (802) 3,922 (Loss) income before income taxes and income of investments accounted for under the equity method (111) (20) (18) 1,515 — 1,366 Provision for income taxes 28 5 2 (225) — (190) Equity in net earnings of investments accounted for under the equity method — — — 1 — 1 Net (loss) income before income from subsidiaries (83) (15) (16) 1,291 — 1,177 Income (loss) from subsidiaries 1,262 — 1,088 (16) (2,334) — Net income (loss) 1,179 (15) 1,072 1,275 (2,334) 1,177 Net loss attributable to non-controlling interest — — — 2 — 2 Net income (loss) attributable to AerCap Holdings N.V. $ 1,179 $ (15) $ 1,072 $ 1,277 $ (2,334) $ 1,179 Condensed Consolidating Income Statement Year Ended December 31, 2014 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Revenues and other income Lease revenue $ — $ — $ 81 $ 3,369 $ — $ 3,450 Net gain on sale of assets — — 10 28 — 38 Other income (loss) 25 — 254 377 (552) 104 Total Revenues and other income 25 — 345 3,774 (552) 3,592 Expenses Depreciation and amortization — — 9 1,273 — 1,282 Asset impairment — — — 22 — 22 Interest expense 13 20 244 932 (428) 781 Leasing expenses — — 96 46 — 142 Transaction, integration and restructuring related expenses — — — 149 — 149 Selling, general and administrative expenses 83 — 72 269 (124) 300 Total Expenses 96 20 421 2,691 (552) 2,676 (Loss) income before income taxes and income of investments accounted for under the equity method (71) (20) (76) 1,083 — 916 Provision for income taxes (1) — (93) (43) — (137) Equity in net earnings of investments accounted for under the equity method — — — 29 — 29 Net (loss) income before income from subsidiaries (72) (20) (169) 1,069 — 808 Income (loss) from subsidiaries 882 — 869 (169) (1,582) — Net income (loss) 810 (20) 700 900 (1,582) 808 Net loss attributable to non-controlling interest — — — 2 — 2 Net income (loss) attributable to AerCap Holdings N.V. $ 810 $ (20) $ 700 $ 902 $ (1,582) $ 810 |
Condensed Consolidated Statements of Cash Flows | Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2016 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) $ 1,047 $ (15) $ 979 $ 1,102 $ (2,073) $ 1,040 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (1,094) — (867) (112) 2,073 — Depreciation and amortization — — 64 1,727 — 1,791 Asset impairment — — — 82 — 82 Amortization of debt issuance costs and debt discount — 1 2 53 — 56 Amortization of lease premium intangibles — — — 20 — 20 Amortization of fair value adjustments on debt — — — (336) — (336) Accretion of fair value adjustments on deposits and maintenance liabilities — — 1 54 — 55 Maintenance rights write off — — 23 629 — 652 Maintenance liability release to income — — (19) (402) — (421) Net gain on sale of assets — — — (139) — (139) Deferred income taxes (7) (5) 16 157 — 161 Restructuring expenses — — — 34 — 34 Other 63 — (20) 79 — 122 Cash flow from operating activities before changes in working capital 9 (19) 179 2,948 — 3,117 Working capital 1,002 19 (380) (377) — 264 Net cash provided by (used in) operating activities 1,011 — (201) 2,571 — 3,381 Purchase of flight equipment — — (299) (2,594) — (2,893) Proceeds from sale or disposal of assets — — 142 2,225 — 2,367 Prepayments on flight equipment — — — (947) — (947) Collections of finance and sales-type leases — — — 74 — 74 Movement in restricted cash — — 9 81 — 90 Other — — (22) — — (22) Net cash used in investing activities — — (170) (1,161) — (1,331) Issuance of debt — — — 3,642 — 3,642 Repayment of debt — — (9) (5,205) — (5,214) Debt issuance costs paid — — (2) (33) — (35) Maintenance payments received — — 38 758 — 796 Maintenance payments returned — — (30) (475) — (505) Security deposits received — — 20 182 — 202 Security deposits returned — — (3) (268) — (271) Dividend paid to non-controlling interest holders — — — (11) — (11) Repurchase of shares and tax withholdings on share-based compensation (1,021) — — — — (1,021) Net cash (used in) provided by financing activities (1,021) — 14 (1,410) — (2,417) Net decrease in cash and cash equivalents (10) — (357) — — (367) Effect of exchange rate changes — — (1) — — (1) Cash and cash equivalents at beginning of period 14 — 1,193 1,196 — 2,403 Cash and cash equivalents at end of period $ 4 $ — $ 835 $ 1,196 $ — $ 2,035 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2015 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) $ 1,179 $ (15) $ 1,072 $ 1,275 $ (2,334) $ 1,177 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (1,262) — (1,088) 16 2,334 — Depreciation and amortization — — 52 1,791 — 1,843 Asset impairment — — — 16 — 16 Amortization of debt issuance costs and debt discount 1 1 9 35 — 46 Amortization of lease premium intangibles — — — 23 — 23 Amortization of fair value adjustments on debt — — — (443) — (443) Accretion of fair value adjustments on deposits and maintenance liabilities — — 1 75 — 76 Maintenance rights write off — — 7 622 — 629 Maintenance liability release to income — — (4) (240) — (244) Net gain on sale of assets — — (14) (169) — (183) Deferred income taxes (28) (5) (2) 145 — 110 Restructuring expenses — — — 49 — 49 Other 64 — 26 — — 90 Cash flow from operating activities before changes in working capital (46) (19) 59 3,195 — 3,189 Working capital 846 19 537 (1,231) — 171 Net cash provided by operating activities 800 — 596 1,964 — 3,360 Purchase of flight equipment — — (299) (2,473) — (2,772) Proceeds from sale or disposal of assets — — 94 1,474 — 1,568 Prepayments on flight equipment — — — (792) — (792) Collections of finance and sales-type leases — — 3 52 — 55 Movement in restricted cash — — (11) 309 — 298 Other — — — (73) — (73) Net cash used in investing activities — — (213) (1,503) — (1,716) Issuance of debt 300 — — 3,614 — 3,914 Repayment of debt (300) — (8) (3,736) — (4,044) Debt issuance costs paid — — (1) (48) — (49) Maintenance payments received — — 19 757 — 776 Maintenance payments returned — — (20) (538) — (558) Security deposits received — — 20 151 — 171 Security deposits returned — — (7) (137) — (144) Repurchase of shares and tax withholdings on share-based compensation (794) — — — — (794) Net cash (used in) provided by financing activities (794) — 3 63 — (728) Net increase in cash and cash equivalents 6 — 386 524 — 916 Effect of exchange rate changes 1 — (9) 5 — (3) Cash and cash equivalents at beginning of period 7 — 816 667 — 1,490 Cash and cash equivalents at end of period $ 14 $ — $ 1,193 $ 1,196 $ — $ 2,403 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2014 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) $ 810 $ (20) $ 700 $ 900 $ (1,582) $ 808 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (882) — (869) 169 1,582 — Dividend received — — 12 — (12) — Depreciation and amortization — — 9 1,273 — 1,282 Asset impairment — — — 22 — 22 Amortization of debt issuance costs and debt discount 3 1 — 82 — 86 Amortization of lease premium intangibles — — — 18 — 18 Amortization of fair value adjustments on debt — — — (331) — (331) Accretion of fair value adjustments on deposits and maintenance liabilities — — — 72 — 72 Maintenance rights write off — — — 131 — 131 Maintenance liability release to income — — — (92) — (92) Net gain on sale of assets — — (10) (27) — (37) Deferred income taxes — — 93 23 — 116 Other 43 — 7 52 — 102 Cash flow from operating activities before changes in working capital (26) (19) (58) 2,292 (12) 2,177 Working capital 163 19 1,131 (1,176) — 137 Net cash provided by (used in) operating activities 137 — 1,073 1,116 (12) 2,314 Purchase of flight equipment — — (1,198) (892) — (2,090) Proceeds from sale or disposal of assets 21 — 737 (188) — 570 Prepayments on flight equipment — — (2) (456) — (458) Acquisition of ILFC, net of cash acquired — — — (195) — (195) Collections of finance and sales-type leases — — — 41 — 41 Movement in restricted cash — — 1 281 — 282 Net cash provided by (used in) investing activities 21 — (462) (1,409) — (1,850) Issuance of debt 75 — 43 5,294 — 5,412 Repayment of debt (225) — (10) (4,592) — (4,827) Debt issuance costs paid — — — (135) — (135) Maintenance payments received — — 26 536 — 562 Maintenance payments returned — — — (286) — (286) Security deposits received — — 9 98 — 107 Security deposits returned — — (2) (97) — (99) Dividend paid — — — (12) 12 — Net cash (used in) provided by financing activities (150) — 66 806 12 734 Net increase in cash and cash equivalents 8 — 677 513 — 1,198 Effect of exchange rate changes (1) — (1) (2) — (4) Cash and cash equivalents at beginning of period — — 140 156 — 296 Cash and cash equivalents at end of period $ 7 $ — $ 816 $ 667 $ — $ 1,490 |
Condensed Consolidated Statement Of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2016 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) attributable to AerCap Holdings N.V. $ 1,047 $ (15) $ 979 $ 1,109 $ (2,073) $ 1,047 Other comprehensive (loss) income: Net change in fair value of derivatives, net of tax — — — 6 — 6 Actuarial loss on pension obligations, net of tax — — (2) — — (2) Total other comprehensive (loss) income — — (2) 6 — 4 Total comprehensive income (loss) attributable to AerCap Holdings N.V. $ 1,047 $ (15) $ 977 $ 1,115 $ (2,073) $ 1,051 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2015 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) attributable to AerCap Holdings N.V. $ 1,179 $ (15) $ 1,072 $ 1,277 $ (2,334) $ 1,179 Other comprehensive income: Net change in fair value of derivatives, net of tax — — — — — — Actuarial gain on pension obligations, net of tax — — — — — — Total other comprehensive income — — — — — — Total comprehensive income (loss) attributable to AerCap Holdings N.V. $ 1,179 $ (15) $ 1,072 $ 1,277 $ (2,334) $ 1,179 Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2014 AerCap Holdings N.V. AerCap Aviation Solutions B.V. AerCap Ireland Ltd. Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) attributable to AerCap Holdings N.V. $ 810 $ (20) $ 700 $ 902 $ (1,582) $ 810 Other comprehensive income: Net change in fair value of derivatives, net of tax — — — 5 — 5 Actuarial gain (loss) on pension obligations, net of tax — — 3 (5) — (2) Total other comprehensive income — — 3 — — 3 Share of other comprehensive income (loss) from subsidiaries 3 — — — (3) — Total comprehensive income (loss) attributable to AerCap Holdings N.V. $ 813 $ (20) $ 703 $ 902 $ (1,585) $ 813 |
AGAT/AICDC Notes [Member] | |
Condensed Consolidated Balance Sheet | Condensed Consolidating Balance Sheet December 31, 2016 AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Designated Activity Company Guarantors (a) Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Assets Cash and cash equivalents $ 4 $ 829 $ 64 $ 931 $ 207 $ — $ 2,035 Restricted cash — — — 9 320 — 329 Flight equipment held for operating leases, net — 11,012 — 1,299 19,191 — 31,502 Maintenance rights intangible and lease premium, net — 1,190 — 52 926 — 2,168 Flight equipment held for sale — 28 — — 79 — 107 Net investment in finance and sales-type leases — 437 — 166 154 — 757 Prepayments on flight equipment — 3,006 — 5 255 — 3,266 Investments including investments in subsidiaries 9,310 874 7,249 4,941 119 (22,374) 119 Intercompany receivables 106 12,639 1 8,405 5,947 (27,098) — Other assets 104 538 60 632 171 (168) 1,337 Total Assets $ 9,524 $ 30,553 $ 7,374 $ 16,440 $ 27,369 $ (49,640) $ 41,620 Liabilities and Equity Debt $ — $ 17,316 $ — $ 340 $ 10,061 $ — $ 27,717 Intercompany payables 978 3,726 5,057 7,067 10,270 (27,098) — Other liabilities 22 2,241 11 448 2,767 (168) 5,321 Total liabilities 1,000 23,283 5,068 7,855 23,098 (27,266) 33,038 Total AerCap Holdings N.V. shareholders' equity 8,524 7,270 2,306 8,509 4,289 (22,374) 8,524 Non-controlling interest — — — 76 (18) — 58 Total Equity 8,524 7,270 2,306 8,585 4,271 (22,374) 8,582 Total Liabilities and Equity $ 9,524 $ 30,553 $ 7,374 $ 16,440 $ 27,369 $ (49,640) $ 41,620 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. Condensed Consolidating Balance Sheet December 31, 2015 AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Designated Activity Company Guarantors (a) Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Assets Cash and cash equivalents $ 14 $ 769 $ 62 $ 1,366 $ 192 $ — $ 2,403 Restricted cash — — — 18 401 — 419 Flight equipment held for operating leases, net — 13,913 — 1,171 17,135 — 32,219 Maintenance rights intangible and lease premium, net — 1,789 — 82 1,268 — 3,139 Flight equipment held for sale — 12 — — 59 — 71 Net investment in finance and sales-type leases — 193 — 57 219 — 469 Prepayments on flight equipment — 3,022 — 6 272 — 3,300 Investments including investments in subsidiaries 8,290 633 6,319 4,211 115 (19,453) 115 Intercompany receivables 46 11,541 — 6,152 5,739 (23,478) — Other assets 61 619 41 580 342 (29) 1,614 Total Assets $ 8,411 $ 32,491 $ 6,422 $ 13,643 $ 25,742 $ (42,960) $ 43,749 Liabilities and Equity Debt $ — $ 19,456 $ — $ 375 $ 9,811 $ — $ 29,642 Intercompany payables 4 4,025 4,872 5,473 9,104 (23,478) — Other liabilities 58 2,676 14 234 2,728 (29) 5,681 Total liabilities 62 26,157 4,886 6,082 21,643 (23,507) 35,323 Total AerCap Holdings N.V. shareholders' equity 8,349 6,334 1,536 7,484 4,099 (19,453) 8,349 Non-controlling interest — — — 77 — — 77 Total Equity 8,349 6,334 1,536 7,561 4,099 (19,453) 8,426 Total Liabilities and Equity $ 8,411 $ 32,491 $ 6,422 $ 13,643 $ 25,742 $ (42,960) $ 43,749 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. |
Condensed Consolidated Income Statement | Condensed Consolidating Income Statement Year Ended December 31, 2016 AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Designated Activity Company Guarantors (a) Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Revenues and other income Lease revenue $ — $ 2,058 $ — $ 205 $ 2,605 $ — $ 4,868 Net gain on sale of assets — 33 — 6 100 — 139 Other income (loss) 6 653 — 552 359 (1,425) 145 Total Revenues and other income 6 2,744 — 763 3,064 (1,425) 5,152 Expenses Depreciation and amortization — 770 — 72 949 — 1,791 Asset impairment — 32 — — 50 — 82 Interest expense — 753 184 385 955 (1,185) 1,092 Leasing expenses — 290 — 27 266 — 583 Transaction, integration and restructuring related expenses — — — — 53 — 53 Selling, general and administrative expenses 60 120 1 102 308 (240) 351 Total Expenses 60 1,965 185 586 2,581 (1,425) 3,952 (Loss) income before income taxes and income of investments accounted for under the equity method (54) 779 (185) 177 483 — 1,200 Provision for income taxes 7 (97) 23 (36) (70) — (173) Equity in net earnings of investments accounted for under the equity method — — — — 13 — 13 Net (loss) income before income from subsidiaries (47) 682 (162) 141 426 — 1,040 Income (loss) from subsidiaries 1,094 237 919 701 (867) (2,084) — Net income (loss) 1,047 919 757 842 (441) (2,084) 1,040 Net loss attributable to non-controlling interest — — — — 7 — 7 Net income (loss) attributable to AerCap Holdings N.V. $ 1,047 $ 919 $ 757 $ 842 $ (434) $ (2,084) $ 1,047 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. Condensed Consolidating Income Statement Year Ended December 31, 2015 AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Designated Activity Company Guarantors (a) Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Revenues and other income Lease revenue $ — $ 2,355 $ — $ 134 $ 2,503 $ — $ 4,992 Net gain on sale of assets — 168 — 13 2 — 183 Other income (loss) 9 599 14 479 319 (1,307) 113 Total Revenues and other income 9 3,122 14 626 2,824 (1,307) 5,288 Expenses Depreciation and amortization — 868 — 65 910 — 1,843 Asset impairment — 3 — — 13 — 16 Interest expense 12 780 164 359 735 (950) 1,100 Leasing expenses — 266 — 61 195 — 522 Transaction, integration and restructuring related expenses — — — 9 50 — 59 Selling, general and administrative expenses 108 112 — 257 262 (357) 382 Total Expenses 120 2,029 164 751 2,165 (1,307) 3,922 (Loss) income before income taxes and income of investments accounted for under the equity method (111) 1,093 (150) (125) 659 — 1,366 Provision for income taxes 28 (136) 19 38 (139) — (190) Equity in net earnings of investments accounted for under the equity method — — — — 1 — 1 Net (loss) income before income from subsidiaries (83) 957 (131) (87) 521 — 1,177 Income (loss) from subsidiaries 1,262 104 1,060 933 (1,090) (2,269) — Net income (loss) 1,179 1,061 929 846 (569) (2,269) 1,177 Net loss attributable to non-controlling interest — — — — 2 — 2 Net income (loss) attributable to AerCap Holdings N.V. $ 1,179 $ 1,061 $ 929 $ 846 $ (567) $ (2,269) $ 1,179 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. Condensed Consolidating Income Statement Year Ended December 31, 2014 AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Designated Activity Company Guarantors (a) Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Revenues and other income Lease revenue $ — $ 789 $ 10 $ 220 $ 2,431 $ — $ 3,450 Net gain on sale of assets — 8 — 10 20 — 38 Other income (loss) 25 317 — 333 342 (913) 104 Total Revenues and other income 25 1,114 10 563 2,793 (913) 3,592 Expenses Depreciation and amortization — 501 — 53 728 — 1,282 Asset impairment — 3 — — 19 — 22 Interest expense 13 443 18 317 715 (725) 781 Leasing expenses — (446) 11 124 453 — 142 Transaction, integration and restructuring related expenses — — 94 26 29 — 149 Selling, general and administrative expenses 83 80 3 142 180 (188) 300 Total Expenses 96 581 126 662 2,124 (913) 2,676 (Loss) income before income taxes and income of investments accounted for under the equity method (71) 533 (116) (99) 669 — 916 Provision for income taxes (1) (56) 10 (33) (57) — (137) Equity in net earnings of investments accounted for under the equity method — — — — 29 — 29 Net (loss) income before income from subsidiaries (72) 477 (106) (132) 641 — 808 Income (loss) from subsidiaries 882 205 683 988 79 (2,837) — Net income (loss) 810 682 577 856 720 (2,837) 808 Net loss attributable to non-controlling interest — — — — 2 — 2 Net income (loss) attributable to AerCap Holdings N.V. $ 810 $ 682 $ 577 $ 856 $ 722 $ (2,837) $ 810 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date. |
Condensed Consolidated Statements of Cash Flows | Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2016 AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Designated Activity Company Guarantors (a) Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) $ 1,047 $ 919 $ 757 $ 842 $ (441) $ (2,084) $ 1,040 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (1,094) (237) (919) (701) 867 2,084 — Depreciation and amortization — 770 — 72 949 — 1,791 Asset impairment — 32 — — 50 — 82 Amortization of debt issuance costs and debt discount — 13 5 4 34 — 56 Amortization of lease premium intangibles — 7 — — 13 — 20 Amortization of fair value adjustments on debt — (330) — — (6) — (336) Accretion of fair value adjustments on deposits and maintenance liabilities — 33 — 2 20 — 55 Maintenance rights write off — 395 — 22 235 — 652 Maintenance liability release to income — (206) — (19) (196) — (421) Net gain on sale of assets — (33) — (6) (100) — (139) Deferred income taxes (7) 98 (22) 28 64 — 161 Restructuring expenses — — — — 34 — 34 Other 63 13 — (7) 53 — 122 Cash flow from operating activities before changes in working capital 9 1,474 (179) 237 1,576 — 3,117 Working capital 1,002 911 181 (545) (1,285) — 264 Net cash provided by (used in) operating activities 1,011 2,385 2 (308) 291 — 3,381 Purchase of flight equipment — (594) — (298) (2,001) — (2,893) Proceeds from sale or disposal of assets — 998 — 158 1,211 — 2,367 Prepayments on flight equipment — (937) — (9) (1) — (947) Collections of finance and sales-type leases — 26 — 22 26 — 74 Movement in restricted cash — — — 9 81 — 90 Other — — — (22) — — (22) Net cash used in investing activities — (507) — (140) (684) — (1,331) Issuance of debt — 1,012 35 — 2,595 — 3,642 Repayment of debt — (2,825) (35) (8) (2,346) — (5,214) Debt issuance costs paid — (9) — (2) (24) — (35) Maintenance payments received — 292 — 39 465 — 796 Maintenance payments returned — (234) — (30) (241) — (505) Security deposits received — 57 — 25 120 — 202 Security deposits returned — (111) — (10) (150) — (271) Dividend paid to non-controlling interest holders — — — — (11) — (11) Repurchase of shares and tax withholdings on share-based compensation (1,021) — — — — — (1,021) Net cash (used in) provided by financing activities (1,021) (1,818) — 14 408 — (2,417) Net (decrease) increase in cash and cash equivalents (10) 60 2 (434) 15 — (367) Effect of exchange rate changes — — — (1) — — (1) Cash and cash equivalents at beginning of period 14 769 62 1,366 192 — 2,403 Cash and cash equivalents at end of period $ 4 829 64 931 207 — $ 2,035 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2015 AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Designated Activity Company Guarantors (a) Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) $ 1,179 $ 1,061 $ 929 $ 846 $ (569) $ (2,269) $ 1,177 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (1,262) (104) (1,060) (933) 1,090 2,269 — Depreciation and amortization — 868 — 65 910 — 1,843 Asset impairment — 3 — — 13 — 16 Amortization of debt issuance costs and debt discount 1 10 5 10 20 — 46 Amortization of lease premium intangibles — 7 — — 16 — 23 Amortization of fair value adjustments on debt — (435) — — (8) — (443) Accretion of fair value adjustments on deposits and maintenance liabilities — 65 — 1 10 — 76 Maintenance rights write off — 350 — 17 262 — 629 Maintenance liability release to income — (141) — (8) (95) — (244) Net gain on sale of assets — (168) — (13) (2) — (183) Deferred income taxes (28) 136 (19) (38) 59 — 110 Restructuring expenses — — — — 49 — 49 Other 64 (36) — 34 28 — 90 Cash flow from operating activities before changes in working capital (46) 1,616 (145) (19) 1,783 — 3,189 Working capital 846 (587) 193 618 (899) — 171 Net cash provided by operating activities 800 1,029 48 599 884 — 3,360 Purchase of flight equipment — (1,476) — (299) (997) — (2,772) Proceeds from sale or disposal of assets — 1,083 — 94 391 — 1,568 Prepayments on flight equipment — (585) — — (207) — (792) Collections of finance and sales-type leases — 17 — 12 26 — 55 Movement in restricted cash — — — (11) 309 — 298 Other — (73) — — — — (73) Net cash used in investing activities — (1,034) — (204) (478) — (1,716) Issuance of debt 300 2,500 — — 1,114 — 3,914 Repayment of debt (300) (2,010) — (8) (1,726) — (4,044) Debt issuance costs paid — (17) — — (32) — (49) Maintenance payments received — 306 — 24 446 — 776 Maintenance payments returned — (244) — (20) (294) — (558) Security deposits received — 97 — 25 49 — 171 Security deposits returned — (83) — (47) (14) — (144) Repurchase of shares and tax withholdings on share-based compensation (794) — — — — — (794) Net cash (used in) provided by financing activities (794) 549 — (26) (457) — (728) Net increase (decrease) in cash and cash equivalents 6 544 48 369 (51) — 916 Effect of exchange rate changes 1 — — (9) 5 — (3) Cash and cash equivalents at beginning of period 7 225 14 1,006 238 — 1,490 Cash and cash equivalents at end of period $ 14 $ 769 $ 62 $ 1,366 $ 192 $ — $ 2,403 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2014 AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Designated Activity Company Guarantors (a) Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) $ 810 $ 682 $ 577 $ 856 $ 720 $ (2,837) $ 808 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from subsidiaries (882) (205) (683) (988) (79) 2,837 — Dividend received — — — 12 — (12) — Depreciation and amortization — 501 — 53 728 — 1,282 Asset impairment — 3 — — 19 — 22 Amortization of debt issuance costs and debt discount 3 304 — 25 (246) — 86 Amortization of lease premium intangibles — 5 — — 13 — 18 Amortization of fair value adjustments on debt — (325) — — (6) — (331) Accretion of fair value adjustments on deposits and maintenance liabilities — 38 — 1 33 — 72 Maintenance rights write off — 68 — 9 54 — 131 Maintenance liability release to income — (24) — (5) (63) — (92) Net gain on sale of assets — (8) — (10) (20) — (38) Deferred income taxes — 56 10 33 17 — 116 Other 43 — — 17 42 — 102 Cash flow from operating activities before changes in working capital (26) 1,095 (96) 3 1,212 (12) 2,176 Working capital 163 389 110 (718) 194 — 138 Net cash provided by (used in) operating activities 137 1,484 14 (715) 1,406 (12) 2,314 Purchase of flight equipment — — — (1,198) (892) — (2,090) Proceeds from sale or disposal of assets 21 — — 738 (189) — 570 Prepayments on flight equipment — — — (2) (456) — (458) Acquisition of ILFC, net of cash acquired — (2,400) — 2,205 — — (195) Collections of finance and sales-type leases — (4) — 12 33 — 41 Movement in restricted cash — — — (2) 284 — 282 Other — — — — — — — Net cash provided by (used in) investing activities 21 (2,404) — 1,753 (1,220) — (1,850) Issuance of debt 75 3,400 — 43 1,894 — 5,412 Repayment of debt (225) (2,353) — (10) (2,239) — (4,827) Debt issuance costs paid — (45) — (20) (70) — (135) Maintenance payments received — 195 — 42 325 — 562 Maintenance payments returned — (89) — (101) (96) — (286) Security deposits received — 39 — 9 59 — 107 Security deposits returned — (2) — (133) 36 — (99) Dividend paid — — — — (12) 12 — Net cash (used in) provided by financing activities (150) 1,145 — (170) (103) 12 734 Net increase in cash and cash equivalents 8 225 14 868 83 — 1,198 Effect of exchange rate changes (1) — — (2) (1) — (4) Cash and cash equivalents at beginning of period — — — 140 156 — 296 Cash and cash equivalents at end of period $ 7 $ 225 $ 14 $ 1,006 $ 238 $ — $ 1,490 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date. |
Condensed Consolidated Statement Of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2016 AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Designated Activity Company Guarantors (a) Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) attributable to AerCap Holdings N.V. $ 1,047 $ 919 $ 757 $ 842 $ (434) $ (2,084) $ 1,047 Other comprehensive (loss) income: Net change in fair value of derivatives, net of tax — — — — 6 — 6 Actuarial loss on pension obligations, net of tax — — — (2) — — (2) Total other comprehensive (loss) income — — — (2) 6 — 4 Total comprehensive income (loss) attributable to AerCap Holdings N.V. $ 1,047 $ 919 $ 757 $ 840 $ (428) $ (2,084) $ 1,051 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2015 AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Designated Activity Company Guarantors (a) Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) attributable to AerCap Holdings N.V. $ 1,179 $ 1,061 $ 929 $ 846 $ (567) $ (2,269) $ 1,179 Other comprehensive income: Net change in fair value of derivatives, net of tax — — — — — — — Actuarial gain on pension obligations, net of tax — — — — — — — Total other comprehensive income — — — — — — — Total comprehensive income (loss) attributable to AerCap Holdings N.V. $ 1,179 $ 1,061 $ 929 $ 846 $ (567) $ (2,269) $ 1,179 (a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2014 AerCap Holdings N.V. AerCap Global Aviation Trust AerCap Ireland Capital Designated Activity Company Guarantors (a) Non- Guarantors Eliminations Total (U.S. dollar amounts in millions) Net income (loss) attributable to AerCap Holdings N.V. $ 810 $ 682 $ 577 $ 856 $ 722 $ (2,837) $ 810 Other comprehensive income: Net change in fair value of derivatives, net of tax — — — — 5 — 5 Actuarial gain (loss) on pension obligations, net of tax — — — 3 (5) — (2) Total other comprehensive income — — — 3 — — 3 Share of other comprehensive income (loss) from subsidiaries 3 — — — — (3) — Total comprehensive income (loss) attributable to AerCap Holdings N.V. $ 813 $ 682 $ 577 $ 859 $ 722 $ (2,840) $ 813 Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date |
General (Company, AIG Offering
General (Company, AIG Offering And The Share Repurchase, And Genesis Funding Limited Transaction) (Narrative) (Details) $ in Thousands | Jun. 09, 2015shares | Aug. 24, 2015shares | Dec. 31, 2016USD ($)itemshares | Dec. 31, 2014USD ($)item | Dec. 31, 2015USD ($) |
General [Line Items] | |||||
Total Assets | $ | $ 41,620,453 | $ 43,749,499 | |||
Ordinary shares, acquired | 25,012,978 | ||||
Number of aircraft | item | 1,022 | ||||
GFL [Member] | |||||
General [Line Items] | |||||
Total Assets | $ | $ 727,000 | ||||
Number of aircraft | item | 37 | ||||
Sale of Class A common shares, percentage of ownership before transaction | 100.00% | ||||
AIG [Member] | AerCap Holdings N.V. [Member] | |||||
General [Line Items] | |||||
Number of ordinary shares sold in secondary offering | 71,184,686 | 10,677,702 | |||
Ordinary shares, acquired | 15,698,588 |
Basis Of Presentation (Details)
Basis Of Presentation (Details) - Impact Of Change In Estimate [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Income from continuing operations | $ (14.4) | $ (35.8) | $ (4.4) |
Earnings per share from continued operations, basic | $ (0.08) | $ (0.18) | $ (0.02) |
Earnings per share from continued operations, diluted | $ (0.08) | $ (0.17) | $ (0.02) |
Summary Of Significant Accoun71
Summary Of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | [1] | |
Summary Of Significant Accounting Policies [Line Items] | |||
Minimum aircraft age threshold for performance of impairment assessments | 5 years | ||
Other inventory minimum age threshold for consideration as excess inventory | 4 years | ||
Carrying value of engine and airframe parts and rotable and consumable parts | $ 0 | ||
Number of reportable segments | segment | 1 | ||
Debt issuance costs and debt discounts | $ 156,901,000 | $ 164,980,000 | |
Flight Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life of asset, years | 25 years | ||
Percentage of estimates for residual values of original manufacture cost | 15.00% | ||
[1] | We retrospectively reclassified $165.0 million of debt issuance costs from other assets to a direct reduction of the debt liability as of December 31, 2015. See Note 3-Summary of significant accounting policies. |
ILFC Transaction (Narrative) (D
ILFC Transaction (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 09, 2015 | May 14, 2014 | May 13, 2014 | Aug. 24, 2015 | Dec. 31, 2014 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||||
Ordinary shares, acquired | 25,012,978 | |||||
ILFC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration | $ 2,400,000 | |||||
ILFC Transaction, shares | 97,560,976 | |||||
Consideration transferred | $ 6,957,641 | |||||
AerCap's share price | $ 46.59 | |||||
Total revenues and other income | $ 2,574,700 | |||||
Net income | $ 687,800 | |||||
AIG [Member] | AerCap Holdings N.V. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of ordinary shares sold in secondary offering | 71,184,686 | 10,677,702 | ||||
Ordinary shares, acquired | 15,698,588 | |||||
AIG [Member] | ILFC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Special distribution paid | $ 600,000 |
ILFC Transaction (Schedule Of T
ILFC Transaction (Schedule Of The Consideration Transferred To Effect The ILFC Transaction) (Details) - USD ($) $ / shares in Units, $ in Thousands | May 14, 2014 | May 13, 2014 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
97,560,976 AerCap common shares issued multiplied by AerCap closing share price per share of $46.59 on May 14, 2014 | $ 4,634,688 | ||
ILFC [Member] | |||
Business Acquisition [Line Items] | |||
Cash consideration | $ 2,400,000 | ||
97,560,976 AerCap common shares issued multiplied by AerCap closing share price per share of $46.59 on May 14, 2014 | 4,545,366 | ||
Share compensation | 12,275 | ||
Consideration transferred | $ 6,957,641 | ||
Shares issued for acquisition | 97,560,976 | ||
AerCap's share price | $ 46.59 | ||
ILFC [Member] | AIG [Member] | |||
Business Acquisition [Line Items] | |||
Special distribution paid | $ 600,000 |
ILFC Transaction (Schedule Of R
ILFC Transaction (Schedule Of Reported Transaction And Integration Expenses Related To The ILFC Transaction) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Transaction, integration and restructuring related expenses | $ 53,389,000 | $ 58,913,000 | $ 148,792,000 |
ILFC [Member] | |||
Business Acquisition [Line Items] | |||
Severance and other compensation expenses | 0 | 7,236,000 | 54,600,000 |
Banking fees | 0 | 45,740,000 | |
Professional fees and other expenses | 0 | 2,366,000 | 48,452,000 |
Transaction, integration and restructuring related expenses | $ 0 | $ 9,602,000 | $ 148,792,000 |
ILFC Transaction (Summary Of Pr
ILFC Transaction (Summary Of Pro Forma Information) (Details) - ILFC [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | |
Total revenue and other income | $ 5,212,900 |
Net income (loss) | $ 952,778 |
Restricted Cash (Components Of
Restricted Cash (Components Of Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Cash [Abstract] | ||
Restricted cash | $ 329,180 | $ 419,447 |
Flight Equipment Held For Ope77
Flight Equipment Held For Operating Leases, Net (Movements In Flight Equipment Held For Operating Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Investment In Finance And Sales-type Leases [Abstract] | |||
Net book value at beginning of period | $ 32,219,494 | $ 31,984,668 | |
Additions | 3,863,905 | 3,604,122 | |
Depreciation | (1,753,574) | (1,803,125) | |
Impairment (Note 25) | (78,335) | (16,322) | $ (21,828) |
AeroTurbine restructuring (Note 26) | (15,392) | (22,402) | |
Disposals/Transfers to held for sale | (2,246,825) | (1,325,626) | |
Transfers from held for sale | 24,393 | ||
Transfers to net investment in finance and sales-type leases/inventory | (530,093) | (201,821) | |
Transfers from net investment in finance and sales-type leases | 18,400 | ||
Net book value at end of period | 31,501,973 | 32,219,494 | $ 31,984,668 |
Accumulated depreciation as of December 31, 2016 and 2015, respectively | $ (5,086,611) | $ (3,934,685) |
Net Investment In Finance And78
Net Investment In Finance And Sales-type Leases (Components Of The Net Investment In Finance And Sales-type Leases) (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)agreement | Dec. 31, 2015USD ($) | |
Net Investment In Finance And Sales-type Leases [Abstract] | ||
Future minimum lease payments to be received | $ 708,934,000 | $ 533,879,000 |
Estimated residual values of leased flight equipment (unguaranteed) | 321,739,000 | 164,123,000 |
Less: Unearned income | (274,791,000) | (228,804,000) |
Net investment in finance and sales-type leases, before allowance for credit losses | 755,882,000 | 469,198,000 |
Less: Allowance for credit losses | 0 | 0 |
Net investment in finance and sales-type leases | $ 755,882,000 | $ 469,198,000 |
Number of finance leases, written off for credit losses | agreement | 4 | |
Provision for credit losses on finance leases | $ 11,100,000 |
Net Investment In Finance And79
Net Investment In Finance And Sales-type Leases (Minimum Future Lease Payments On Finance And Sales-type Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Net Investment In Finance And Sales-type Leases [Abstract] | |
2,017 | $ 137,388 |
2,018 | 120,216 |
2,019 | 106,209 |
2,020 | 82,116 |
2,021 | 67,271 |
Thereafter | 195,734 |
Minimum future lease payments on finance and sales-type leases | $ 708,934 |
Maintenance Rights Intangible80
Maintenance Rights Intangible And Lease Premium, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Maintenance Rights Intangible And Lease Premium, Net [Abstract] | |||
Amortization of intangibles | $ 19,836 | $ 23,042 | $ 17,967 |
Maintenance Rights Intangible81
Maintenance Rights Intangible And Lease Premium, Net (Schedule Of Maintenance Rights Intangible And Lease Premium) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Maintenance Rights Intangible And Lease Premium, Net [Abstract] | ||
Maintenance rights intangible | $ 2,117,034 | $ 3,068,318 |
Lease premium, net | 50,891 | 70,727 |
Maintenance Rights Intangible And Lease Premium, Net | $ 2,167,925 | $ 3,139,045 |
Maintenance Rights Intangible82
Maintenance Rights Intangible And Lease Premium, Net (Schedule Of Movements In Maintenance Rights Intangible) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Maintenance rights intangible, net at beginning of period | $ 3,068,318 | |
Maintenance rights intangible, net at end of period | 2,117,034 | $ 3,068,318 |
Maintenance Rights Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Maintenance rights intangible, net at beginning of period | 3,068,318 | 3,812,259 |
EOL and MR contract maintenance rights expense | (381,637) | (348,366) |
MR contract maintenance rights write off due to maintenance liability release | (173,971) | (161,839) |
EOL contract maintenance rights write off due to cash receipt | (96,503) | (118,438) |
EOL and MR contract intangible write off due to sale of aircraft | (284,411) | (115,298) |
Transfer to other assets | (17,162) | |
Additions due to aircraft acquisitions | 2,400 | |
Maintenance rights intangible, net at end of period | $ 2,117,034 | $ 3,068,318 |
Maintenance Rights Intangible83
Maintenance Rights Intangible And Lease Premium, Net (Summary Of Details Of Lease Premiums And Related Accumulated Amortization) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 400,000 | $ 416,465 |
Accumulated amortization | (82,012) | (52,328) |
Finite-lived intangible assets | 317,988 | 364,137 |
Lease Premium [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 94,959 | 107,140 |
Accumulated amortization | (44,068) | (36,413) |
Finite-lived intangible assets | $ 50,891 | $ 70,727 |
Maintenance Rights Intangible84
Maintenance Rights Intangible And Lease Premium, Net (Schedule Of Estimated Amortization Of The Lease Premium) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
2,017 | $ 31,177 | |
2,018 | 24,871 | |
2,019 | 21,176 | |
2,020 | 21,176 | |
2,021 | 21,176 | |
Thereafter | 198,412 | |
Finite-lived intangible assets | 317,988 | $ 364,137 |
Lease Premium [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2,017 | 13,633 | |
2,018 | 11,219 | |
2,019 | 10,466 | |
2,020 | 7,727 | |
2,021 | 5,394 | |
Thereafter | 2,452 | |
Finite-lived intangible assets | $ 50,891 | $ 70,727 |
Flight Equipment Held For Sale
Flight Equipment Held For Sale (Details) - item | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of aircraft held for sale | 6 | 5 | |
Number of engines held for sale | 4 | ||
Number of aircraft sold | 5 |
Other Intangibles, Net (Narrati
Other Intangibles, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation and amortization | $ 1,791,336 | $ 1,843,003 | $ 1,282,228 |
Customer Relationships And Tradename And Other Intangible Assets [Member] | |||
Depreciation and amortization | 31,900 | 33,700 | $ 21,300 |
Contractual Vendor Intangible Assets [Member] | |||
Utilization of intangible assets | 17,800 | 8,800 | |
AeroTurbine, Inc. [Member] | |||
Tradename and other intangible assets impairment | $ 14,868 | $ 24,837 |
Other Intangibles, Net (Schedul
Other Intangibles, Net (Schedule Of Other Intangibles) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other intangibles, net | $ 397,101 | $ 461,006 |
Goodwill [Member] | ||
Other intangibles, net | 58,094 | 58,094 |
Customer Relationships, Net [Member] | ||
Other intangibles, net | 304,294 | 325,471 |
Contractual Vendor Intangible Assets [member] | ||
Other intangibles, net | 21,019 | 38,775 |
Tradename And Other Intangible Assets [Member] | ||
Other intangibles, net | $ 13,694 | $ 38,666 |
Other Intangibles, Net (Sched88
Other Intangibles, Net (Schedule Of Customer Relationships And Tradename And Other Intangible Assets And Related Accumulated Amortization) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 400,000 | $ 416,465 |
Accumulated amortization | (82,012) | (52,328) |
Finite-lived intangible assets | 317,988 | 364,137 |
Customer Relationships, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 360,000 | 360,000 |
Accumulated amortization | (55,706) | (34,529) |
Finite-lived intangible assets | 304,294 | 325,471 |
Tradename And Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 40,000 | 56,465 |
Accumulated amortization | (26,306) | (17,799) |
Finite-lived intangible assets | $ 13,694 | $ 38,666 |
Other Intangibles, Net (Sched89
Other Intangibles, Net (Schedule Of Future Amortization Of The Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Intangibles, Net [Abstract] | ||
2,017 | $ 31,177 | |
2,018 | 24,871 | |
2,019 | 21,176 | |
2,020 | 21,176 | |
2,021 | 21,176 | |
Thereafter | 198,412 | |
Finite-lived intangible assets | $ 317,988 | $ 364,137 |
Other Assets (Schedule Of Other
Other Assets (Schedule Of Other Assets) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | ||||
Inventory | $ 52,673,000 | $ 260,269,000 | |||
Debt issuance costs | [1] | 33,700,000 | 45,524,000 | ||
Lease incentives | 177,128,000 | 162,277,000 | |||
Other receivables | 188,759,000 | 174,841,000 | |||
Investments (Note 12) | 118,783,000 | 114,711,000 | |||
Notes receivables | 23,359,000 | [2],[3] | 116,197,000 | [4] | |
Derivative assets (Note 13) | 37,187,000 | 18,965,000 | |||
Other tangible fixed assets | 36,427,000 | 20,845,000 | |||
Straight-line rents, prepaid expenses and other | 111,190,000 | 85,114,000 | |||
Other assets | 779,206,000 | 998,743,000 | |||
Debt issuance costs and debt discounts | 156,901,000 | 164,980,000 | [5] | ||
Allowance for credit losses on notes receivable | 0 | 0 | |||
Notes Receivable, Provision | 0 | 2,000,000 | |||
Notes Receivable, Writedown | $ 0 | $ 2,000,000 | |||
[1] | We retrospectively reclassified $165.0 million of debt issuance costs from other assets to a direct reduction of the debt liability as of December 31, 2015. We continue to present debt issuance costs related to our revolving credit facilities within other assets. Please refer to Note 3-Summary of significant accounting policies. | ||||
[2] | As of December 31, 2016, we did not have an allowance for credit losses on notes receivables and there was no activity recorded for credit losses during the year ended December 31, 2016. | ||||
[3] | In December 2016, the ALS Note Receivable was repaid. Please refer to Note 28-Variable Interest Entities for further details. | ||||
[4] | As of December 31, 2015, we did not have an allowance for credit losses on notes receivables. We recognized a $2.0 million provision, which was used upon termination of the related leases during the year ended December 31, 2015. | ||||
[5] | We retrospectively reclassified $165.0 million of debt issuance costs from other assets to a direct reduction of the debt liability as of December 31, 2015. See Note 3-Summary of significant accounting policies. |
Investments (Components Of Inve
Investments (Components Of Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity investment in unconsolidated joint venture | $ 118,783 | $ 114,711 | |
Other investments at cost | 6 | 6 | |
Undistributed earnings of investments | $ 38,400 | $ 34,400 | |
Maximum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity investment, ownership percentage | 50.00% | 50.00% | |
AerDragon [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity investment in unconsolidated joint venture | [1] | $ 60,124 | $ 55,430 |
Equity investment, ownership percentage | [1] | 17.00% | |
AerLift [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity investment in unconsolidated joint venture | $ 45,087 | 47,352 | |
Equity investment, ownership percentage | 39.00% | ||
ACSAL [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity investment in unconsolidated joint venture | [1] | $ 13,566 | $ 11,923 |
Equity investment, ownership percentage | [1] | 19.00% | |
[1] | AerDragon and ACSAL are VIEs for which we are not the PB but do have significant influence. Therefore, they are accounted for under the equity method. |
Derivative Assets And Liabili92
Derivative Assets And Liabilities (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative Assets And Liabilities [Abstract] | ||
Cash collateral | $ 8.6 | $ 4.5 |
Derivative Financial Instrument
Derivative Financial Instruments (Schedule of Notional Amounts and Fair Values of Derivatives Outstanding) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Derivative assets, Fair Value | $ 37,187 | $ 18,965 |
Derivative liabilities, Fair Value | 21 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative assets, Notional Amount | 425,612 | |
Derivative assets, Fair Value | 6,825 | |
Derivative liabilities, Notional Amount | 23,223 | |
Derivative liabilities, Fair Value | 21 | |
Nondesignated [Member] | Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Derivative assets, Notional Amount | 2,911,220 | 2,194,210 |
Derivative assets, Fair Value | $ 30,362 | $ 18,965 |
Derivative Financial Instrume94
Derivative Financial Instruments (Schedule of Gain (Loss) Recorded in OCI Related to Derivative Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification of derivative loss to interest expense | $ 3,126 | |||
Net changes in cash flow hedges, Income tax effect | $ (856) | $ (47) | (649) | |
Net changes in cash flow hedges, net of tax | [1] | 5,990 | 338 | 4,542 |
Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of change in fair market value of derivatives | $ 6,846 | $ 385 | $ 2,065 | |
[1] | During the years ended December 31, 2016 or 2015, we did not reclassify any amounts from AOCI to our Consolidated Income Statements. During the year ended December 31, 2014, we reclassified $3.1 million from AOCI to interest expense in our Consolidated Income Statement. |
Derivative Financial Instrume95
Derivative Financial Instruments (Schedule of Effect of Derivatives Recorded in Interest Expense and Other Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification to Consolidated Income Statements: | |||
Reclassification of amounts previously recorded in AOCI | $ 3,126 | ||
Effect from derivatives | $ 1,628 | $ 18,118 | 16,695 |
Interest Rate Caps And Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives not designated as hedges | $ 1,628 | $ 18,118 | $ 13,569 |
Accounts Payable, Accrued Exp96
Accounts Payable, Accrued Expenses And Other Liabilities (Schedule Of Accrued Expenses And Other Liabilities) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts Payable, Accrued Expenses And Other Liabilities [Abstract] | ||
Accounts payable and accrued expenses | $ 330,437,000 | $ 417,892,000 |
Deferred revenue | 463,090,000 | 463,167,000 |
Accrued interest | 287,205,000 | 310,739,000 |
Guarantees (Note 30) | 51,804,000 | 47,380,000 |
Derivative liabilities (Note 13) | 0 | 21,000 |
Accounts payable, accrued expenses and other liabilities | $ 1,132,536,000 | $ 1,239,199,000 |
Accrued Maintenance Liability97
Accrued Maintenance Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accrued Maintenance Liability [Abstract] | ||
Accrued maintenance liability at beginning of period | $ 3,185,794 | $ 3,194,365 |
Maintenance payments received | 794,711 | 776,488 |
Maintenance payments returned | (505,407) | (558,477) |
Release to income other than upon sale | (421,332) | (243,809) |
Release to income upon sale | (341,161) | (49,077) |
Lessor contribution, top ups and other | 8,315 | 18,403 |
Interest accretion | 26,563 | 47,901 |
Additions due to aircraft acquisitions | 3,093 | |
Accrued maintenance liability at end of period | $ 2,750,576 | $ 3,185,794 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | |||
Debt Instrument [Line Items] | ||||
Collateral (Number of aircraft) | item | 540 | |||
Commitment | $ 34,699,715 | |||
Debt, undrawn amounts | 7,338,181 | |||
Long-term Debt | 27,716,999 | $ 29,641,863 | ||
Fair value adjustments | 500,000 | |||
Debt issuance costs and debt discounts | (156,901) | (164,980) | [1] | |
Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment | 18,469,864 | |||
Debt, undrawn amounts | 4,100,000 | |||
Long-term Debt | 14,800,212 | 15,619,510 | ||
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment | 14,674,071 | |||
Debt, undrawn amounts | 3,238,181 | |||
Long-term Debt | 11,518,140 | 12,623,288 | ||
Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment | 1,555,780 | |||
Long-term Debt | 1,555,548 | 1,564,045 | ||
ILFC Legacy Notes [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment | 7,670,000 | |||
Long-term Debt | $ 7,670,000 | 9,220,000 | ||
Debt, weighted average interest rate | [2] | 6.96% | ||
AerCap Aviation Notes [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment | $ 300,000 | |||
Long-term Debt | $ 300,000 | 300,000 | ||
Debt, weighted average interest rate | [2] | 6.38% | ||
Debt, Maturity | 2,017 | |||
AerCap Trust & AICDC [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment | $ 6,399,864 | |||
Long-term Debt | $ 6,399,864 | 5,399,864 | ||
Debt, weighted average interest rate | [2] | 4.25% | ||
Asia Revolving Credit Facility [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment | $ 600,000 | |||
Debt, undrawn amounts | $ 600,000 | |||
Debt, Maturity | 2,020 | |||
Citi Revolving Credit Facility [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment | $ 3,000,000 | |||
Debt, undrawn amounts | $ 3,000,000 | |||
Debt, Maturity | 2,018 | |||
AIG Revolving Credit Facility [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment | $ 500,000 | |||
Debt, undrawn amounts | $ 500,000 | |||
Debt, Maturity | 2,019 | |||
Other Unsecured Debt [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 27,959 | |||
Unsecured Debt, Fair Value Adjustment [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 430,348 | 671,687 | ||
Export Credit Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Collateral (Number of aircraft) | item | 85 | |||
Export Credit Facilities [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Collateral (Number of aircraft) | item | 85 | |||
Commitment | $ 1,722,376 | |||
Long-term Debt | $ 1,722,376 | 2,292,686 | ||
Debt, weighted average interest rate | [2] | 2.52% | ||
Senior Secured Notes [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Collateral (Number of aircraft) | item | 85 | |||
Commitment | $ 1,275,000 | |||
Long-term Debt | $ 1,275,000 | 2,550,000 | ||
Debt, weighted average interest rate | [2] | 7.13% | ||
Debt, Maturity | 2,018 | |||
Institutional Secured Term Loans & Secured Portfolio Loans [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Collateral (Number of aircraft) | item | 221 | |||
Commitment | $ 6,484,123 | |||
Debt, undrawn amounts | 1,455,500 | |||
Long-term Debt | $ 5,028,623 | 3,269,822 | ||
Debt, weighted average interest rate | [2] | 3.16% | ||
ALS II Debt [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Collateral (Number of aircraft) | item | 26 | |||
Commitment | $ 17,746 | |||
Long-term Debt | $ 17,746 | 210,557 | ||
Debt, weighted average interest rate | [2] | 2.55% | ||
Debt, Maturity | 2,038 | |||
AerFunding Revolving Credit Facility [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Collateral (Number of aircraft) | item | 15 | |||
Commitment | $ 2,160,000 | |||
Debt, undrawn amounts | 1,563,181 | |||
Long-term Debt | $ 596,819 | 1,058,294 | ||
Debt, weighted average interest rate | [2] | 2.92% | ||
Debt, Maturity | 2,019 | |||
AeroTurbine Revolving Credit Agreement [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment | [3] | $ 200,000 | ||
Debt, undrawn amounts | [3] | 75,000 | ||
Long-term Debt | [3] | $ 125,000 | 321,603 | |
Debt, weighted average interest rate | [2],[3] | 3.27% | ||
Debt, Maturity | [3] | 2,019 | ||
Other Secured Debt [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Collateral (Number of aircraft) | item | 108 | |||
Commitment | $ 2,814,826 | |||
Debt, undrawn amounts | 144,500 | |||
Long-term Debt | $ 2,670,325 | 2,745,423 | ||
Debt, weighted average interest rate | [2] | 3.57% | ||
Other Secured Debt [Member] | Other Secured Debt Limited Recourse In Nature [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 209,500 | |||
Secured Debt Fair Value Adjustment [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 82,251 | 174,903 | ||
ECAPs Subordinated Debt [Member] | Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment | 1,000,000 | |||
Long-term Debt | $ 1,000,000 | 1,000,000 | ||
Debt, weighted average interest rate | [2] | 4.77% | ||
Debt, Maturity | 2,065 | |||
Junior Subordinated Notes [Member] | Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment | $ 500,000 | |||
Long-term Debt | $ 500,000 | 500,000 | ||
Debt, weighted average interest rate | [2] | 6.50% | ||
Debt, Maturity | 2,045 | |||
Subordinated Debt Joint Ventures Partners [Member] | Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment | $ 55,780 | |||
Long-term Debt | $ 55,780 | 64,280 | ||
Debt, weighted average interest rate | [2] | 2.26% | ||
Debt, Maturity | 2,022 | |||
Subordinated Debt Fair Value Adjustment [Member] | Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ (232) | $ (235) | ||
Minimum [Member] | ILFC Legacy Notes [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Maturity | 2,017 | |||
Minimum [Member] | AerCap Trust & AICDC [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Maturity | 2,017 | |||
Minimum [Member] | Export Credit Facilities [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Maturity | 2,017 | |||
Minimum [Member] | Institutional Secured Term Loans & Secured Portfolio Loans [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Maturity | 2,020 | |||
Minimum [Member] | Other Secured Debt [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Maturity | 2,017 | |||
Maximum [Member] | ILFC Legacy Notes [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Maturity | 2,022 | |||
Maximum [Member] | AerCap Trust & AICDC [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Maturity | 2,022 | |||
Maximum [Member] | Export Credit Facilities [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Maturity | 2,027 | |||
Maximum [Member] | Institutional Secured Term Loans & Secured Portfolio Loans [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Maturity | 2,024 | |||
Maximum [Member] | Other Secured Debt [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Maturity | 2,034 | |||
[1] | We retrospectively reclassified $165.0 million of debt issuance costs from other assets to a direct reduction of the debt liability as of December 31, 2015. See Note 3-Summary of significant accounting policies. | |||
[2] | The weighted average interest rate for our floating rate debt is calculated based on the U.S. dollar LIBOR rate as of the last 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 and debt discounts. | |||
[3] | AeroTurbine's assets served as collateral for the AeroTurbine revolving credit agreement. |
Debt (Schedule Of Maturities Of
Debt (Schedule Of Maturities Of Debt And Capital Lease Obligations) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Debt [Abstract] | |
2,017 | $ 3,755,193 |
2,018 | 3,123,579 |
2,019 | 4,616,811 |
2,020 | 3,687,839 |
2,021 | 4,952,852 |
Thereafter | 7,225,259 |
Total outstanding indebtedness, excluding fair value adjustments, debt issuance costs and debt discounts | $ 27,361,533 |
Debt (Unsecured Narrative) (Det
Debt (Unsecured Narrative) (Details) - USD ($) | 12 Months Ended | |||||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 31, 2017 | May 31, 2016 | Oct. 31, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | May 31, 2014 | May 31, 2012 | |
Debt Instrument [Line Items] | ||||||||||
Amortization of debt issuance costs and debt discount | $ 55,768,000 | $ 45,582,000 | $ 86,184,000 | |||||||
Debt issuance cost and debt discount amortization period, end range | 2,045 | |||||||||
Long-term Debt | $ 27,716,999,000 | 29,641,863,000 | ||||||||
January 2017 Notes [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 600,000,000 | |||||||||
Stated interest rate | 3.50% | |||||||||
ILFC Legacy Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | $ 7,670,000,000 | |||||||||
ILFC Legacy Notes [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 3.875% | |||||||||
ILFC Legacy Notes [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 8.875% | |||||||||
AerCap Aviation Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amortization of debt issuance costs and debt discount | $ 56,000,000 | 46,000,000 | 86,000,000 | |||||||
Long-term Debt | 27,717,000,000 | 29,642,000,000 | ||||||||
Face amount | $ 300,000,000 | $ 300,000,000 | ||||||||
Stated interest rate | 6.375% | 6.375% | ||||||||
AGAT/AICDC Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amortization of debt issuance costs and debt discount | $ 56,000,000 | 46,000,000 | $ 86,000,000 | |||||||
Long-term Debt | $ 27,717,000,000 | $ 29,642,000,000 | ||||||||
Spread over reference rate | 0.50% | |||||||||
Amount allowed to be repurchased as a percentage of outstanding principal | 100.00% | |||||||||
AGAT/AICDC Notes [Member] | Acquisition Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 2,600,000,000 | |||||||||
AGAT/AICDC Notes [Member] | 2017 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 400,000,000 | |||||||||
Stated interest rate | 2.75% | |||||||||
AGAT/AICDC Notes [Member] | 2019 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 1,100,000,000 | |||||||||
Stated interest rate | 3.75% | |||||||||
AGAT/AICDC Notes [Member] | 2020 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 500,000,000 | |||||||||
Stated interest rate | 4.25% | |||||||||
AGAT/AICDC Notes [Member] | 2021 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 1,100,000,000 | |||||||||
Stated interest rate | 4.50% | |||||||||
AGAT/AICDC Notes [Member] | September 2014 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 800,000,000 | |||||||||
Stated interest rate | 5.00% | |||||||||
AGAT/AICDC Notes [Member] | June 2015 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 1,000,000,000 | |||||||||
AGAT/AICDC Notes [Member] | 2022 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 500,000,000 | |||||||||
Stated interest rate | 4.625% | |||||||||
AGAT/AICDC Notes [Member] | October 2015 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 1,000,000,000 | |||||||||
Stated interest rate | 4.625% | |||||||||
AGAT/AICDC Notes [Member] | May 2016 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 1,000,000,000 | |||||||||
Stated interest rate | 3.95% | |||||||||
AGAT/AICDC Notes [Member] | January 2017 Notes [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 600,000,000 | |||||||||
Stated interest rate | 3.50% |
Debt (Unsecured Credit Faciliti
Debt (Unsecured Credit Facilities Narrative) (Details) - USD ($) | Dec. 16, 2013 | Feb. 28, 2017 | Mar. 31, 2014 | Dec. 31, 2016 | Oct. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Oct. 31, 2014 | Sep. 30, 2014 |
Line of Credit Facility [Line Items] | |||||||||||
Long Term Debt Composed Of Either Debt Instrument Face Amount Or Line Of Credit Facility Current Borrowing Capacity | $ 34,699,715,000 | ||||||||||
Undrawn amount, available for drawdown under the facility | $ 7,338,181,000 | ||||||||||
Asia Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Credit facility, current borrowing capacity | $ 600,000,000 | $ 585,000,000 | $ 575,000,000 | ||||||||
Credit facility, term | 5 years | ||||||||||
Asia Revolving Credit Facility [Member] | Revolving Period [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Credit facility, term | 3 years | ||||||||||
Spread over reference rate | 1.95% | ||||||||||
Asia Revolving Credit Facility [Member] | Term Loan [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Credit facility, term | 2 years | ||||||||||
Asia Revolving Credit Facility [Member] | Minimum [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Percentage of balance to be repaid on specific dates | 33.00% | ||||||||||
Asia Revolving Credit Facility [Member] | Maximum [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Percentage of balance to be repaid on specific dates | 67.00% | ||||||||||
Asia Revolving Credit Facility [Member] | Interest Rate During First Year [Member] | Term Loan [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Spread over reference rate | 2.25% | ||||||||||
Asia Revolving Credit Facility [Member] | Interest Rate During Second Year [Member] | Term Loan [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Spread over reference rate | 2.50% | ||||||||||
Citi Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Credit facility, current borrowing capacity | $ 2,750,000,000 | $ 3,000,000,000 | $ 2,955,000,000 | $ 2,925,000,000 | |||||||
Credit facility, term | 4 years | ||||||||||
Spread over reference rate | 2.00% | ||||||||||
Unused loan commitment fee, percentage | 0.375% | ||||||||||
Citi Revolving Credit Facility [Member] | Maximum [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Credit facility maximum borrowing capacity | $ 4,000,000,000 | ||||||||||
AIG Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Credit facility, current borrowing capacity | $ 500,000,000 | ||||||||||
Credit facility maximum borrowing capacity | $ 1,000,000,000 | ||||||||||
Credit facility, term | 5 years | ||||||||||
Maturity date of facility | May 1, 2019 | ||||||||||
AIG Revolving Credit Facility [Member] | Interest Rate Option 1 [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Spread over reference rate | 3.75% | ||||||||||
AIG Revolving Credit Facility [Member] | Interest Rate Option 2 [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Stated interest rate | 2.75% | ||||||||||
AIG Revolving Credit Facility [Member] | Interest Rate Option 2(x) [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Spread over reference rate | 0.50% | ||||||||||
AIG Revolving Credit Facility [Member] | Interest Rate Option 2(z) [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Spread over reference rate | 1.00% | ||||||||||
Unsecured Debt [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Long Term Debt Composed Of Either Debt Instrument Face Amount Or Line Of Credit Facility Current Borrowing Capacity | $ 18,469,864,000 | ||||||||||
Undrawn amount, available for drawdown under the facility | 4,100,000,000 | ||||||||||
Asia Revolving Credit Facility [Member] | Unsecured Debt [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Long Term Debt Composed Of Either Debt Instrument Face Amount Or Line Of Credit Facility Current Borrowing Capacity | 600,000,000 | ||||||||||
Undrawn amount, available for drawdown under the facility | 600,000,000 | ||||||||||
Citi Revolving Credit Facility [Member] | Unsecured Debt [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Long Term Debt Composed Of Either Debt Instrument Face Amount Or Line Of Credit Facility Current Borrowing Capacity | 3,000,000,000 | ||||||||||
Undrawn amount, available for drawdown under the facility | $ 3,000,000,000 | ||||||||||
Subsequent Event [Member] | Citi Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Credit facility, current borrowing capacity | $ 3,745,000,000 | ||||||||||
Maturity date of facility | Feb. 1, 2021 | ||||||||||
Spread over reference rate | 1.50% | ||||||||||
Unused loan commitment fee, percentage | 0.25% |
Debt (Export Credit Facilities
Debt (Export Credit Facilities Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)item | |
Debt Instrument [Line Items] | |
Collateral (Number of aircraft) | item | 540 |
Export Credit Facilities [Member] | |
Debt Instrument [Line Items] | |
Collateral (Number of aircraft) | item | 85 |
Credit facility amount outstanding | $ | $ 1,722,376 |
Debt Instrument, Collateral Amount | $ | $ 3,600,000 |
Export Credit Facilities [Member] | 2003 Airbus ECA Facility [Member] | |
Debt Instrument [Line Items] | |
Collateral (Number of aircraft) | item | 15 |
Floating rate tranches | $ | $ 140,723 |
Spread over reference rate | 0.37% |
Export Credit Facilities [Member] | 2004 Airbus ECA Credit Facility, Floating Rate Tranche [Member] | |
Debt Instrument [Line Items] | |
Collateral (Number of aircraft) | item | 29 |
Floating rate tranches | $ | $ 317,426 |
Spread over reference rate | 1.42% |
Export Credit Facilities [Member] | 2004 Airbus ECA Credit Facility, Fixed Rate Tranche [Member] | |
Debt Instrument [Line Items] | |
Collateral (Number of aircraft) | item | 8 |
Fixed rate tranches | $ | $ 96,256 |
Stated interest rate | 4.02% |
Export Credit Facilities [Member] | 2008 Airbus ECA Credit Facility Floating Rate Tranche [Member] | |
Debt Instrument [Line Items] | |
Collateral (Number of aircraft) | item | 4 |
Floating rate tranches | $ | $ 88,195 |
Spread over reference rate | 1.35% |
Debt, Maturity | 2,022 |
Export Credit Facilities [Member] | 2008 Airbus ECA Credit Facility Fixed Rate Tranche [Member] | |
Debt Instrument [Line Items] | |
Collateral (Number of aircraft) | item | 12 |
Fixed rate tranches | $ | $ 339,717 |
Stated interest rate | 2.64% |
Export Credit Facilities [Member] | 2009 Airbus ECA Credit Facility Floating Rate Tranche [Member] | |
Debt Instrument [Line Items] | |
Collateral (Number of aircraft) | item | 2 |
Floating rate tranches | $ | $ 36,608 |
Spread over reference rate | 1.11% |
Debt, Maturity | 2,022 |
Export Credit Facilities [Member] | 2009 Airbus ECA Credit Facility Fixed Rate Tranche [Member] | |
Debt Instrument [Line Items] | |
Collateral (Number of aircraft) | item | 3 |
Fixed rate tranches | $ | $ 54,482 |
Stated interest rate | 4.21% |
Export Credit Facilities [Member] | Airbus ECA Capital Markets Facilities [Member] | |
Debt Instrument [Line Items] | |
Collateral (Number of aircraft) | item | 3 |
Fixed rate tranches | $ | $ 110,290 |
Stated interest rate | 3.60% |
Debt, Maturity | 2,021 |
Export Credit Facilities [Member] | Other Airbus ECA Facilities [Member] | |
Debt Instrument [Line Items] | |
Collateral (Number of aircraft) | item | 5 |
Fixed rate tranches | $ | $ 313,445 |
Stated interest rate | 2.38% |
Export Credit Facilities [Member] | 2010 Ex-Im Facilities [Member] | |
Debt Instrument [Line Items] | |
Collateral (Number of aircraft) | item | 2 |
Fixed rate tranches | $ | $ 28,817 |
Stated interest rate | 2.95% |
Debt, Maturity | 2,022 |
Export Credit Facilities [Member] | 2012 Ex-Im Capital Markets Faciliy [Member] | |
Debt Instrument [Line Items] | |
Collateral (Number of aircraft) | item | 2 |
Fixed rate tranches | $ | $ 196,417 |
Stated interest rate | 1.49% |
Debt, Maturity | 2,025 |
Minimum [Member] | 2003 Airbus ECA Facility [Member] | |
Debt Instrument [Line Items] | |
Debt, Maturity | 2,017 |
Minimum [Member] | 2004 Airbus ECA Credit Facility, Floating Rate Tranche [Member] | |
Debt Instrument [Line Items] | |
Debt, Maturity | 2,017 |
Minimum [Member] | 2004 Airbus ECA Credit Facility, Fixed Rate Tranche [Member] | |
Debt Instrument [Line Items] | |
Debt, Maturity | 2,018 |
Minimum [Member] | 2008 Airbus ECA Credit Facility Fixed Rate Tranche [Member] | |
Debt Instrument [Line Items] | |
Debt, Maturity | 2,021 |
Minimum [Member] | 2009 Airbus ECA Credit Facility Fixed Rate Tranche [Member] | |
Debt Instrument [Line Items] | |
Debt, Maturity | 2,021 |
Minimum [Member] | Other Airbus ECA Facilities [Member] | |
Debt Instrument [Line Items] | |
Debt, Maturity | 2,024 |
Minimum [Member] | Export Credit Facilities [Member] | |
Debt Instrument [Line Items] | |
Credit facility, term | 10 years |
Maximum [Member] | Export Credit Facilities [Member] | |
Debt Instrument [Line Items] | |
Credit facility, term | 12 years |
Maximum [Member] | Export Credit Facilities [Member] | 2003 Airbus ECA Facility [Member] | |
Debt Instrument [Line Items] | |
Debt, Maturity | 2,020 |
Maximum [Member] | Export Credit Facilities [Member] | 2004 Airbus ECA Credit Facility, Floating Rate Tranche [Member] | |
Debt Instrument [Line Items] | |
Debt, Maturity | 2,019 |
Maximum [Member] | Export Credit Facilities [Member] | 2004 Airbus ECA Credit Facility, Fixed Rate Tranche [Member] | |
Debt Instrument [Line Items] | |
Debt, Maturity | 2,020 |
Maximum [Member] | Export Credit Facilities [Member] | 2008 Airbus ECA Credit Facility Fixed Rate Tranche [Member] | |
Debt Instrument [Line Items] | |
Debt, Maturity | 2,023 |
Maximum [Member] | Export Credit Facilities [Member] | 2009 Airbus ECA Credit Facility Fixed Rate Tranche [Member] | |
Debt Instrument [Line Items] | |
Debt, Maturity | 2,022 |
Maximum [Member] | Export Credit Facilities [Member] | Other Airbus ECA Facilities [Member] | |
Debt Instrument [Line Items] | |
Debt, Maturity | 2,027 |
Debt (Senior Secured Notes Narr
Debt (Senior Secured Notes Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)entity | Dec. 31, 2015USD ($) | Aug. 20, 2010USD ($) | |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 27,716,999,000 | $ 29,641,863,000 | |
Senior Secured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 3,900,000,000 | ||
Prepayment penalty percentage | 1.00% | ||
Number of subsidiaries that have guaranteed the debt | entity | 2 | ||
6.5% Senior Secured Bonds, Due September 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 1,350,000,000 | ||
Stated interest rate | 6.50% | ||
Maturity date of facility | Sep. 1, 2014 | ||
6.75% Senior Secured Bonds, Due September 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 1,275,000,000 | ||
Stated interest rate | 6.75% | ||
Maturity date of facility | Sep. 1, 2016 | ||
7.125% Senior Secured Bonds, Due September 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 1,275,000,000 | ||
Stated interest rate | 7.125% | ||
Maturity date of facility | Sep. 1, 2018 | ||
Base Rate [Member] | Senior Secured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Spread over reference rate | 0.50% |
Debt (Institutional Secured Ter
Debt (Institutional Secured Term Loans & Secured Portfolio Loans Narrative) (Details) | Apr. 05, 2013USD ($) | Feb. 28, 2017 | Jan. 31, 2017 | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($)item | Mar. 06, 2014USD ($) | Feb. 29, 2012USD ($) | Mar. 31, 2011USD ($) | |
Debt Instrument [Line Items] | |||||||||
Long-term Debt | $ 27,716,999,000 | $ 29,641,863,000 | |||||||
Loans outstanding | [1] | $ 27,873,900,000 | 29,806,843,000 | ||||||
Hyperion Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, current borrowing capacity | $ 1,500,000,000 | ||||||||
Number of aircraft designated as collateral | item | 85 | ||||||||
Debt Instrument, Collateral Amount | $ 2,460,000,000 | ||||||||
Maturity date of facility | Mar. 1, 2021 | ||||||||
Hyperion Facility [Member] | Scenario, Actual [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan-to-value ratio | 61.00% | ||||||||
Hyperion Facility [Member] | LIBOR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | 2.75% | ||||||||
Vancouver Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | $ 750,000,000 | ||||||||
Credit facility, current borrowing capacity | $ 900,000,000 | ||||||||
Prepayment of debt | $ 150,000,000 | ||||||||
Spread over reference rate | 2.25% | ||||||||
Number of aircraft designated as collateral | item | 51 | ||||||||
Debt Instrument, Collateral Amount | $ 1,340,000,000 | ||||||||
Maturity date of facility | Oct. 1, 2022 | ||||||||
Vancouver Facility [Member] | Scenario, Actual [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan-to-value ratio | 56.00% | ||||||||
Vancouver Facility [Member] | Prior [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date of facility | Apr. 1, 2020 | ||||||||
Vancouver Facility [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | 1.25% | ||||||||
Vancouver Facility [Member] | LIBOR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | 2.25% | ||||||||
Interest rate floor | 0.75% | ||||||||
Vancouver Facility [Member] | LIBOR [Member] | Prior [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | 2.75% | ||||||||
Temescal Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | $ 880,400,000,000 | ||||||||
Credit facility, current borrowing capacity | $ 1,500,000,000 | $ 1,300,000,000 | |||||||
Number of aircraft designated as collateral | item | 52 | ||||||||
Debt Instrument, Collateral Amount | $ 1,670,000,000 | ||||||||
Maturity date of facility | Mar. 1, 2021 | ||||||||
Temescal Facility [Member] | Scenario, Actual [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan-to-value ratio | 56.00% | ||||||||
Temescal Facility [Member] | LIBOR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | 2.00% | ||||||||
Glide Funding Term Loan Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | $ 469,100,000 | ||||||||
Credit facility, current borrowing capacity | $ 500,000,000 | ||||||||
Debt Instrument, Term | 5 years | ||||||||
Spread over reference rate | 1.60% | ||||||||
Number of aircraft designated as collateral | item | 9 | ||||||||
Number of aircraft financed | item | 9 | ||||||||
Celtago Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, current borrowing capacity | $ 817,000,000 | ||||||||
Number of aircraft designated as collateral | item | 13 | ||||||||
Number of aircraft financed | item | 13 | ||||||||
Maturity date of facility | Dec. 1, 2024 | ||||||||
Line of Credit Facility, Amount Outstanding | $ 775,200,000 | ||||||||
Celtago Facility [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | 1.50% | ||||||||
Celtago Facility [Member] | LIBOR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | 1.50% | ||||||||
BlowfishFunding Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, current borrowing capacity | $ 650,000,000 | ||||||||
Number of aircraft designated as collateral | item | 8 | ||||||||
Number of aircraft financed | item | 9 | ||||||||
Maturity date of facility | Dec. 1, 2022 | ||||||||
Line of Credit Facility, Amount Outstanding | $ 588,900,000 | ||||||||
BlowfishFunding Facility [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | 1.65% | ||||||||
BlowfishFunding Facility [Member] | LIBOR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | 1.65% | ||||||||
Celtago II Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, current borrowing capacity | $ 684,000,000 | ||||||||
Number of aircraft designated as collateral | item | 2 | ||||||||
Number of aircraft financed | item | 13 | ||||||||
Maturity date of facility | Nov. 1, 2022 | ||||||||
Line of Credit Facility, Amount Outstanding | $ 65,000,000 | ||||||||
Celtago II Facility [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | 1.75% | ||||||||
Celtago II Facility [Member] | LIBOR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | 1.75% | ||||||||
Iridium Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, current borrowing capacity | $ 595,000,000 | ||||||||
Number of aircraft financed | item | 8 | ||||||||
Maturity date of facility | May 1, 2024 | ||||||||
Line of Credit Facility, Amount Outstanding | $ 0 | ||||||||
Iridium Facility [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | 1.75% | ||||||||
Iridium Facility [Member] | LIBOR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | 1.75% | ||||||||
Maximum [Member] | Hyperion Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan-to-value ratio | 70.00% | ||||||||
Maximum [Member] | Vancouver Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan-to-value ratio | 63.00% | ||||||||
Maximum [Member] | Temescal Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan-to-value ratio | 58.50% | ||||||||
Subsequent Event [Member] | Hyperion Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date of facility | Oct. 1, 2023 | ||||||||
Subsequent Event [Member] | Hyperion Facility [Member] | LIBOR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | 2.25% | ||||||||
Subsequent Event [Member] | Temescal Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date of facility | Mar. 1, 2023 | ||||||||
Subsequent Event [Member] | Temescal Facility [Member] | LIBOR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | 1.95% | ||||||||
[1] | Excludes debt issuance costs and debt discounts. |
Debt (ALS II Narrative) (Detail
Debt (ALS II Narrative) (Details) - ALS II Debt [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($)item | |
Debt Instrument [Line Items] | |
Number of aircraft designated as collateral | item | 26 |
Debt Instrument, Collateral Amount | $ | $ 745.3 |
Debt (AerFunding Revolving Cred
Debt (AerFunding Revolving Credit Facility, AerTurbine Revolving Credit Agreement and Other Secured Debt Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)item | Feb. 28, 2017USD ($) | Aug. 31, 2016USD ($) | May 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 30, 2014USD ($) | Apr. 30, 2006USD ($) | ||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | $ 27,716,999,000 | $ 29,641,863,000 | |||||||
Collateral (Number of aircraft) | item | 540 | ||||||||
AerFunding Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, current borrowing capacity | $ 2,160,000,000 | $ 1,000,000,000 | |||||||
Debt Instrument, Collateral Amount | $ 767,100,000,000 | ||||||||
Debt Instrument, Maturity Date | Dec. 9, 2019 | ||||||||
Required cash reserve as a percentage of outstanding borrowings | 5.00% | ||||||||
AeroTurbine Revolving Credit Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, current borrowing capacity | $ 200,000,000 | $ 400,000,000 | $ 550,000,000 | ||||||
Spread over reference rate | 2.50% | ||||||||
SkyFunding I Facility Floating Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral (Number of aircraft) | item | [1] | 6 | |||||||
Floating rate tranches | $ 126,716,000 | ||||||||
Spread over reference rate | 2.85% | ||||||||
SkyFunding I Facility Fixed Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral (Number of aircraft) | item | [1] | 6 | |||||||
Fixed rate tranches | $ 125,634,000 | ||||||||
Stated interest rate | 4.43% | ||||||||
SkyFunding II Facility Floating Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral (Number of aircraft) | item | [1] | 6 | |||||||
Floating rate tranches | $ 141,179,000 | ||||||||
Spread over reference rate | 3.15% | ||||||||
SkyFunding II Facility Fixed Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral (Number of aircraft) | item | [1] | 3 | |||||||
Fixed rate tranches | $ 66,699,000 | ||||||||
Stated interest rate | 4.43% | ||||||||
Camden Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral (Number of aircraft) | item | [1] | 7 | |||||||
Fixed rate tranches | $ 164,162,000 | ||||||||
Stated interest rate | 3.90% | ||||||||
Debt, Maturity | 2,022 | ||||||||
AerCap Partners I Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral (Number of aircraft) | item | [1] | 8 | |||||||
Floating rate tranches | $ 81,537,000 | ||||||||
Spread over reference rate | 1.65% | ||||||||
Debt, Maturity | 2,018 | ||||||||
StratusFunding Facility Floating Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral (Number of aircraft) | item | [1] | 2 | |||||||
Floating rate tranches | $ 155,236,000 | ||||||||
Spread over reference rate | 1.95% | ||||||||
Debt, Maturity | 2,026 | ||||||||
StratusFunding Facility Fixed Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral (Number of aircraft) | item | [1] | 2 | |||||||
Fixed rate tranches | $ 154,901,000 | ||||||||
Stated interest rate | 3.93% | ||||||||
CieloFunding Facility Floating Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral (Number of aircraft) | item | [1] | 1 | |||||||
Floating rate tranches | $ 42,350,000 | ||||||||
Stated interest rate | 2.60% | ||||||||
Debt, Maturity | 2,020 | ||||||||
CieloFunding Facility Fixed Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral (Number of aircraft) | item | [1] | 2 | |||||||
Fixed rate tranches | $ 67,407,000 | ||||||||
Stated interest rate | 3.68% | ||||||||
Debt, Maturity | 2,020 | ||||||||
CieloFunding II Facility Floating Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral (Number of aircraft) | item | [1] | 1 | |||||||
Floating rate tranches | $ 30,095,000 | ||||||||
Stated interest rate | 2.10% | ||||||||
Debt, Maturity | 2,020 | ||||||||
CieloFunding II Facility Fixed Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral (Number of aircraft) | item | [1] | 1 | |||||||
Fixed rate tranches | $ 31,888,000 | ||||||||
Stated interest rate | 3.14% | ||||||||
Debt, Maturity | 2,020 | ||||||||
CloudFunding Facilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral (Number of aircraft) | item | [1] | 15 | |||||||
Fixed rate tranches | $ 231,247,000 | ||||||||
Stated interest rate | 3.98% | ||||||||
LimelightFunding Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral (Number of aircraft) | item | [1] | 2 | |||||||
Fixed rate tranches | $ 157,479,000 | ||||||||
Stated interest rate | 4.70% | ||||||||
Debt, Maturity | 2,026 | ||||||||
Secured Commercial Bank Financings Floating Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral (Number of aircraft) | item | [1] | 34 | |||||||
Floating rate tranches | $ 844,111,000 | ||||||||
Stated interest rate | 2.19% | ||||||||
Number of engines | item | 3 | ||||||||
Secured Commercial Bank Financings Fixed Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral (Number of aircraft) | item | [1] | 12 | |||||||
Fixed rate tranches | $ 249,684,000 | ||||||||
Stated interest rate | 3.36% | ||||||||
Other Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility amount outstanding | $ 2,670,325,000 | ||||||||
Collateral (Number of aircraft) | item | [1] | 108 | |||||||
Minimum [Member] | AerFunding Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Aircraft purchases, maximum percentage financed | 73.50% | ||||||||
Unused loan commitment fee, percentage | 0.375% | ||||||||
Minimum [Member] | SkyFunding I Facility Floating Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Maturity | 2,021 | ||||||||
Minimum [Member] | SkyFunding I Facility Fixed Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Maturity | 2,021 | ||||||||
Minimum [Member] | SkyFunding II Facility Floating Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Maturity | 2,022 | ||||||||
Minimum [Member] | SkyFunding II Facility Fixed Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Maturity | 2,022 | ||||||||
Minimum [Member] | StratusFunding Facility Fixed Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Maturity | 2,021 | ||||||||
Minimum [Member] | CloudFunding Facilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Maturity | 2,022 | ||||||||
Minimum [Member] | Secured Commercial Bank Financings Floating Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Maturity | 2,017 | ||||||||
Minimum [Member] | Secured Commercial Bank Financings Fixed Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Maturity | 2,017 | ||||||||
Maximum [Member] | AerFunding Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Aircraft purchases, maximum percentage financed | 80.00% | ||||||||
Unused loan commitment fee, percentage | 0.50% | ||||||||
Maximum [Member] | SkyFunding I Facility Floating Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Maturity | 2,022 | ||||||||
Maximum [Member] | SkyFunding I Facility Fixed Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Maturity | 2,022 | ||||||||
Maximum [Member] | SkyFunding II Facility Floating Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Maturity | 2,023 | ||||||||
Maximum [Member] | SkyFunding II Facility Fixed Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Maturity | 2,023 | ||||||||
Maximum [Member] | StratusFunding Facility Fixed Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Maturity | 2,026 | ||||||||
Maximum [Member] | CloudFunding Facilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Maturity | 2,026 | ||||||||
Maximum [Member] | Secured Commercial Bank Financings Floating Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Maturity | 2,026 | ||||||||
Maximum [Member] | Secured Commercial Bank Financings Fixed Rate Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Maturity | 2,034 | ||||||||
Charitable Trust [Member] | AerFunding Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Ownership percentage | 95.00% | ||||||||
AerCap Ireland [Member] | AerFunding Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Ownership percentage | 5.00% | ||||||||
Revolving Period [Member] | AerFunding Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, term | 3 years | ||||||||
Term Loan [Member] | AerFunding Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, term | 2 years | ||||||||
Borrowing Period [Member] | AerFunding Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | [2] | 2.25% | |||||||
Debt Instrument, Maturity Date | Dec. 9, 2017 | ||||||||
Period from December 10, 2017 to December 9, 2018 [Member] | AerFunding Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | 3.25% | ||||||||
Period from December 10, 2018 to December 9, 2019 [Member] | AerFunding Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over reference rate | 3.75% | ||||||||
Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | $ 11,518,140,000 | 12,623,288,000 | |||||||
Secured Debt [Member] | AerFunding Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | $ 596,819,000 | 1,058,294,000 | |||||||
Collateral (Number of aircraft) | item | 15 | ||||||||
Debt, Maturity | 2,019 | ||||||||
Secured Debt [Member] | AeroTurbine Revolving Credit Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | [3] | $ 125,000,000 | $ 321,603,000 | ||||||
Debt, Maturity | [3] | 2,019 | |||||||
Subsequent Event [Member] | AeroTurbine Revolving Credit Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, current borrowing capacity | $ 0 | ||||||||
[1] | Three engines are pledged as collateral in addition to the aircraft. | ||||||||
[2] | The borrowing period is until December 9, 2017, after which the loan converts to a term loan. | ||||||||
[3] | AeroTurbine's assets served as collateral for the AeroTurbine revolving credit agreement. |
Debt (ECAPS Subordinated Notes
Debt (ECAPS Subordinated Notes Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2005USD ($)item | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 27,716,999,000 | $ 29,641,863,000 | |
Notes payable | 27,716,999,000 | 29,641,863,000 | |
Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 1,555,548,000 | 1,564,045,000 | |
Notes payable | 1,555,548,000 | 1,564,045,000 | |
Subordinated Debt [Member] | ECAPs Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 1,000,000,000 | 1,000,000,000 | |
Face amount | $ 1,000,000,000 | ||
Debt, maturity | 2,065 | ||
Number of tranches | item | 2 | ||
Notes payable | $ 1,000,000,000 | $ 1,000,000,000 | |
Subordinated Debt [Member] | ECAPS Subordinated Debt $600 Million Tranche [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | 600,000,000 | ||
Subordinated Debt [Member] | ECAPS Subordinated Debt $400 Million Tranche [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 400,000,000 | ||
Debt, fixed interest rate | 6.25% | ||
Subordinated Debt [Member] | LIBOR [Member] | ECAPS Subordinated Debt $600 Million Tranche [Member] | |||
Debt Instrument [Line Items] | |||
Spread over reference rate | 1.55% | ||
Subordinated Debt [Member] | LIBOR [Member] | ECAPS Subordinated Debt $400 Million Tranche [Member] | |||
Debt Instrument [Line Items] | |||
Spread over reference rate | 1.80% |
Debt (Junior Subordinated Notes
Debt (Junior Subordinated Notes) (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)entity | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 27,716,999,000 | $ 29,641,863,000 |
Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 1,555,548,000 | 1,564,045,000 |
Junior Subordinated Notes [Member] | Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 500,000,000 | $ 500,000,000 |
Face amount | $ 500,000,000 | |
Debt, fixed interest rate | 6.50% | |
Applicable Margin | 4.30% | |
Deferral of interest payments, maximum term | 5 years | |
Junior Subordinated Notes [Member] | Subordinated Debt [Member] | Debt Instrument, Redemption, Option (i) [Member] | ||
Debt Instrument [Line Items] | ||
Redemption price of debt instrument, percentage | 100.00% | |
Junior Subordinated Notes [Member] | Subordinated Debt [Member] | Debt Instrument, Redemption, Option (iii) [Member] | ||
Debt Instrument [Line Items] | ||
Redemption price of debt instrument, percentage | 100.00% | |
Junior Subordinated Notes [Member] | Subordinated Debt [Member] | Debt Instrument, Redemption, Option (iv) [Member] | ||
Debt Instrument [Line Items] | ||
Redemption price of debt instrument, percentage | 101.00% | |
Days after occurence | 60 days | |
Number Of Applicable Rating Agencies | entity | 2 | |
Annual interest rate increase | 5.00% | |
Revolving Credit Facility Before Issuance Of Junior Subondinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, current borrowing capacity | $ 1,000,000,000 | |
Revolving Credit Facility After Issuance Of Junior Subondinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, current borrowing capacity | $ 500,000,000 |
Debt (Subordinated Debt Joint V
Debt (Subordinated Debt Joint Venture Partners Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 27,716,999 | $ 29,641,863 |
Subordinated Debt Joint Ventures Partners [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 0.00% | |
Interest rate paid on unpaid interest | 19.50% | |
Subordinated Debt Joint Ventures Partners Before Amendment [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 20.00% | |
Minimum [Member] | Subordinated Debt Joint Ventures Partners [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 15.00% | |
Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 1,555,548 | 1,564,045 |
Subordinated Debt [Member] | Subordinated Debt Joint Ventures Partners [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 55,780 | $ 64,280 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Income Tax Disclosure [Line Items] | ||||||
Unrecognized tax benefits | $ 29,800 | $ 15,500 | ||||
Net deferred income tax liabilities | 363,534 | 204,187 | ||||
Deferred income tax assets | 215,445 | 161,193 | ||||
Deferred income tax liabilities | 578,979 | 365,380 | ||||
Valuation allowance on tax assets | $ 127,361 | $ 72,000 | $ 61,933 | |||
The Netherlands [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Corporate income tax rate | [1] | 25.00% | 25.00% | [2] | 25.00% | [2] |
Valuation allowance on tax assets | $ 26,758 | $ 13,915 | ||||
Carried back period | 1 year | |||||
Carry forward period | 9 years | |||||
Ireland [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Corporate income tax rate | [1] | 12.50% | 12.50% | [2] | 12.50% | [2] |
Net deferred income tax liabilities | $ 427,914 | $ 287,049 | ||||
Valuation allowance on tax assets | $ 1,562 | |||||
United States Of America [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Corporate income tax rate | [1] | 36.30% | 36.30% | [2] | 38.30% | [2] |
Valuation allowance on tax assets | $ 89,130 | $ 35,074 | ||||
U.S. federal net operating losses | 234,700 | |||||
Australia [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Valuation allowance on tax assets | $ 9,900 | $ 23,000 | ||||
[1] | The local statutory income tax expense for our significant tax jurisdictions (Ireland, the Netherlands, the United States of America and Isle of Man) does not differ from the actual income tax expense. | |||||
[2] | Due to our migration from the Netherlands to Ireland as of February 1, 2016, we have updated the tax rate reconciliation for the years ended December 31, 2015 and 2014. The tax variance as a result of the global activities has been calculated as the difference between the local statutory tax rate in the relevant jurisdictions and the Irish statutory tax rate of 12.5%. |
Income Taxes (Summary Of Income
Income Taxes (Summary Of Income Tax Expense (Benefit) By Tax Jurisdiction) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Income Tax Disclosure [Line Items] | |||||
Deferred tax expense (benefit) | $ 161,340 | $ 110,353 | $ 115,859 | ||
Provision for income taxes | 173,496 | 189,805 | [1] | 137,373 | [1] |
Ireland [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax expense (benefit) | 141,364 | 151,623 | 87,147 | ||
Deferred tax expense (benefit) related to an increase (decrease) in changes in valuation allowance of deferred tax assets | 1,562 | ||||
Current tax expense (benefit) | 4,730 | (99) | 229 | ||
The Netherlands [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax expense (benefit) | (8,346) | (7,453) | 1,339 | ||
Deferred tax expense (benefit) related to an increase (decrease) in changes in valuation allowance of deferred tax assets | 12,843 | 13,915 | |||
Current tax expense (benefit) | 1,164 | 37,512 | 5,290 | ||
United States Of America [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax expense (benefit) | (41,163) | (65,341) | 26,267 | ||
Deferred tax expense (benefit) related to an increase (decrease) in changes in valuation allowance of deferred tax assets | 54,056 | 10,074 | |||
Current tax expense (benefit) | 3,166 | 39,358 | 15,553 | ||
Other [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax expense (benefit) | 14,124 | 22,130 | (5,744) | ||
Deferred tax expense (benefit) related to an increase (decrease) in changes in valuation allowance of deferred tax assets | (13,100) | (13,922) | 6,850 | ||
Current tax expense (benefit) | 3,096 | 2,008 | 442 | ||
Deferred Tax Expense (Benefit) [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax expense (benefit) | 105,979 | 100,959 | 109,009 | ||
Deferred Tax Expense (Benefit) Related To An Increase (Decrease) In Changes In Valuation Allowance Of Deferred Tax Assets [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax expense (benefit) related to an increase (decrease) in changes in valuation allowance of deferred tax assets | 55,361 | 10,067 | 6,850 | ||
Current Tax Expense (Benefit) [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Current tax expense (benefit) | $ 12,156 | $ 78,779 | $ 21,514 | ||
[1] | Effective February 1, 2016, we moved our headquarters and executive officers from Amsterdam to Dublin, and as of February 1, 2016, we became tax resident in Ireland. Accordingly, we have updated the figures for the years ended December 31, 2015 and 2014 as compared to those previously reported in the financial statements contained in our 2015 annual report on Form 20-F to reflect the permanent differences being taxed at the Irish statutory rate of 12.5% rather than the Dutch statutory rate of 25%. |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Statutory Income Tax Expense/(Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Income tax expense at statutory income tax rate of 12.5% | $ 150,050 | $ 170,712 | [1] | $ 114,612 | [1] | ||
Non-taxable items (permanent differences) | 29,057 | [2] | 29,555 | [1],[3] | 15,010 | [1],[4] | |
Foreign rate differential | [5] | (5,611) | (10,462) | [1],[6] | 7,751 | [1],[6] | |
Differences between statutory and actual income tax expense | 23,446 | 19,093 | [1] | 22,761 | [1] | ||
Provision for income taxes | 173,496 | 189,805 | [1] | 137,373 | [1] | ||
The Netherlands [Member] | |||||||
Foreign rate differential | [5] | $ 4,698 | $ 21,987 | [6] | $ 3,260 | [6] | |
Corporate income tax rate | [7] | 25.00% | 25.00% | [6] | 25.00% | [6] | |
Ireland [Member] | |||||||
Corporate income tax rate | [7] | 12.50% | 12.50% | [6] | 12.50% | [6] | |
[1] | Effective February 1, 2016, we moved our headquarters and executive officers from Amsterdam to Dublin, and as of February 1, 2016, we became tax resident in Ireland. Accordingly, we have updated the figures for the years ended December 31, 2015 and 2014 as compared to those previously reported in the financial statements contained in our 2015 annual report on Form 20-F to reflect the permanent differences being taxed at the Irish statutory rate of 12.5% rather than the Dutch statutory rate of 25%. | ||||||
[2] | The 2016 non-taxable items included non-deductible share-based compensation in Ireland and in the Netherlands, non-deductible intercompany interest allocated to the United States of America and a valuation allowance taken in respect of U.S., Dutch and Irish tax losses. It also included the non-taxable income arising from aircraft with a higher tax basis in general. | ||||||
[3] | The 2015 non-taxable items included the non-deductible intercompany interest allocated to the United States of America, non-deductible share-based compensation in the Netherlands, non-deductible costs relating to the transfer of certain functions from the Netherlands to Ireland, and a valuation allowance taken in respect of U.S. and Dutch tax losses. It also included the non-taxable income arising from aircraft with a higher tax basis in general. | ||||||
[4] | The 2014 non-taxable items included the non-deductible intercompany interest allocated to the United States of America, non-deductible share-based compensation in the Netherlands and the non-deductible transaction costs from the ILFC Transaction. It also included the non-taxable income arising from aircraft with a higher tax basis in general. | ||||||
[5] | 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. | ||||||
[6] | Due to our migration from the Netherlands to Ireland as of February 1, 2016, we have updated the tax rate reconciliation for the years ended December 31, 2015 and 2014. The tax variance as a result of the global activities has been calculated as the difference between the local statutory tax rate in the relevant jurisdictions and the Irish statutory tax rate of 12.5%. | ||||||
[7] | The local statutory income tax expense for our significant tax jurisdictions (Ireland, the Netherlands, the United States of America and Isle of Man) does not differ from the actual income tax expense. |
Income Taxes (Schedule Of Globa
Income Taxes (Schedule Of Global Tax Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | [1] | Dec. 31, 2014 | [1] | |||
Income Tax Disclosure [Line Items] | |||||||
Pre-tax income (loss) | $ 1,433,480 | $ 1,603,051 | $ 991,488 | ||||
Tax variance as a result of global activities | [2] | (5,611) | (10,462) | [3] | 7,751 | [3] | |
Non-taxable items | (233,084) | [4] | (237,352) | [5] | (74,590) | [6] | |
Income from continuing operations before income tax | 1,200,396 | 1,365,699 | 916,898 | ||||
Ireland [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Pre-tax income (loss) | $ 1,151,387 | $ 1,212,190 | $ 694,605 | ||||
Local statutory tax rate | [7] | 12.50% | 12.50% | 12.50% | |||
Variance to Irish statutory tax rate of 12.5% | 0.00% | 0.00% | 0.00% | ||||
The Netherlands [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Pre-tax income (loss) | $ 37,580 | $ 175,897 | $ 26,081 | ||||
Local statutory tax rate | [7] | 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 | [2] | $ 4,698 | $ 21,987 | $ 3,260 | |||
United States Of America [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Pre-tax income (loss) | $ 44,238 | $ (43,825) | $ 95,585 | ||||
Local statutory tax rate | [7] | 36.30% | 36.30% | 38.30% | |||
Variance to Irish statutory tax rate of 12.5% | 23.80% | 23.80% | 25.80% | ||||
Tax variance as a result of global activities | [2] | $ 10,529 | $ (10,430) | $ 24,661 | |||
Isle Of Man [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Pre-tax income (loss) | $ 181,286 | $ 181,118 | $ 167,689 | ||||
Local statutory tax rate | [7] | 0.00% | 0.00% | 0.00% | |||
Variance to Irish statutory tax rate of 12.5% | (12.50%) | (12.50%) | (12.50%) | ||||
Tax variance as a result of global activities | [2] | $ (22,661) | $ (22,640) | $ (20,961) | |||
Other [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Pre-tax income (loss) | $ 18,989 | $ 77,671 | $ 7,528 | ||||
Local statutory tax rate | [7] | 22.10% | 13.30% | 23.00% | |||
Variance to Irish statutory tax rate of 12.5% | 9.60% | 0.80% | 10.50% | ||||
Tax variance as a result of global activities | [2] | $ 1,823 | $ 621 | $ 791 | |||
[1] | Due to our migration from the Netherlands to Ireland as of February 1, 2016, we have updated the tax rate reconciliation for the years ended December 31, 2015 and 2014. The tax variance as a result of the global activities has been calculated as the difference between the local statutory tax rate in the relevant jurisdictions and the Irish statutory tax rate of 12.5%. | ||||||
[2] | 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. | ||||||
[3] | Effective February 1, 2016, we moved our headquarters and executive officers from Amsterdam to Dublin, and as of February 1, 2016, we became tax resident in Ireland. Accordingly, we have updated the figures for the years ended December 31, 2015 and 2014 as compared to those previously reported in the financial statements contained in our 2015 annual report on Form 20-F to reflect the permanent differences being taxed at the Irish statutory rate of 12.5% rather than the Dutch statutory rate of 25%. | ||||||
[4] | The 2016 non-taxable items included non-deductible share-based compensation in Ireland and in the Netherlands, non-deductible intercompany interest allocated to the United States of America and a valuation allowance taken in respect of U.S., Dutch and Irish tax losses. It also included the non-taxable income arising from aircraft with a higher tax basis in general. | ||||||
[5] | The 2015 non-taxable items included the non-deductible intercompany interest allocated to the United States of America, non-deductible share-based compensation in the Netherlands, non-deductible costs relating to the transfer of certain functions from the Netherlands to Ireland, and a valuation allowance taken in respect of U.S. and Dutch tax losses. It also included the non-taxable income arising from aircraft with a higher tax basis in general. | ||||||
[6] | The 2014 non-taxable items included the non-deductible intercompany interest allocated to the United States of America, non-deductible share-based compensation in the Netherlands and the non-deductible transaction costs from the ILFC Transaction. It also included the non-taxable income arising from aircraft with a higher tax basis in general. | ||||||
[7] | The local statutory income tax expense for our significant tax jurisdictions (Ireland, the Netherlands, the United States of America and Isle of Man) does not differ from the actual income tax expense. |
Income Taxes (Deferred Tax Liab
Income Taxes (Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Line Items] | |||
Deferred Tax Assets, Accrued maintenance liability | $ 6,782 | $ 4,877 | |
Deferred Tax Assets, Deferred losses | 66,119 | 66,543 | |
Deferred Tax Assets, Accrued expenses | 13,942 | 14,554 | |
Deferred Tax Assets, Losses and credits forward | 805,881 | 715,841 | |
Deferred Tax Liabilities, Depreciation/Impairment | (1,038,739) | (858,283) | |
Deferred Tax Liabilities, Intangibles | (22,595) | (28,834) | |
Deferred Tax Liabilities, Interest expense | (588) | (5,435) | |
Deferred Tax Liabilities, Obligations under capital leases and debt obligations | (3,151) | (3,411) | |
Deferred Tax Liabilities, Investments | (12,641) | (10,155) | |
Valuation allowance | (127,361) | (72,000) | $ (61,933) |
Deferred Tax Liabilities, Other | (51,183) | (27,884) | |
Net deferred income tax liabilities | (363,534) | (204,187) | |
The Netherlands [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred Tax Assets, Depreciation/Impairment | 8,547 | 11,580 | |
Deferred Tax Assets, Losses and credits forward | 26,759 | 13,915 | |
Valuation allowance | (26,758) | (13,915) | |
Deferred Tax Liabilities, Other | (4,399) | (2,936) | |
Net deferred income tax assets | 4,149 | 8,644 | |
Ireland [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred Tax Assets, Losses and credits forward | 666,214 | 630,302 | |
Deferred Tax Liabilities, Depreciation/Impairment | (1,030,901) | (876,219) | |
Deferred Tax Liabilities, Intangibles | (6,353) | (10,071) | |
Deferred Tax Liabilities, Accrued maintenance liability | (6,028) | (7,003) | |
Deferred Tax Liabilities, Obligations under capital leases and debt obligations | (3,151) | (3,411) | |
Valuation allowance | (1,562) | ||
Deferred Tax Liabilities, Other | (46,133) | (20,647) | |
Net deferred income tax liabilities | (427,914) | (287,049) | |
United States Of America [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred Tax Assets, Depreciation/Impairment | 5,393 | ||
Deferred Tax Assets, Accrued maintenance liability | 12,810 | 11,880 | |
Deferred Tax Assets, Deferred losses | 66,119 | 66,543 | |
Deferred Tax Assets, Accrued expenses | 13,942 | 14,554 | |
Deferred Tax Assets, Losses and credits forward | 92,215 | 32,342 | |
Deferred Tax Assets, Other | 5,539 | 7,350 | |
Deferred Tax Liabilities, Depreciation/Impairment | (16,322) | ||
Deferred Tax Liabilities, Intangibles | (16,242) | (18,763) | |
Deferred Tax Liabilities, Interest expense | (588) | (5,435) | |
Deferred Tax Liabilities, Investments | (12,641) | (10,155) | |
Valuation allowance | (89,130) | (35,074) | |
Net deferred income tax assets | 55,702 | 68,635 | |
Other [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred Tax Assets, Depreciation/Impairment | 963 | ||
Deferred Tax Assets, Losses and credits forward | 20,693 | 39,282 | |
Deferred Tax Liabilities, Depreciation/Impairment | (63) | ||
Valuation allowance | (9,911) | (23,011) | |
Deferred Tax Liabilities, Other | (6,190) | (11,651) | |
Net deferred income tax assets | $ 4,529 | $ 5,583 |
Income Taxes (Summary Of Valuat
Income Taxes (Summary Of Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | ||
Valuation allowance at beginning of period | $ 72,000 | $ 61,933 |
Decrease of allowance to income tax provision | 55,361 | 10,067 |
Valuation allowance at end of period | $ 127,361 | $ 72,000 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2017 | Jun. 30, 2015 | Mar. 15, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | May 31, 2015 | Feb. 28, 2015 | |
Share Capital [Line Items] | |||||||||||||
Share repurchase program, authorized amount | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | $ 400,000,000 | $ 750,000,000 | $ 250,000,000 | |||||||
Share repurchase program, authorized amount increase | $ 500,000,000 | ||||||||||||
Approximate price per share | $ 38.62 | ||||||||||||
Ordinary shares, acquired | 25,012,978 | ||||||||||||
Share cancellation, shares | 15,563,862 | ||||||||||||
AIG [Member] | |||||||||||||
Share Capital [Line Items] | |||||||||||||
Approximate price per share | $ 47.77 | ||||||||||||
Total consideration for repurchase of common stock | $ 750,000,000 | ||||||||||||
Stock repurchase program, expense | $ 11,200,000 | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Share Capital [Line Items] | |||||||||||||
Share repurchase program, authorized amount | $ 350,000,000 | ||||||||||||
Approximate price per share | $ 44.63 | ||||||||||||
Ordinary shares, acquired | 5,000,005 | ||||||||||||
Share cancellation, shares | 5,000,000 | ||||||||||||
Ordinary Share Capital [Member] | |||||||||||||
Share Capital [Line Items] | |||||||||||||
Shares issued for acquisition | 97,560,976 | ||||||||||||
Share cancellation, shares | 15,563,862 | 9,698,588 |
Equity (Changes In Accumulated
Equity (Changes In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Beginning balance, Total | $ (6,307) | $ (6,895) | |
Total other comprehensive income (loss) | 4,538 | 588 | $ 2,995 |
Ending balance, Total | (1,769) | (6,307) | (6,895) |
Net Change In Fair Value Of Derivatives [Member] | |||
Beginning balance, Total | (18) | (356) | |
Total other comprehensive income (loss) | 5,990 | 338 | |
Ending balance, Total | 5,972 | (18) | (356) |
Actuarial Gain (Loss) On Pension Obligations [Member] | |||
Beginning balance, Total | (6,289) | (6,539) | |
Total other comprehensive income (loss) | (1,452) | 250 | |
Ending balance, Total | $ (7,741) | $ (6,289) | $ (6,539) |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Share-Based Compensation [Line Items] | |||
Restricted Stock Units, Convertible, Conversion Ratio | 1 | ||
Share based compensation expenses, before tax | $ | $ 102,843 | $ 100,162 | $ 68,152 |
NV Equity Plan [Member] | |||
Share-Based Compensation [Line Items] | |||
Equity awards available for grants | 8,064,081 | ||
Equity Incentive Plan 2014 [Member] | |||
Share-Based Compensation [Line Items] | |||
Equity awards available for grants | 4,500,000 | ||
Minimum [Member] | |||
Share-Based Compensation [Line Items] | |||
Equity award vesting period | 3 years | ||
Maximum [Member] | |||
Share-Based Compensation [Line Items] | |||
Ownership percentage | 50.00% | 50.00% | |
Equity award vesting period | 5 years |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Restricted Stock Units And Restricted Stocks Activity) (Details) | 12 Months Ended | |
Dec. 31, 2016$ / sharesshares | ||
Timebased Restricted Stock Units And Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number at beginning of period, Number of restricted stock units and restricted stock | 3,739,690 | |
Number at beginning of period, Weighted average grant date fair value | $ / shares | $ 39.81 | |
Granted, Number of restricted stock units and restricted stock | 307,907 | [1] |
Granted, Weighted average grant date fair value | $ / shares | $ 41.12 | [1] |
Transfers between categories, Number of restricted stock units and restricted stock | 64,448 | |
Transfers between categories, Weighted average grant date fair value | $ / shares | $ 46.59 | |
Vested, Number of restricted stock units and restricted stock | (495,508) | [2] |
Vested, Weighted average grant date fair value | $ / shares | $ 13.76 | [2] |
Cancelled, Number of restricted stock units and restricted stock | (36,703) | |
Cancelled, Weighted average grant date fair value | $ / shares | $ 45.90 | |
Number at end of period, Number of restricted stock units and restricted stock | 3,579,834 | [3] |
Number at end of period, Weighted average grant date fair value | $ / shares | $ 42.78 | [3] |
Peformance Based Restricted Stock Units And Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number at beginning of period, Number of restricted stock units and restricted stock | 5,554,011 | |
Number at beginning of period, Weighted average grant date fair value | $ / shares | $ 45.42 | |
Granted, Number of restricted stock units and restricted stock | 276,669 | [1] |
Granted, Weighted average grant date fair value | $ / shares | $ 40.14 | [1] |
Transfers between categories, Number of restricted stock units and restricted stock | (64,448) | |
Transfers between categories, Weighted average grant date fair value | $ / shares | $ 46.59 | |
Vested, Number of restricted stock units and restricted stock | (180,480) | [2] |
Vested, Weighted average grant date fair value | $ / shares | $ 19.39 | [2] |
Cancelled, Number of restricted stock units and restricted stock | (73,410) | |
Cancelled, Weighted average grant date fair value | $ / shares | $ 45.90 | |
Number at end of period, Number of restricted stock units and restricted stock | 5,512,342 | [3] |
Number at end of period, Weighted average grant date fair value | $ / shares | $ 46.19 | [3] |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, Number of restricted stock units and restricted stock | 180,000 | |
Restricted stocks issued net of withholding for taxes | 111,901 | |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock issued | 807,227 | |
Restricted stocks issued net of withholding for taxes | 541,037 | |
Vested Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vested, Number of restricted stock units and restricted stock | (279,594) | |
Ordinary shares issued to the holders of these restricted stock units with the remainder being withheld and applied to pay the taxes involved | 150,082 | |
Lapsed Restrictions On Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock issued | 396,394 | |
Restricted stocks issued net of withholding for taxes | 253,040 | |
[1] | Includes 180,000 restricted stock granted under the AerCap Holdings N.V. Equity Plans, of which 111,901 restricted stock were issued with the remaining restricted stock being withheld and applied to pay the taxes involved. | |
[2] | 279,594 restricted stock units, which were previously granted under the AerCap Holdings N.V. Equity Plans, vested. In connection with the vesting of the restricted stock units, the Company issued, in full satisfaction of its obligations, 150,082 ordinary shares to the holders of these restricted stock units with the remainder being withheld and applied to pay the taxes involved. In addition, restrictions on 396,394 restricted stock (253,040 restricted stock net of withholding for taxes) lapsed during the period. | |
[3] | During the year ended December 31, 2016, 807,227 restricted stock units that had been issued previously were converted to restricted stock of which 541,037 were issued with the remaining stock being withheld and applied to pay the taxes involved. The converted restricted stock remained subject to restrictions and conditions identical to the restricted stock units, including vesting and forfeiture conditions. |
Share-Based Compensation (Summa
Share-Based Compensation (Summary Of Outstanding Stock Options Under Equity Incentive Plan 2006 Activity) (Details) | 12 Months Ended | |
Dec. 31, 2016$ / sharesshares | ||
Options outstanding at beginning of period, Number of Options | 519,693 | |
Exercised, Number of Options | (379,648) | |
Options outstanding at end of period, Number of Options | 140,045 | [1] |
Options outstanding at beginning of period, Weighted Average Exercise Price | $ / shares | $ 19.08 | |
Exercised, Weighted Average Exercise Price | $ / shares | 23.90 | |
Options outstanding at end of period, Weighted Average Exercise Price | $ / shares | $ 6.02 | [1] |
Genesis [Member] | ||
Options outstanding at end of period, Number of Options | 2,100 | |
[1] | Includes 2,100 AER options granted to former Genesis directors and employees at the closing of the amalgamation with Genesis on March 25, 2010. These options were issued pursuant to a separate board resolution, and were not issued under any of the AerCap Holdings N.V. Equity Plans. |
Share-Based Compensation (Su121
Share-Based Compensation (Summary Of Expected Sharebased Compensation Expenses Assuming Established Performance Criteria Are Met And No Forfeitures Occur) (Details) $ in Millions | Dec. 31, 2016USD ($) |
2017 [Member] | |
Unrecognized Share-Based Compensation, Expected Period Of Recognition [Line Items] | |
Expected share-based compensation expense | $ 98.1 |
2018 [Member] | |
Unrecognized Share-Based Compensation, Expected Period Of Recognition [Line Items] | |
Expected share-based compensation expense | 47.6 |
2019 [Member] | |
Unrecognized Share-Based Compensation, Expected Period Of Recognition [Line Items] | |
Expected share-based compensation expense | 7.9 |
2020 [Member] | |
Unrecognized Share-Based Compensation, Expected Period Of Recognition [Line Items] | |
Expected share-based compensation expense | $ 0.6 |
Pension Plans (Defined Benefit
Pension Plans (Defined Benefit Plans Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dutch Defined Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Acturial gain (loss) of pension obligations, net of tax recognized in AOCI | $ 0.1 | $ (0.2) | $ 1.6 |
Discount rate | 2.00% | 2.40% | 2.40% |
Defined beneft plans liability | $ 2.2 | $ 3.2 | |
Irish Defined Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Acturial gain (loss) of pension obligations, net of tax recognized in AOCI | $ (1.6) | $ 0.5 | $ (3.1) |
Discount rate | 2.00% | 2.50% | 2.40% |
Defined beneft plans liability | $ 9.1 | $ 6.9 |
Pension Plans (Defined Contribu
Pension Plans (Defined Contribution Plans Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dutch Defined Contribution Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined employer contributions | $ 200,000 | $ 400,000 | $ 300,000 |
Defined contribution plan, pension contributions outstanding | 0 | ||
Irish Defined Contribution Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined employer contributions | 1,800,000 | $ 1,100,000 | $ 300,000 |
Defined contribution plan, pension contributions outstanding | $ 0 |
Geographic Information (Schedul
Geographic Information (Schedule Of Lease Revenue By Segment) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)countryitem | Dec. 31, 2015USD ($)countryitem | Dec. 31, 2014USD ($)country | ||
Segment Reporting Information [Line Items] | ||||
Lease revenue | $ 4,867,623 | $ 4,991,551 | $ 3,449,571 | |
Total Lease Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of lessees | item | 0 | 0 | ||
Geographic Concentration Risk [Member] | Total Lease Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of lease revenue | 100.00% | 100.00% | 100.00% | |
China [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Lease revenue | [1] | $ 669,859 | $ 656,809 | $ 427,737 |
China [Member] | Geographic Concentration Risk [Member] | Total Lease Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of lease revenue | [1] | 13.80% | 13.20% | 12.40% |
United States Of America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Lease revenue | $ 535,526 | $ 538,686 | $ 378,693 | |
United States Of America [Member] | Geographic Concentration Risk [Member] | Total Lease Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of lease revenue | 11.00% | 10.80% | 11.00% | |
Ireland [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Lease revenue | $ 117,259 | $ 58,571 | $ 36,513 | |
Ireland [Member] | Geographic Concentration Risk [Member] | Total Lease Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of lease revenue | 2.40% | 1.20% | 1.10% | |
Other Countries [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Lease revenue | [2] | $ 3,544,979 | $ 3,737,485 | $ 2,606,628 |
Other Countries [Member] | Total Lease Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of individual countries | country | 0 | 0 | 0 | |
Other Countries [Member] | Geographic Concentration Risk [Member] | Total Lease Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of lease revenue | [2] | 72.80% | 74.80% | 75.50% |
Minimum [Member] | Geographic Concentration Risk [Member] | Total Lease Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of lease revenue | 10.00% | 10.00% | 10.00% | |
[1] | Includes mainland China, Hong Kong and Macau. | |||
[2] | No individual country within this category accounts for more than 10% of our lease revenue. |
Geographic Information (Sche125
Geographic Information (Schedule Of Long-Lived Assets By Segment) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)country | Dec. 31, 2015USD ($)country | ||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [1] | $ 34,277,259 | $ 35,498,380 |
Geographic Concentration Risk [Member] | Long-Lived Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of long-lived assets | [1] | 100.00% | 100.00% |
China [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [2] | $ 4,962,336 | $ 5,143,237 |
China [Member] | Geographic Concentration Risk [Member] | Long-Lived Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of long-lived assets | [2] | 14.50% | 14.50% |
United States Of America [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | $ 4,752,971 | $ 4,528,441 | |
United States Of America [Member] | Geographic Concentration Risk [Member] | Long-Lived Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of long-lived assets | 13.90% | 12.80% | |
Ireland [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | $ 703,635 | $ 929,509 | |
Ireland [Member] | Geographic Concentration Risk [Member] | Long-Lived Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of long-lived assets | 2.10% | 2.60% | |
Other Countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [3] | $ 23,858,317 | $ 24,897,193 |
Other Countries [Member] | Long-Lived Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of individual countries | country | 0 | 0 | |
Other Countries [Member] | Geographic Concentration Risk [Member] | Long-Lived Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of long-lived assets | [3] | 69.50% | 70.10% |
Minimum [Member] | Geographic Concentration Risk [Member] | Long-Lived Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of long-lived assets | 10.00% | 10.00% | |
AeroTurbine, Inc. [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | $ 105,700 | $ 225,000 | |
[1] | Excludes AeroTurbine long-lived assets of $105.7 million and $225.0 million as of December 31, 2016 and 2015, respectively. | ||
[2] | Includes mainland China, Hong Kong and Macau. | ||
[3] | No individual country within this category accounts for more than 10% of our lease revenue. |
Selling, General And Adminis126
Selling, General And Administrative Expenses (Schedule Of Selling General And Administrative Expenses ) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Personnel expenses | $ 149,505 | $ 161,967 | $ 130,254 |
Share-based compensation | 102,843 | 100,162 | 68,152 |
Travel expenses | 21,201 | 23,090 | 17,501 |
Professional services | 30,983 | 42,921 | 32,359 |
Office expenses | 20,703 | 26,989 | 21,678 |
Directors' expenses | 3,051 | 2,780 | 3,441 |
Other expenses | 22,726 | 23,399 | 26,507 |
Total selling, general and administrative expenses | $ 351,012 | $ 381,308 | $ 299,892 |
Other Income (Details)
Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Management fee revenue | $ 18,298 | $ 23,094 | $ 23,867 | |||
Interest and other income | 127,688 | [1] | 89,582 | [2] | 80,624 | [3] |
Other income | 145,986 | 112,676 | 104,491 | |||
Lease termination | 63,200 | |||||
Gain on refinance of notes receivable | 27,700 | |||||
Gain from the sale of an investment accounted for under the equity method | $ 19,900 | |||||
AeroTurbine, Inc. [Member] | ||||||
Expense related to a lower of cost or market adjustment of parts inventory | 36,000 | 38,700 | ||||
Gain from the settlement of asset value guarantees | 22,600 | |||||
Income from net insurance proceeds | $ 54,200 | $ 16,200 | ||||
[1] | Includes income from net insurance proceeds of $54.2 million, lease terminations of $63.2 million and a gain related to the repayment of a note receivable earlier than expected of $27.7 million. In addition, we incurred an expense of $36.0 million related to a lower of cost or market adjustment of AeroTurbine's parts inventory as a result of the AeroTurbine downsizing. Please refer to Note 26-AeroTurbine restructuring. | |||||
[2] | Includes income from net insurance proceeds of $16.2 million and the settlement of asset value guarantees of $22.6 million. In addition, we incurred an expense of $38.7 million related to a lower of cost or market adjustment of AeroTurbine's parts inventory as a result of the AeroTurbine downsizing. Please refer to Note 26-AeroTurbine restructuring. | |||||
[3] | Includes a $19.9 million gain from the sale of an investment accounted for under the equity method. |
Lease Revenue (Schedule Of Cont
Lease Revenue (Schedule Of Contracted Minimum Future Lease Payments Receivable From Lessees For Equipment On Non-cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Lease Revenue [Abstract] | |
2,017 | $ 3,985,709 |
2,018 | 3,422,297 |
2,019 | 2,849,348 |
2,020 | 2,319,871 |
2,021 | 1,941,373 |
Thereafter | 6,563,776 |
Contracted minimum future lease receivables | $ 21,082,374 |
Asset Impairment (Narrative) (D
Asset Impairment (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($)item | |
Asset Impairment [Line Items] | |||
Asset impairment charges | $ | $ 81,607 | $ 16,335 | $ 21,828 |
Number of aircraft impaired | 35 | 8 | 8 |
Number of engines impaired | 12 | 3 | |
Lease revenue | $ | $ 4,867,623 | $ 4,991,551 | $ 3,449,571 |
Lease Termination Or Amendment [Member] | |||
Asset Impairment [Line Items] | |||
Number of aircraft impaired | 25 | 4 | |
Lease revenue | $ | $ 95,900 | $ 20,500 | |
Undiscounted Cash Flows Substantially Do Not Exceed Carrying Value [Member] | |||
Asset Impairment [Line Items] | |||
Number of aircraft impaired | 4 | ||
Number of engines impaired | 12 | ||
Part Of Sale Transactions And Classified As Flight Equipment Held For Sale [Member] | |||
Asset Impairment [Line Items] | |||
Number of aircraft impaired | 10 |
Asset Impairment (Schedule Of A
Asset Impairment (Schedule Of Asset Impairment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Impairment [Abstract] | |||
Flight equipment held for operating leases (Note 6) | $ 78,335 | $ 16,322 | $ 21,828 |
Flight equipment held for sale | 3,272 | ||
Other assets | 13 | ||
Asset impairment | $ 81,607 | $ 16,335 | $ 21,828 |
AeroTurbine Restructuring (Narr
AeroTurbine Restructuring (Narrative) (Details) - AeroTurbine, Inc. [Member] $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | Mar. 20, 2017ft² | |
Restructuring Cost and Reserve [Line Items] | |||
Expense related to a lower of cost or market adjustment of parts inventory | $ 36 | $ 38.7 | |
Square footage of leased premises | ft² | 264,000 | ||
Other operating (loss) income | $ (33.9) | 14 | |
Pretax loss | $ 123.3 | $ 74 | |
Subsequent Event [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Square footage of leased premises | ft² | 64,000 |
AeroTurbine Restructuring (Sche
AeroTurbine Restructuring (Schedule Of Impairment Charges And Severance Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Leased engines impairment | $ 15,392 | $ 22,402 | |
Transaction, integration and restructuring related expenses | 53,389 | 58,913 | $ 148,792 |
AeroTurbine, Inc. [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Leased engines impairment | 15,392 | 22,402 | |
Severance expenses | 19,801 | 2,072 | |
Tradename and other intangible assets impairment | 14,868 | 24,837 | |
Write-down of fixed assets and consumable inventory | 3,328 | ||
Transaction, integration and restructuring related expenses | $ 53,389 | $ 49,311 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Unvested restricted stock | 3,426,810 | 3,030,724 | 232,140 |
Number of shares excluded from diluted shares outstanding | 152,314 | 36,666 | 0 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Net income for the computation of basic and diluted earnings per share | $ 1,046,630 | $ 1,178,730 | $ 810,447 |
Weighted average ordinary shares outstanding - basic | 185,514,370 | 203,850,828 | 175,912,662 |
Basic earnings per share | $ 5.64 | $ 5.78 | $ 4.61 |
Weighted average ordinary shares outstanding - diluted | 189,682,036 | 206,224,135 | 178,684,989 |
Diluted earnings per share | $ 5.52 | $ 5.72 | $ 4.54 |
Earnings Per Share (Computat135
Earnings Per Share (Computation Of Ordinary Shares Outstanding, Excluding Unvested Restricted Stock) (Details) - shares | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Earnings Per Share [Abstract] | |||
Ordinary share capital, shares issued | 187,847,345 | 203,411,207 | 212,318,291 |
Treasury stock, shares | (11,600,191) | (3,069,003) | |
Ordinary shares outstanding | 176,247,154 | 200,342,204 | 212,318,291 |
Unvested restricted stock | (3,426,810) | (3,030,724) | (232,140) |
Ordinary shares outstanding, excluding unvested restricted stock | 172,820,344 | 197,311,480 | 212,086,151 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) | Jun. 01, 2011 | Jun. 30, 2013item | Mar. 31, 2016item | Dec. 31, 2016USD ($)item | Dec. 31, 2014 | Dec. 31, 2010item | Dec. 23, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 15, 2015USD ($) | |
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft owned | item | 1,022 | |||||||||
Remaining borrowing capacity | $ 7,338,181,000 | |||||||||
Debt guarantees | 125,429,000 | $ 248,105,000 | ||||||||
Number of aircraft sold | item | 5 | |||||||||
Gain on refinance of notes receivable | 27,700,000 | |||||||||
Carrying value of the ALS Notes Receivable | 85,747,000 | |||||||||
Long-term Debt | 27,716,999,000 | 29,641,863,000 | ||||||||
AerCap Partners I [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Subordinated debt | 63,800,000 | |||||||||
Aercap Partners 767 [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Senior debt facility | 16,200,000 | |||||||||
Subordinated debt | 31,000,000 | |||||||||
AerFunding [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Credit facility amount outstanding | 596,800,000 | |||||||||
AerCap Partners II [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Senior debt facility | 49,000,000 | |||||||||
Subordinated debt | $ 16,800,000 | |||||||||
AerLift Jet [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft owned | item | 0 | |||||||||
Number of aircraft sold | item | 4 | |||||||||
AerDragon [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Debt guarantees | $ 3,400,000 | 7,500,000 | ||||||||
Number of airlines | item | 10 | |||||||||
AerLift [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft owned | item | 4 | |||||||||
Debt guarantees | $ 122,000,000 | 168,900,000 | ||||||||
Number of aircraft sold | item | 2 | |||||||||
AerCap Partners III [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Debt guarantees | 71,700,000 | |||||||||
Other Joint Ventures [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage sold | 50.00% | |||||||||
AerCap Holdings N.V. [Member] | AerCap Partners I [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
Subordinated debt | $ 31,900,000 | |||||||||
AerCap Holdings N.V. [Member] | Aercap Partners 767 [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
Subordinated debt | $ 15,500,000 | |||||||||
AerCap Holdings N.V. [Member] | AerFunding [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 5.00% | |||||||||
Percent of the subordinated fixed rate deferrable interest asset-backed notes | 100.00% | |||||||||
Subordinated debt | $ 192,700,000 | |||||||||
AerCap Holdings N.V. [Member] | AerCap Partners II [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
Subordinated debt | $ 8,400,000 | |||||||||
AerCap Holdings N.V. [Member] | AerLift Jet [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
AerCap Holdings N.V. [Member] | AerLift [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 39.00% | |||||||||
AerCap Holdings N.V. [Member] | AerCap Partners III [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
Ownership percentage sold | 50.00% | |||||||||
AerCap Holdings N.V. [Member] | AerCo [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Notes receivable | $ 0 | |||||||||
Deucalion Aviation Funds [Member] | AerCap Partners I [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
Subordinated debt | $ 31,900,000 | |||||||||
Deucalion Aviation Funds [Member] | Aercap Partners 767 [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
Subordinated debt | $ 15,500,000 | |||||||||
Deucalion Aviation Funds [Member] | AerCap Partners II [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
Subordinated debt | $ 8,400,000 | |||||||||
U.S.-based Aircraft Leasing Company [Member] | AerLift Jet [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
China Aviation Supplies Holding Company [Member] | AerDragon [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
Equal Ownership By AerCap Holdings N.V., CA-CIB And East Epoch Limited [Member] | AerDragon [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
A330 Aircraft [Member] | AerFunding [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft owned | item | 5 | |||||||||
A330 Aircraft [Member] | AerCap Partners III [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft owned | item | 3 | |||||||||
A320-200 Aircraft [Member] | AerFunding [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft owned | item | 5 | |||||||||
A320-200 Aircraft [Member] | AerCap Partners II [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft owned | item | 3 | |||||||||
Boeing 737-800 Aircraft [Member] | AerCap Partners I [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft owned | item | 8 | |||||||||
Boeing 737-800 Aircraft [Member] | AerFunding [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft owned | item | 7 | |||||||||
Boeing 767 Aircraft [Member] | Aercap Partners 767 [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft owned | item | 2 | |||||||||
Boeing 787 Aircraft [Member] | AerFunding [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft owned | item | 2 | |||||||||
Narrowbody Aircraft [Member] | AerDragon [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft owned | item | 29 | |||||||||
Widebody Aircraft [Member] | AerDragon [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft sold | item | 1 | |||||||||
B-737-NG Aircraft [Member] | AerCap Partners I [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft sold | item | 3 | |||||||||
ALS II [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Senior debt facility | $ 17,700,000 | |||||||||
ALS II [Member] | AerCap Holdings N.V. [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 5.00% | |||||||||
Percent of the subordinated fixed rate deferrable interest asset-backed notes | 100.00% | |||||||||
Subordinated debt | $ 350,000,000 | |||||||||
ALS II [Member] | A-320 Aircraft [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft sold | item | 4 | |||||||||
ALS II [Member] | A320-200 Aircraft [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft owned | item | 26 | |||||||||
AerData [Member] | AerCap Holdings N.V. [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage sold | 42.30% | |||||||||
ACSAL [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft owned | item | 8 | |||||||||
Ownership percentage | [1] | 19.00% | ||||||||
ACSAL [Member] | AerCap Holdings N.V. [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 19.00% | |||||||||
ACSAL [Member] | Boeing 737-800 Aircraft [Member] | AerCap Holdings N.V. [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft sold | item | 8 | |||||||||
ALS [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Long-term Debt | 28,000,000 | |||||||||
ALS [Member] | AerCap Holdings N.V. [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Annual coupon percentage of purchase price | 8.00% | |||||||||
ALS Refinancing [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Gain related to the repayment of a note receivable | $ 120,300,000 | |||||||||
Percentage of cash flows | 20.00% | |||||||||
Notes receivable | $ 92,600,000 | |||||||||
Gain on refinance of notes receivable | $ 27,700,000 | |||||||||
AerCap Partners I Facility [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Outstanding amount under senior debt facility | $ 81,537,000 | |||||||||
AerFunding Revolving Credit Facility [Member] | Charitable Trust [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 95.00% | |||||||||
Purchase Obligations [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Number of aircraft owned | item | 420 | |||||||||
Secured Debt [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Remaining borrowing capacity | $ 3,238,181,000 | |||||||||
Long-term Debt | 11,518,140,000 | 12,623,288,000 | ||||||||
Secured Debt [Member] | AerFunding Revolving Credit Facility [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Remaining borrowing capacity | 1,563,181,000 | |||||||||
Long-term Debt | 596,819,000 | 1,058,294,000 | ||||||||
Unsecured Debt [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Remaining borrowing capacity | 4,100,000,000 | |||||||||
Long-term Debt | $ 14,800,212,000 | 15,619,510,000 | ||||||||
Unsecured Debt [Member] | Other Unsecured Debt [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Long-term Debt | $ 27,959,000 | |||||||||
[1] | AerDragon and ACSAL are VIEs for which we are not the PB but do have significant influence. Therefore, they are accounted for under the equity method. |
Variable Interest Entities (Sch
Variable Interest Entities (Schedule Of Maximum Exposure To Loss In VIEs) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entities [Abstract] | ||
Carrying value of investments (Note 12) | $ 118,783 | $ 114,711 |
Carrying value of the ALS Notes Receivable | 85,747 | |
Debt guarantees | 125,429 | 248,105 |
Maximum exposure to loss | $ 244,212 | $ 448,563 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 8 Months Ended | 12 Months Ended | |||
Aug. 24, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 16, 2013 | |
Related Party Transaction [Line Items] | |||||
Management services fees received | $ 18,298,000 | $ 23,094,000 | $ 23,867,000 | ||
AerCo [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management services fees received | 1,400,000 | 1,500,000 | |||
ACSAL [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management services fees received | 500,000 | 500,000 | 500,000 | ||
AerLift [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management services fees received | 2,900,000 | 2,800,000 | 4,000,000 | ||
Dividends received from equity investment | 7,500,000 | 2,300,000 | |||
AerDragon [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management services fees received | 600,000 | 500,000 | 400,000 | ||
Dividends received from equity investment | $ 1,700,000 | $ 300,000 | |||
AIG [Member] | |||||
Related Party Transaction [Line Items] | |||||
Net effect in Consolidated Income Statements from derivative contracts | $ 0 | 0 | |||
Cash expense | 1,300,000 | 4,300,000 | |||
Mark-to-market gains | 1,300,000 | 4,300,000 | |||
Management services fees received | 5,100,000 | 4,900,000 | |||
AIG Revolving Credit Facility [Member] | |||||
Related Party Transaction [Line Items] | |||||
Credit facility maximum borrowing capacity | $ 1,000,000,000 | ||||
AIG Revolving Credit Facility [Member] | Unsecured Debt [Member] | AIG [Member] | |||||
Related Party Transaction [Line Items] | |||||
Credit facility fees | 4,100,000 | $ 14,900,000 | |||
Junior Subordinated Notes [Member] | Subordinated Debt [Member] | AIG [Member] | |||||
Related Party Transaction [Line Items] | |||||
Paid fees and interest | $ 0 |
Commitments And Contingencie139
Commitments And Contingencies (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2009USD ($) | Dec. 31, 2016USD ($)itemcontract | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Jul. 31, 2011USD ($) | Jul. 31, 2006item | |
Loss Contingencies [Line Items] | ||||||
Number of aircraft | item | 1,022 | |||||
Number of asset value guarantees settled | item | 3 | |||||
Guarantee carrying value | $ 51,804,000 | $ 47,380,000 | ||||
Asset Value Guarantees [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Number of asset value guarantees outstanding | contract | 8 | |||||
Asset guarantee loss provisions | $ 0 | 0 | ||||
Guarantee carrying value | 37,500,000 | 37,500,000 | ||||
Maximum aggregate potential commitment | 168,400,000 | |||||
Other Guarantees [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Guarantee carrying value | 14,300,000 | $ 9,900,000 | ||||
Maximum aggregate potential commitment | $ 34,200,000 | |||||
Number of aircraft sold with a guarantee of the future lease cash flows | item | 4 | |||||
Number of aircraft sold with a guarantee of the replacement lease rental cash flows | item | 3 | |||||
VASP Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Number of leases that company incurred obligations due to another company's default | item | 9 | 7 | ||||
Claim award for loss of profit plus accrued interest | $ 40,000,000 | |||||
Damages awarded | $ 36,900,000 | |||||
Transbrasil Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Aggregate amount due from AerCap | $ 210,000,000 | |||||
Purchase Obligations [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Number of aircraft | item | 420 | |||||
Boeing [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Non-refundable deposits | $ 636,200,000 | |||||
Airbus [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Non-refundable deposits | 667,300,000 | |||||
Embraer [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Non-refundable deposits | $ 7,500,000 | |||||
Aircraft [Member] | VASP Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Number of capital leased assets | item | 13 | |||||
Engines [Member] | VASP Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Number of capital leased assets | item | 3 |
Commitments And Contingencie140
Commitments And Contingencies (Summary Of Movements In Prepayments On Flight Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | ||
Net book value at beginning of period | $ 3,300,426 | $ 3,486,514 |
Prepayments made during the period | 837,776 | 747,541 |
Interest capitalized during the period | 107,688 | 79,230 |
Prepayments and capitalized interest applied to the purchase of flight equipment | (979,911) | (1,012,859) |
Net book value at end of period | $ 3,265,979 | $ 3,300,426 |
Commitments And Contingencie141
Commitments And Contingencies (Unrecorded Contractual Commitments For The Purchase Of Flight Equipment) (Details) - Purchase Obligations [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)item | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Unrecorded Number of forward orders | item | 396 | |
Unrecorded Number of purchase-leaseback transactions | item | 24 | |
Flight Equipment [Member] | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
2,017 | $ 5,051,158 | [1] |
2,018 | 6,028,196 | [1] |
2,019 | 5,084,565 | [1] |
2,020 | 3,624,926 | [1] |
2,021 | 2,838,730 | [1] |
2,022 | 534,991 | [1] |
Total | $ 23,162,566 | [1] |
[1] | Includes commitments to purchase 396 aircraft and 24 purchase and leaseback transactions. |
Commitments And Contingencie142
Commitments And Contingencies (Schedule Of Minimum Payments Under Lease Agreements) (Details) - Property Rental Agreements [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leased Assets [Line Items] | |
2,017 | $ 11,155 |
2,018 | 11,056 |
2,019 | 8,754 |
2,020 | 8,828 |
2,021 | 8,967 |
Thereafter | 51,343 |
Head lease payments | $ 100,103 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($)item | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset impairment charges | $ | $ 81,607 | $ 16,335 | $ 21,828 |
Number of aircraft impaired | 35 | 8 | 8 |
Lease revenue | $ | $ 4,867,623 | $ 4,991,551 | $ 3,449,571 |
Number of engines impaired | 12 | 3 | |
Flight Equipment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Estimated useful life of asset, years | 25 years | ||
Lease Termination Or Amendment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of aircraft impaired | 25 | 4 | |
Lease revenue | $ | $ 95,900 | $ 20,500 | |
Part Of Sale Transactions And Classified As Flight Equipment Held For Sale [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of aircraft impaired | 10 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 37,187 | $ 18,965 |
Derivative liabilities | 21 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 37,187 | 18,965 |
Derivative liabilities | $ 21 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Of Flight Equipment As Of The Measurement Date, The Valuation Technique And The Related Unobservable Inputs) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair value | $ 2,425,173 | $ 2,957,707 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair value | 2,364,627 | 2,822,545 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair value | 60,546 | $ 135,162 |
Flight Equipment [Member] | Level 3 [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair value | $ 492,600 | |
Minimum [Member] | Flight Equipment [Member] | Level 3 [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs, discount rate | 0.00% | |
Fair value unobservable input remaining holding period | 0 years | |
Fair value unobservable input present value of non contractual cash flows | 0.00% | |
Maximum [Member] | Flight Equipment [Member] | Level 3 [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs, discount rate | 14.00% | |
Fair value unobservable input remaining holding period | 14 years | |
Fair value unobservable input present value of non contractual cash flows | 100.00% | |
Weighted Average [Member] | Flight Equipment [Member] | Level 3 [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs, discount rate | 5.00% | |
Fair value unobservable input remaining holding period | 7 years | |
Fair value unobservable input present value of non contractual cash flows | 25.00% |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amounts And Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Cash and cash equivalents, Book value | $ 2,035,447 | $ 2,403,098 | $ 1,490,369 | $ 295,514 | |||
Restricted cash, Book value | 329,180 | 419,447 | |||||
Derivative assets, Book value | 37,187 | 18,965 | |||||
Notes receivable net, Book value | 23,359 | [1],[2] | 116,197 | [3] | |||
Assets, Book value | 2,425,173 | 2,957,707 | |||||
Debt, Book value | [4] | 27,873,900 | 29,806,843 | ||||
Derivative liabilities, Book value | 21 | ||||||
Guarantee, Book value | 51,804 | 47,380 | |||||
Liabilities, Book value | 27,925,704 | 29,854,244 | |||||
Cash and cash equivalents, Fair value | 2,035,447 | 2,403,098 | |||||
Restricted cash, Fair Value | 329,180 | 419,447 | |||||
Derivative assets, Fair value | 37,187 | 18,965 | |||||
Notes receivable net, Fair Value | 23,359 | 116,197 | |||||
Assets, Fair value | 2,425,173 | 2,957,707 | |||||
Debt, Fair value | 28,203,635 | 29,915,965 | |||||
Derivative liabilities, Fair value | 21 | ||||||
Guarantee, Fair value | 51,804 | 46,827 | |||||
Liabilities, Fair value | 28,255,439 | 29,962,813 | |||||
Level 1 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Cash and cash equivalents, Fair value | 2,035,447 | 2,403,098 | |||||
Restricted cash, Fair Value | 329,180 | 419,447 | |||||
Assets, Fair value | 2,364,627 | 2,822,545 | |||||
Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative assets, Fair value | 37,187 | 18,965 | |||||
Notes receivable net, Fair Value | 23,359 | 116,197 | |||||
Assets, Fair value | 60,546 | 135,162 | |||||
Debt, Fair value | 28,203,635 | 29,915,965 | |||||
Derivative liabilities, Fair value | 21 | ||||||
Liabilities, Fair value | 28,203,635 | 29,915,986 | |||||
Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Guarantee, Fair value | 51,804 | 46,827 | |||||
Liabilities, Fair value | $ 51,804 | $ 46,827 | |||||
[1] | As of December 31, 2016, we did not have an allowance for credit losses on notes receivables and there was no activity recorded for credit losses during the year ended December 31, 2016. | ||||||
[2] | In December 2016, the ALS Note Receivable was repaid. Please refer to Note 28-Variable Interest Entities for further details. | ||||||
[3] | As of December 31, 2015, we did not have an allowance for credit losses on notes receivables. We recognized a $2.0 million provision, which was used upon termination of the related leases during the year ended December 31, 2015. | ||||||
[4] | Excludes debt issuance costs and debt discounts. |
Supplemental Guarantor Finan147
Supplemental Guarantor Financial Information (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Nov. 30, 2012 | May 31, 2012 | |
AerCap Aviation Notes [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 300,000,000 | $ 300,000,000 | |
Stated interest rate | 6.375% | 6.375% | |
AerCap Aviation Solutions B.V [Member] | AerCap Aviation Notes [Member] | |||
Debt Instrument [Line Items] | |||
Ownership interest | 100.00% | ||
AerCap Trust, AICDC and the Subsidiary Guarantors [Member] | AGAT/AICDC Notes [Member] | |||
Debt Instrument [Line Items] | |||
Ownership interest | 100.00% | ||
Citi Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, current borrowing capacity | $ 285,000,000 |
Supplemental Guarantor Finan148
Supplemental Guarantor Financial Information (Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||||
Cash and cash equivalents | $ 2,035,447 | $ 2,403,098 | $ 1,490,369 | $ 295,514 |
Restricted cash | 329,180 | 419,447 | ||
Flight equipment held for operating leases, net | 31,501,973 | 32,219,494 | 31,984,668 | |
Maintenance rights intangible and lease premium, net | 2,167,925 | 3,139,045 | ||
Flight equipment held for sale | 107,392 | 71,055 | ||
Net investment in finance and sales-type leases | 755,882 | 469,198 | ||
Prepayments on flight equipment | 3,265,979 | 3,300,426 | 3,486,514 | |
Investments including investments in subsidiaries | 118,783 | 114,711 | ||
Other assets | 779,206 | 998,743 | ||
Total Assets | 41,620,453 | 43,749,499 | ||
Liabilities and Equity | ||||
Debt | 27,716,999 | 29,641,863 | ||
Total Liabilities | 33,038,189 | 35,323,690 | ||
Total AerCap Holdings N.V. Shareholders' equity | 8,524,447 | 8,348,963 | ||
Non-controlling interest | 57,817 | 76,846 | ||
Total Equity | 8,582,264 | 8,425,809 | 7,942,548 | 2,429,232 |
Total Liabilities and Equity | 41,620,453 | 43,749,499 | ||
AerCap Aviation Notes [Member] | ||||
Assets | ||||
Cash and cash equivalents | 2,035,000 | 2,403,000 | 1,490,000 | 296,000 |
Restricted cash | 329,000 | 419,000 | ||
Flight equipment held for operating leases, net | 31,502,000 | 32,219,000 | ||
Maintenance rights intangible and lease premium, net | 2,168,000 | 3,139,000 | ||
Flight equipment held for sale | 107,000 | 71,000 | ||
Net investment in finance and sales-type leases | 757,000 | 469,000 | ||
Prepayments on flight equipment | 3,266,000 | 3,300,000 | ||
Investments including investments in subsidiaries | 119,000 | 115,000 | ||
Other assets | 1,337,000 | 1,614,000 | ||
Total Assets | 41,620,000 | 43,749,000 | ||
Liabilities and Equity | ||||
Debt | 27,717,000 | 29,642,000 | ||
Other liabilities | 5,321,000 | 5,681,000 | ||
Total Liabilities | 33,038,000 | 35,323,000 | ||
Total AerCap Holdings N.V. Shareholders' equity | 8,524,000 | 8,349,000 | ||
Non-controlling interest | 58,000 | 77,000 | ||
Total Equity | 8,582,000 | 8,426,000 | ||
Total Liabilities and Equity | 41,620,000 | 43,749,000 | ||
AerCap Aviation Notes [Member] | Eliminations [Member] | ||||
Assets | ||||
Investments including investments in subsidiaries | (13,567,000) | (11,675,000) | ||
Intercompany receivables | (13,837,000) | (10,860,000) | ||
Other assets | (168,000) | |||
Total Assets | (27,572,000) | (22,535,000) | ||
Liabilities and Equity | ||||
Intercompany payables | (13,837,000) | (10,860,000) | ||
Other liabilities | (168,000) | |||
Total Liabilities | (14,005,000) | (10,860,000) | ||
Total AerCap Holdings N.V. Shareholders' equity | (13,567,000) | (11,675,000) | ||
Total Equity | (13,567,000) | (11,675,000) | ||
Total Liabilities and Equity | (27,572,000) | (22,535,000) | ||
AerCap Aviation Notes [Member] | AerCap Holdings N.V. [Member] | ||||
Assets | ||||
Cash and cash equivalents | 4,000 | 14,000 | 7,000 | |
Investments including investments in subsidiaries | 9,310,000 | 8,290,000 | ||
Intercompany receivables | 106,000 | 46,000 | ||
Other assets | 104,000 | 61,000 | ||
Total Assets | 9,524,000 | 8,411,000 | ||
Liabilities and Equity | ||||
Intercompany payables | 978,000 | 4,000 | ||
Other liabilities | 22,000 | 58,000 | ||
Total Liabilities | 1,000,000 | 62,000 | ||
Total AerCap Holdings N.V. Shareholders' equity | 8,524,000 | 8,349,000 | ||
Total Equity | 8,524,000 | 8,349,000 | ||
Total Liabilities and Equity | 9,524,000 | 8,411,000 | ||
AerCap Aviation Notes [Member] | AerCap Aviation Solutions B.V [Member] | ||||
Assets | ||||
Intercompany receivables | 5,000 | |||
Other assets | 10,000 | |||
Total Assets | 10,000 | 5,000 | ||
Liabilities and Equity | ||||
Debt | 300,000 | 298,000 | ||
Intercompany payables | 19,000 | |||
Other liabilities | 2,000 | 2,000 | ||
Total Liabilities | 321,000 | 300,000 | ||
Total AerCap Holdings N.V. Shareholders' equity | (311,000) | (295,000) | ||
Total Equity | (311,000) | (295,000) | ||
Total Liabilities and Equity | 10,000 | 5,000 | ||
AerCap Aviation Notes [Member] | AerCap Ireland Ltd. [Member] | ||||
Assets | ||||
Cash and cash equivalents | 835,000 | 1,193,000 | 816,000 | 140,000 |
Restricted cash | 9,000 | 18,000 | ||
Flight equipment held for operating leases, net | 1,136,000 | 1,034,000 | ||
Maintenance rights intangible and lease premium, net | 51,000 | 80,000 | ||
Net investment in finance and sales-type leases | 22,000 | |||
Investments including investments in subsidiaries | 4,257,000 | 3,385,000 | ||
Intercompany receivables | 8,005,000 | 6,157,000 | ||
Other assets | 440,000 | 377,000 | ||
Total Assets | 14,733,000 | 12,266,000 | ||
Liabilities and Equity | ||||
Debt | 40,000 | 77,000 | ||
Intercompany payables | 5,701,000 | 4,525,000 | ||
Other liabilities | 381,000 | 184,000 | ||
Total Liabilities | 6,122,000 | 4,786,000 | ||
Total AerCap Holdings N.V. Shareholders' equity | 8,611,000 | 7,480,000 | ||
Total Equity | 8,611,000 | 7,480,000 | ||
Total Liabilities and Equity | 14,733,000 | 12,266,000 | ||
AerCap Aviation Notes [Member] | Non-Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 1,196,000 | 1,196,000 | $ 667,000 | $ 156,000 |
Restricted cash | 320,000 | 401,000 | ||
Flight equipment held for operating leases, net | 30,366,000 | 31,185,000 | ||
Maintenance rights intangible and lease premium, net | 2,117,000 | 3,059,000 | ||
Flight equipment held for sale | 107,000 | 71,000 | ||
Net investment in finance and sales-type leases | 757,000 | 447,000 | ||
Prepayments on flight equipment | 3,266,000 | 3,300,000 | ||
Investments including investments in subsidiaries | 119,000 | 115,000 | ||
Intercompany receivables | 5,726,000 | 4,652,000 | ||
Other assets | 951,000 | 1,176,000 | ||
Total Assets | 44,925,000 | 45,602,000 | ||
Liabilities and Equity | ||||
Debt | 27,377,000 | 29,267,000 | ||
Intercompany payables | 7,139,000 | 6,331,000 | ||
Other liabilities | 5,084,000 | 5,437,000 | ||
Total Liabilities | 39,600,000 | 41,035,000 | ||
Total AerCap Holdings N.V. Shareholders' equity | 5,267,000 | 4,490,000 | ||
Non-controlling interest | 58,000 | 77,000 | ||
Total Equity | 5,325,000 | 4,567,000 | ||
Total Liabilities and Equity | $ 44,925,000 | $ 45,602,000 |
Supplemental Guarantor Finan149
Supplemental Guarantor Financial Information (Condensed Consolidated Income Statement) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Revenues and other income | |||||
Lease revenue | $ 4,867,623 | $ 4,991,551 | $ 3,449,571 | ||
Net (loss) gain on sale of assets | 138,522 | 183,328 | 37,497 | ||
Other income (loss) | 145,986 | 112,676 | 104,491 | ||
Total Revenues and other income | 5,152,131 | 5,287,555 | 3,591,559 | ||
Expenses | |||||
Depreciation and amortization | 1,791,336 | 1,843,003 | 1,282,228 | ||
Asset impairment | 81,607 | 16,335 | 21,828 | ||
Interest expense | 1,091,861 | 1,099,884 | 780,349 | ||
Leasing expenses | 582,530 | 522,413 | 141,572 | ||
Transaction, integration and restructuring related expenses | 53,389 | 58,913 | 148,792 | ||
Selling, general and administrative expenses | 351,012 | 381,308 | 299,892 | ||
Total Expenses | 3,951,735 | 3,921,856 | 2,674,661 | ||
Income before income taxes and income of investments accounted for under the equity method | 1,200,396 | 1,365,699 | [1] | 916,898 | [1] |
Provision for income taxes | (173,496) | (189,805) | [2] | (137,373) | [2] |
Equity in net earnings of investments accounted for under the equity method | 12,616 | 1,278 | 28,973 | ||
Net income (loss) | 1,039,516 | 1,177,172 | 808,498 | ||
Net loss attributable to non-controlling interest | 7,114 | 1,558 | 1,949 | ||
Net income attributable to AerCap Holdings N.V. | 1,046,630 | 1,178,730 | 810,447 | ||
AerCap Aviation Notes [Member] | |||||
Revenues and other income | |||||
Lease revenue | 4,868,000 | 4,992,000 | 3,450,000 | ||
Net (loss) gain on sale of assets | 139,000 | 183,000 | 38,000 | ||
Other income (loss) | 145,000 | 113,000 | 104,000 | ||
Total Revenues and other income | 5,152,000 | 5,288,000 | 3,592,000 | ||
Expenses | |||||
Depreciation and amortization | 1,791,000 | 1,843,000 | 1,282,000 | ||
Asset impairment | 82,000 | 16,000 | 22,000 | ||
Interest expense | 1,092,000 | 1,100,000 | 781,000 | ||
Leasing expenses | 583,000 | 522,000 | 142,000 | ||
Transaction, integration and restructuring related expenses | 53,000 | 59,000 | 149,000 | ||
Selling, general and administrative expenses | 351,000 | 382,000 | 300,000 | ||
Total Expenses | 3,952,000 | 3,922,000 | 2,676,000 | ||
Income before income taxes and income of investments accounted for under the equity method | 1,200,000 | 1,366,000 | 916,000 | ||
Provision for income taxes | (173,000) | (190,000) | (137,000) | ||
Equity in net earnings of investments accounted for under the equity method | 13,000 | 1,000 | 29,000 | ||
Net (loss) income before income from subsidiaries | 1,040,000 | 1,177,000 | 808,000 | ||
Net income (loss) | 1,040,000 | 1,177,000 | 808,000 | ||
Net loss attributable to non-controlling interest | 7,000 | 2,000 | 2,000 | ||
Net income attributable to AerCap Holdings N.V. | 1,047,000 | 1,179,000 | 810,000 | ||
AerCap Aviation Notes [Member] | AerCap Holdings N.V. [Member] | |||||
Revenues and other income | |||||
Other income (loss) | 6,000 | 9,000 | 25,000 | ||
Total Revenues and other income | 6,000 | 9,000 | 25,000 | ||
Expenses | |||||
Interest expense | 12,000 | 13,000 | |||
Selling, general and administrative expenses | 60,000 | 108,000 | 83,000 | ||
Total Expenses | 60,000 | 120,000 | 96,000 | ||
Income before income taxes and income of investments accounted for under the equity method | (54,000) | (111,000) | (71,000) | ||
Provision for income taxes | 7,000 | 28,000 | (1,000) | ||
Net (loss) income before income from subsidiaries | (47,000) | (83,000) | (72,000) | ||
Income (loss) from subsidiaries | 1,094,000 | 1,262,000 | 882,000 | ||
Net income (loss) | 1,047,000 | 1,179,000 | 810,000 | ||
Net income attributable to AerCap Holdings N.V. | 1,047,000 | 1,179,000 | 810,000 | ||
AerCap Aviation Notes [Member] | AerCap Aviation Solutions B.V [Member] | |||||
Expenses | |||||
Interest expense | 20,000 | 20,000 | 20,000 | ||
Total Expenses | 20,000 | 20,000 | 20,000 | ||
Income before income taxes and income of investments accounted for under the equity method | (20,000) | (20,000) | (20,000) | ||
Provision for income taxes | 5,000 | 5,000 | |||
Net (loss) income before income from subsidiaries | (15,000) | (15,000) | (20,000) | ||
Net income (loss) | (15,000) | (15,000) | (20,000) | ||
Net income attributable to AerCap Holdings N.V. | (15,000) | (15,000) | (20,000) | ||
AerCap Aviation Notes [Member] | AerCap Ireland Ltd. [Member] | |||||
Revenues and other income | |||||
Lease revenue | 157,000 | 110,000 | 81,000 | ||
Net (loss) gain on sale of assets | 14,000 | 10,000 | |||
Other income (loss) | 507,000 | 430,000 | 254,000 | ||
Total Revenues and other income | 664,000 | 554,000 | 345,000 | ||
Expenses | |||||
Depreciation and amortization | 64,000 | 52,000 | 9,000 | ||
Interest expense | 378,000 | 268,000 | 244,000 | ||
Leasing expenses | 26,000 | 50,000 | 96,000 | ||
Selling, general and administrative expenses | 68,000 | 202,000 | 72,000 | ||
Total Expenses | 536,000 | 572,000 | 421,000 | ||
Income before income taxes and income of investments accounted for under the equity method | 128,000 | (18,000) | (76,000) | ||
Provision for income taxes | (16,000) | 2,000 | (93,000) | ||
Net (loss) income before income from subsidiaries | 112,000 | (16,000) | (169,000) | ||
Income (loss) from subsidiaries | 867,000 | 1,088,000 | 869,000 | ||
Net income (loss) | 979,000 | 1,072,000 | 700,000 | ||
Net income attributable to AerCap Holdings N.V. | 979,000 | 1,072,000 | 700,000 | ||
AerCap Aviation Notes [Member] | Non-Guarantors [Member] | |||||
Revenues and other income | |||||
Lease revenue | 4,711,000 | 4,882,000 | 3,369,000 | ||
Net (loss) gain on sale of assets | 139,000 | 169,000 | 28,000 | ||
Other income (loss) | 400,000 | 476,000 | 377,000 | ||
Total Revenues and other income | 5,250,000 | 5,527,000 | 3,774,000 | ||
Expenses | |||||
Depreciation and amortization | 1,727,000 | 1,791,000 | 1,273,000 | ||
Asset impairment | 82,000 | 16,000 | 22,000 | ||
Interest expense | 1,388,000 | 1,397,000 | 932,000 | ||
Leasing expenses | 557,000 | 472,000 | 46,000 | ||
Transaction, integration and restructuring related expenses | 53,000 | 59,000 | 149,000 | ||
Selling, general and administrative expenses | 297,000 | 277,000 | 269,000 | ||
Total Expenses | 4,104,000 | 4,012,000 | 2,691,000 | ||
Income before income taxes and income of investments accounted for under the equity method | 1,146,000 | 1,515,000 | 1,083,000 | ||
Provision for income taxes | (169,000) | (225,000) | (43,000) | ||
Equity in net earnings of investments accounted for under the equity method | 13,000 | 1,000 | 29,000 | ||
Net (loss) income before income from subsidiaries | 990,000 | 1,291,000 | 1,069,000 | ||
Income (loss) from subsidiaries | 112,000 | (16,000) | (169,000) | ||
Net income (loss) | 1,102,000 | 1,275,000 | 900,000 | ||
Net loss attributable to non-controlling interest | 7,000 | 2,000 | 2,000 | ||
Net income attributable to AerCap Holdings N.V. | 1,109,000 | 1,277,000 | 902,000 | ||
AerCap Aviation Notes [Member] | Eliminations [Member] | |||||
Revenues and other income | |||||
Other income (loss) | (768,000) | (802,000) | (552,000) | ||
Total Revenues and other income | (768,000) | (802,000) | (552,000) | ||
Expenses | |||||
Interest expense | (694,000) | (597,000) | (428,000) | ||
Selling, general and administrative expenses | (74,000) | (205,000) | (124,000) | ||
Total Expenses | (768,000) | (802,000) | (552,000) | ||
Income (loss) from subsidiaries | (2,073,000) | (2,334,000) | (1,582,000) | ||
Net income (loss) | (2,073,000) | (2,334,000) | (1,582,000) | ||
Net income attributable to AerCap Holdings N.V. | $ (2,073,000) | $ (2,334,000) | $ (1,582,000) | ||
[1] | Due to our migration from the Netherlands to Ireland as of February 1, 2016, we have updated the tax rate reconciliation for the years ended December 31, 2015 and 2014. The tax variance as a result of the global activities has been calculated as the difference between the local statutory tax rate in the relevant jurisdictions and the Irish statutory tax rate of 12.5%. | ||||
[2] | Effective February 1, 2016, we moved our headquarters and executive officers from Amsterdam to Dublin, and as of February 1, 2016, we became tax resident in Ireland. Accordingly, we have updated the figures for the years ended December 31, 2015 and 2014 as compared to those previously reported in the financial statements contained in our 2015 annual report on Form 20-F to reflect the permanent differences being taxed at the Irish statutory rate of 12.5% rather than the Dutch statutory rate of 25%. |
Supplemental Guarantor Finan150
Supplemental Guarantor Financial Information (Condensed Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Net income (loss) | $ 1,039,516 | $ 1,177,172 | $ 808,498 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 1,791,336 | 1,843,003 | 1,282,228 | ||
Asset impairment | 81,607 | 16,335 | 21,828 | ||
Amortization of debt issuance costs and debt discount | 55,768 | 45,582 | 86,184 | ||
Amortization of lease premium intangibles | 19,836 | 23,042 | 17,967 | ||
Amortization of fair value adjustments on debt | (335,998) | (442,972) | (330,924) | ||
Accretion of fair value adjustments on deposits and maintenance liabilities | 55,210 | 76,246 | 71,806 | ||
Maintenance rights write off | [1] | 652,111 | 628,643 | 130,806 | |
Maintenance liability release to income | (421,332) | (243,809) | (92,296) | ||
Net gain on sale of assets | (138,522) | (183,328) | (37,497) | ||
Deferred income taxes | 161,340 | 110,353 | 115,859 | ||
Restructuring related expenses | 33,588 | 49,311 | |||
Other | 121,700 | 90,074 | 102,139 | ||
Net cash provided by operating activities | 3,381,232 | 3,360,040 | 2,313,674 | ||
Purchase of flight equipment | (2,892,731) | (2,772,110) | (2,088,444) | ||
Proceeds from sale or disposal of assets | 2,366,242 | 1,568,235 | 569,633 | ||
Prepayments on flight equipment | (947,419) | (791,546) | (458,174) | ||
Acquisition of ILFC, net of cash acquired | (195,311) | ||||
Collections of finance and sales-type leases | 74,207 | 54,975 | 40,983 | ||
Movement in restricted cash | 90,267 | 297,941 | 282,523 | ||
Other | (21,678) | (73,400) | [2] | ||
Net cash used in investing activities | (1,331,112) | (1,715,905) | (1,848,790) | ||
Issuance of debt | 3,642,166 | 3,913,840 | 5,411,602 | ||
Repayment of debt | (5,213,724) | (4,043,743) | (4,826,775) | ||
Debt issuance costs paid | (34,687) | (49,417) | (134,963) | ||
Maintenance payments received | 794,711 | 776,488 | 561,558 | ||
Maintenance payments returned | (505,407) | (558,477) | (286,041) | ||
Security deposits received | 201,970 | 171,408 | 107,332 | ||
Security deposits returned | (270,575) | (144,445) | (98,656) | ||
Repurchase of shares and tax withholdings on share-based compensation | (1,021,119) | (793,945) | [3] | ||
Net cash (used in) provided by financing activities | (2,417,166) | (728,291) | 734,057 | ||
Net (decrease) increase in cash and cash equivalents | (367,046) | 915,844 | 1,198,941 | ||
Effect of exchange rate changes | (605) | (3,115) | (4,086) | ||
Cash and cash equivalents at beginning of period | 2,403,098 | 1,490,369 | 295,514 | ||
Cash and cash equivalents at end of period | 2,035,447 | 2,403,098 | 1,490,369 | ||
AerCap Aviation Notes [Member] | |||||
Net income (loss) | 1,040,000 | 1,177,000 | 808,000 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 1,791,000 | 1,843,000 | 1,282,000 | ||
Asset impairment | 82,000 | 16,000 | 22,000 | ||
Amortization of debt issuance costs and debt discount | 56,000 | 46,000 | 86,000 | ||
Amortization of lease premium intangibles | 20,000 | 23,000 | 18,000 | ||
Amortization of fair value adjustments on debt | (336,000) | (443,000) | (331,000) | ||
Accretion of fair value adjustments on deposits and maintenance liabilities | 55,000 | 76,000 | 72,000 | ||
Maintenance rights write off | 652,000 | 629,000 | 131,000 | ||
Maintenance liability release to income | (421,000) | (244,000) | (92,000) | ||
Net gain on sale of assets | (139,000) | (183,000) | (38,000) | ||
Net (gain) loss on sale of assets | (37,000) | ||||
Deferred income taxes | 161,000 | 110,000 | 116,000 | ||
Restructuring related expenses | 34,000 | 49,000 | |||
Other | 122,000 | 90,000 | 102,000 | ||
Cash flow from operating activities before changes in working capital | 3,117,000 | 3,189,000 | 2,177,000 | ||
Working capital | 264,000 | 171,000 | 137,000 | ||
Net cash provided by operating activities | 3,381,000 | 3,360,000 | 2,314,000 | ||
Purchase of flight equipment | (2,893,000) | (2,772,000) | (2,090,000) | ||
Proceeds from sale or disposal of assets | 2,367,000 | 1,568,000 | 570,000 | ||
Prepayments on flight equipment | (947,000) | (792,000) | (458,000) | ||
Acquisition of ILFC, net of cash acquired | (195,000) | ||||
Collections of finance and sales-type leases | 74,000 | 55,000 | 41,000 | ||
Movement in restricted cash | 90,000 | 298,000 | 282,000 | ||
Other | (22,000) | (73,000) | |||
Net cash used in investing activities | (1,331,000) | (1,716,000) | (1,850,000) | ||
Issuance of debt | 3,642,000 | 3,914,000 | 5,412,000 | ||
Repayment of debt | (5,214,000) | (4,044,000) | (4,827,000) | ||
Debt issuance costs paid | (35,000) | (49,000) | (135,000) | ||
Maintenance payments received | 796,000 | 776,000 | 562,000 | ||
Maintenance payments returned | (505,000) | (558,000) | (286,000) | ||
Security deposits received | 202,000 | 171,000 | 107,000 | ||
Security deposits returned | (271,000) | (144,000) | (99,000) | ||
Dividends paid | (11,000) | ||||
Repurchase of shares and tax withholdings on share-based compensation | (1,021,000) | (794,000) | |||
Net cash (used in) provided by financing activities | (2,417,000) | (728,000) | 734,000 | ||
Net (decrease) increase in cash and cash equivalents | (367,000) | 916,000 | 1,198,000 | ||
Effect of exchange rate changes | (1,000) | (3,000) | (4,000) | ||
Cash and cash equivalents at beginning of period | 2,403,000 | 1,490,000 | 296,000 | ||
Cash and cash equivalents at end of period | 2,035,000 | 2,403,000 | 1,490,000 | ||
AerCap Aviation Notes [Member] | AerCap Holdings N.V. [Member] | |||||
Net income (loss) | 1,047,000 | 1,179,000 | 810,000 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Income from subsidiaries | (1,094,000) | (1,262,000) | (882,000) | ||
Amortization of debt issuance costs and debt discount | 1,000 | 3,000 | |||
Deferred income taxes | (7,000) | (28,000) | |||
Other | 63,000 | 64,000 | 43,000 | ||
Cash flow from operating activities before changes in working capital | 9,000 | (46,000) | (26,000) | ||
Working capital | 1,002,000 | 846,000 | 163,000 | ||
Net cash provided by operating activities | 1,011,000 | 800,000 | 137,000 | ||
Proceeds from sale or disposal of assets | 21,000 | ||||
Net cash used in investing activities | 21,000 | ||||
Issuance of debt | 300,000 | 75,000 | |||
Repayment of debt | (300,000) | (225,000) | |||
Repurchase of shares and tax withholdings on share-based compensation | (1,021,000) | (794,000) | |||
Net cash (used in) provided by financing activities | (1,021,000) | (794,000) | (150,000) | ||
Net (decrease) increase in cash and cash equivalents | (10,000) | 6,000 | 8,000 | ||
Effect of exchange rate changes | 1,000 | (1,000) | |||
Cash and cash equivalents at beginning of period | 14,000 | 7,000 | |||
Cash and cash equivalents at end of period | 4,000 | 14,000 | 7,000 | ||
AerCap Aviation Notes [Member] | AerCap Aviation Solutions B.V [Member] | |||||
Net income (loss) | (15,000) | (15,000) | (20,000) | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Amortization of debt issuance costs and debt discount | 1,000 | 1,000 | 1,000 | ||
Deferred income taxes | (5,000) | (5,000) | |||
Cash flow from operating activities before changes in working capital | (19,000) | (19,000) | (19,000) | ||
Working capital | 19,000 | 19,000 | 19,000 | ||
AerCap Aviation Notes [Member] | AerCap Ireland Ltd. [Member] | |||||
Net income (loss) | 979,000 | 1,072,000 | 700,000 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Income from subsidiaries | (867,000) | (1,088,000) | (869,000) | ||
Dividends received | 12,000 | ||||
Depreciation and amortization | 64,000 | 52,000 | 9,000 | ||
Amortization of debt issuance costs and debt discount | 2,000 | 9,000 | |||
Accretion of fair value adjustments on deposits and maintenance liabilities | 1,000 | 1,000 | |||
Maintenance rights write off | 23,000 | 7,000 | |||
Maintenance liability release to income | (19,000) | (4,000) | |||
Net gain on sale of assets | (14,000) | (10,000) | |||
Net (gain) loss on sale of assets | (10,000) | ||||
Deferred income taxes | 16,000 | (2,000) | 93,000 | ||
Other | (20,000) | 26,000 | 7,000 | ||
Cash flow from operating activities before changes in working capital | 179,000 | 59,000 | (58,000) | ||
Working capital | (380,000) | 537,000 | 1,131,000 | ||
Net cash provided by operating activities | (201,000) | 596,000 | 1,073,000 | ||
Purchase of flight equipment | (299,000) | (299,000) | (1,198,000) | ||
Proceeds from sale or disposal of assets | 142,000 | 94,000 | 737,000 | ||
Prepayments on flight equipment | (2,000) | ||||
Collections of finance and sales-type leases | 3,000 | ||||
Movement in restricted cash | 9,000 | (11,000) | 1,000 | ||
Other | (22,000) | ||||
Net cash used in investing activities | (170,000) | (213,000) | (462,000) | ||
Issuance of debt | 43,000 | ||||
Repayment of debt | (9,000) | (8,000) | (10,000) | ||
Debt issuance costs paid | (2,000) | (1,000) | |||
Maintenance payments received | 38,000 | 19,000 | 26,000 | ||
Maintenance payments returned | (30,000) | (20,000) | |||
Security deposits received | 20,000 | 20,000 | 9,000 | ||
Security deposits returned | (3,000) | (7,000) | (2,000) | ||
Net cash (used in) provided by financing activities | 14,000 | 3,000 | 66,000 | ||
Net (decrease) increase in cash and cash equivalents | (357,000) | 386,000 | 677,000 | ||
Effect of exchange rate changes | (1,000) | (9,000) | (1,000) | ||
Cash and cash equivalents at beginning of period | 1,193,000 | 816,000 | 140,000 | ||
Cash and cash equivalents at end of period | 835,000 | 1,193,000 | 816,000 | ||
AerCap Aviation Notes [Member] | Non-Guarantors [Member] | |||||
Net income (loss) | 1,102,000 | 1,275,000 | 900,000 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Income from subsidiaries | (112,000) | 16,000 | 169,000 | ||
Depreciation and amortization | 1,727,000 | 1,791,000 | 1,273,000 | ||
Asset impairment | 82,000 | 16,000 | 22,000 | ||
Amortization of debt issuance costs and debt discount | 53,000 | 35,000 | 82,000 | ||
Amortization of lease premium intangibles | 20,000 | 23,000 | 18,000 | ||
Amortization of fair value adjustments on debt | (336,000) | (443,000) | (331,000) | ||
Accretion of fair value adjustments on deposits and maintenance liabilities | 54,000 | 75,000 | 72,000 | ||
Maintenance rights write off | 629,000 | 622,000 | 131,000 | ||
Maintenance liability release to income | (402,000) | (240,000) | (92,000) | ||
Net gain on sale of assets | (139,000) | (169,000) | (28,000) | ||
Net (gain) loss on sale of assets | (27,000) | ||||
Deferred income taxes | 157,000 | 145,000 | 23,000 | ||
Restructuring related expenses | 34,000 | 49,000 | |||
Other | 79,000 | 52,000 | |||
Cash flow from operating activities before changes in working capital | 2,948,000 | 3,195,000 | 2,292,000 | ||
Working capital | (377,000) | (1,231,000) | (1,176,000) | ||
Net cash provided by operating activities | 2,571,000 | 1,964,000 | 1,116,000 | ||
Purchase of flight equipment | (2,594,000) | (2,473,000) | (892,000) | ||
Proceeds from sale or disposal of assets | 2,225,000 | 1,474,000 | (188,000) | ||
Prepayments on flight equipment | (947,000) | (792,000) | (456,000) | ||
Acquisition of ILFC, net of cash acquired | (195,000) | ||||
Collections of finance and sales-type leases | 74,000 | 52,000 | 41,000 | ||
Movement in restricted cash | 81,000 | 309,000 | 281,000 | ||
Other | (73,000) | ||||
Net cash used in investing activities | (1,161,000) | (1,503,000) | (1,409,000) | ||
Issuance of debt | 3,642,000 | 3,614,000 | 5,294,000 | ||
Repayment of debt | (5,205,000) | (3,736,000) | (4,592,000) | ||
Debt issuance costs paid | (33,000) | (48,000) | (135,000) | ||
Maintenance payments received | 758,000 | 757,000 | 536,000 | ||
Maintenance payments returned | (475,000) | (538,000) | (286,000) | ||
Security deposits received | 182,000 | 151,000 | 98,000 | ||
Security deposits returned | (268,000) | (137,000) | (97,000) | ||
Dividends paid | (11,000) | (12,000) | |||
Net cash (used in) provided by financing activities | (1,410,000) | 63,000 | 806,000 | ||
Net (decrease) increase in cash and cash equivalents | 524,000 | 513,000 | |||
Effect of exchange rate changes | 5,000 | (2,000) | |||
Cash and cash equivalents at beginning of period | 1,196,000 | 667,000 | 156,000 | ||
Cash and cash equivalents at end of period | 1,196,000 | 1,196,000 | 667,000 | ||
AerCap Aviation Notes [Member] | Eliminations [Member] | |||||
Net income (loss) | (2,073,000) | (2,334,000) | (1,582,000) | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Income from subsidiaries | $ 2,073,000 | $ 2,334,000 | 1,582,000 | ||
Dividends received | (12,000) | ||||
Cash flow from operating activities before changes in working capital | (12,000) | ||||
Net cash provided by operating activities | (12,000) | ||||
Dividends paid | 12,000 | ||||
Net cash (used in) provided by financing activities | $ 12,000 | ||||
[1] | (a) Maintenance rights write off consisted of the following:EOL and MR contract maintenance rights expense$ 381,637$ 348,366 $ 54,507 EOL contract maintenance rights write off due to cash receipt 96,503 118,438 27,570 MR contract maintenance rights write off due to maintenance liability release 173,971 161,839 48,729 Maintenance rights write off$ 652,111$ 628,643 $ 130,806 | ||||
[2] | Relates to the settlement of three asset value guarantees during the year ended December 31, 2015. Refer to Note 30-Commitments and contingencies. | ||||
[3] | Includes the Share Repurchase from AIG and $11.2 million of related expenses. Refer to Note 18-Equity and Note 29-Related party transactions for further details. |
Supplemental Guarantor Finan151
Supplemental Guarantor Financial Information (Condensed Consolidated Statement Of Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Net income attributable to AerCap Holdings N.V. | $ 1,046,630 | $ 1,178,730 | $ 810,447 | |
Other comprehensive income: | ||||
Change in fair value of derivatives, net of tax | [1] | 5,990 | 338 | 4,542 |
Actuarial gain (loss) on pension obligations, net of tax | (1,452) | 250 | (1,547) | |
Total other comprehensive income | 4,538 | 588 | 2,995 | |
Total comprehensive income attributable to AerCap Holdings N.V. | 1,051,168 | 1,179,318 | 813,442 | |
AerCap Aviation Notes [Member] | ||||
Net income attributable to AerCap Holdings N.V. | 1,047,000 | 1,179,000 | 810,000 | |
Other comprehensive income: | ||||
Change in fair value of derivatives, net of tax | 6,000 | 5,000 | ||
Actuarial gain (loss) on pension obligations, net of tax | (2,000) | (2,000) | ||
Total other comprehensive income | 4,000 | 3,000 | ||
Total comprehensive income attributable to AerCap Holdings N.V. | 1,051,000 | 1,179,000 | 813,000 | |
AerCap Aviation Notes [Member] | AerCap Holdings N.V. [Member] | ||||
Net income attributable to AerCap Holdings N.V. | 1,047,000 | 1,179,000 | 810,000 | |
Other comprehensive income: | ||||
Share of other comprehensive income (loss) from subsidiaries | 3,000 | |||
Total comprehensive income attributable to AerCap Holdings N.V. | 1,047,000 | 1,179,000 | 813,000 | |
AerCap Aviation Notes [Member] | AerCap Aviation Solutions B.V [Member] | ||||
Net income attributable to AerCap Holdings N.V. | (15,000) | (15,000) | (20,000) | |
Other comprehensive income: | ||||
Total comprehensive income attributable to AerCap Holdings N.V. | (15,000) | (15,000) | (20,000) | |
AerCap Aviation Notes [Member] | AerCap Ireland Ltd. [Member] | ||||
Net income attributable to AerCap Holdings N.V. | 979,000 | 1,072,000 | 700,000 | |
Other comprehensive income: | ||||
Actuarial gain (loss) on pension obligations, net of tax | (2,000) | 3,000 | ||
Total other comprehensive income | (2,000) | 3,000 | ||
Total comprehensive income attributable to AerCap Holdings N.V. | 977,000 | 1,072,000 | 703,000 | |
AerCap Aviation Notes [Member] | Non-Guarantors [Member] | ||||
Net income attributable to AerCap Holdings N.V. | 1,109,000 | 1,277,000 | 902,000 | |
Other comprehensive income: | ||||
Change in fair value of derivatives, net of tax | 6,000 | 5,000 | ||
Actuarial gain (loss) on pension obligations, net of tax | (5,000) | |||
Total other comprehensive income | 6,000 | |||
Total comprehensive income attributable to AerCap Holdings N.V. | 1,115,000 | 1,277,000 | 902,000 | |
AerCap Aviation Notes [Member] | Eliminations [Member] | ||||
Net income attributable to AerCap Holdings N.V. | (2,073,000) | (2,334,000) | (1,582,000) | |
Other comprehensive income: | ||||
Share of other comprehensive income (loss) from subsidiaries | (3,000) | |||
Total comprehensive income attributable to AerCap Holdings N.V. | $ (2,073,000) | $ (2,334,000) | $ (1,585,000) | |
[1] | During the years ended December 31, 2016 or 2015, we did not reclassify any amounts from AOCI to our Consolidated Income Statements. During the year ended December 31, 2014, we reclassified $3.1 million from AOCI to interest expense in our Consolidated Income Statement. |
Supplemental Guarantor Finan152
Supplemental Guarantor Financial Information (Condensed Consolidated Balance Sheet) (AGAT/AICDC Notes) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Assets | |||||||||
Cash and cash equivalents | $ 2,035,447 | $ 2,403,098 | $ 1,490,369 | $ 295,514 | |||||
Restricted cash | 329,180 | 419,447 | |||||||
Flight equipment held for operating leases, net | 31,501,973 | 32,219,494 | 31,984,668 | ||||||
Maintenance rights intangible and lease premium, net | 2,167,925 | 3,139,045 | |||||||
Flight equipment held for sale | 107,392 | 71,055 | |||||||
Net investment in finance and sales-type leases | 755,882 | 469,198 | |||||||
Prepayments on flight equipment | 3,265,979 | 3,300,426 | 3,486,514 | ||||||
Investments including investments in subsidiaries | 118,783 | 114,711 | |||||||
Other assets | 779,206 | 998,743 | |||||||
Total Assets | 41,620,453 | 43,749,499 | |||||||
Liabilities and Equity | |||||||||
Debt | 27,716,999 | 29,641,863 | |||||||
Total Liabilities | 33,038,189 | 35,323,690 | |||||||
Total AerCap Holdings N.V. Shareholders' equity | 8,524,447 | 8,348,963 | |||||||
Non-controlling interest | 57,817 | 76,846 | |||||||
Total Equity | 8,582,264 | 8,425,809 | 7,942,548 | 2,429,232 | |||||
Total Liabilities and Equity | 41,620,453 | 43,749,499 | |||||||
AGAT/AICDC Notes [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | 2,035,000 | 2,403,000 | 1,490,000 | 296,000 | |||||
Restricted cash | 329,000 | 419,000 | |||||||
Flight equipment held for operating leases, net | 31,502,000 | 32,219,000 | |||||||
Maintenance rights intangible and lease premium, net | 2,168,000 | 3,139,000 | |||||||
Flight equipment held for sale | 107,000 | 71,000 | |||||||
Net investment in finance and sales-type leases | 757,000 | 469,000 | |||||||
Prepayments on flight equipment | 3,266,000 | 3,300,000 | |||||||
Investments including investments in subsidiaries | 119,000 | 115,000 | |||||||
Other assets | 1,337,000 | 1,614,000 | |||||||
Total Assets | 41,620,000 | 43,749,000 | |||||||
Liabilities and Equity | |||||||||
Debt | 27,717,000 | 29,642,000 | |||||||
Other liabilities | 5,321,000 | 5,681,000 | |||||||
Total Liabilities | 33,038,000 | 35,323,000 | |||||||
Total AerCap Holdings N.V. Shareholders' equity | 8,524,000 | 8,349,000 | |||||||
Non-controlling interest | 58,000 | 77,000 | |||||||
Total Equity | 8,582,000 | 8,426,000 | |||||||
Total Liabilities and Equity | 41,620,000 | 43,749,000 | |||||||
AGAT/AICDC Notes [Member] | Eliminations [Member] | |||||||||
Assets | |||||||||
Investments including investments in subsidiaries | (22,374,000) | (19,453,000) | |||||||
Intercompany receivables | (27,098,000) | (23,478,000) | |||||||
Other assets | (168,000) | (29,000) | |||||||
Total Assets | (49,640,000) | (42,960,000) | |||||||
Liabilities and Equity | |||||||||
Intercompany payables | (27,098,000) | (23,478,000) | |||||||
Other liabilities | (168,000) | (29,000) | |||||||
Total Liabilities | (27,266,000) | (23,507,000) | |||||||
Total AerCap Holdings N.V. Shareholders' equity | (22,374,000) | (19,453,000) | |||||||
Total Equity | (22,374,000) | (19,453,000) | |||||||
Total Liabilities and Equity | (49,640,000) | (42,960,000) | |||||||
AGAT/AICDC Notes [Member] | AerCap Holdings N.V. [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | 4,000 | 14,000 | 7,000 | ||||||
Investments including investments in subsidiaries | 9,310,000 | 8,290,000 | |||||||
Intercompany receivables | 106,000 | 46,000 | |||||||
Other assets | 104,000 | 61,000 | |||||||
Total Assets | 9,524,000 | 8,411,000 | |||||||
Liabilities and Equity | |||||||||
Intercompany payables | 978,000 | 4,000 | |||||||
Other liabilities | 22,000 | 58,000 | |||||||
Total Liabilities | 1,000,000 | 62,000 | |||||||
Total AerCap Holdings N.V. Shareholders' equity | 8,524,000 | 8,349,000 | |||||||
Total Equity | 8,524,000 | 8,349,000 | |||||||
Total Liabilities and Equity | 9,524,000 | 8,411,000 | |||||||
AGAT/AICDC Notes [Member] | AerCap Global Aviation Trust [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | 829,000 | 769,000 | 225,000 | ||||||
Flight equipment held for operating leases, net | 11,012,000 | 13,913,000 | |||||||
Maintenance rights intangible and lease premium, net | 1,190,000 | 1,789,000 | |||||||
Flight equipment held for sale | 28,000 | 12,000 | |||||||
Net investment in finance and sales-type leases | 437,000 | 193,000 | |||||||
Prepayments on flight equipment | 3,006,000 | 3,022,000 | |||||||
Investments including investments in subsidiaries | 874,000 | 633,000 | |||||||
Intercompany receivables | 12,639,000 | 11,541,000 | |||||||
Other assets | 538,000 | 619,000 | |||||||
Total Assets | 30,553,000 | 32,491,000 | |||||||
Liabilities and Equity | |||||||||
Debt | 17,316,000 | 19,456,000 | |||||||
Intercompany payables | 3,726,000 | 4,025,000 | |||||||
Other liabilities | 2,241,000 | 2,676,000 | |||||||
Total Liabilities | 23,283,000 | 26,157,000 | |||||||
Total AerCap Holdings N.V. Shareholders' equity | 7,270,000 | 6,334,000 | |||||||
Total Equity | 7,270,000 | 6,334,000 | |||||||
Total Liabilities and Equity | 30,553,000 | 32,491,000 | |||||||
AGAT/AICDC Notes [Member] | AerCap Ireland Capital Designated Activity Company [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | 64,000 | 62,000 | 14,000 | ||||||
Investments including investments in subsidiaries | 7,249,000 | 6,319,000 | |||||||
Intercompany receivables | 1,000 | ||||||||
Other assets | 60,000 | 41,000 | |||||||
Total Assets | 7,374,000 | 6,422,000 | |||||||
Liabilities and Equity | |||||||||
Intercompany payables | 5,057,000 | 4,872,000 | |||||||
Other liabilities | 11,000 | 14,000 | |||||||
Total Liabilities | 5,068,000 | 4,886,000 | |||||||
Total AerCap Holdings N.V. Shareholders' equity | 2,306,000 | 1,536,000 | |||||||
Total Equity | 2,306,000 | 1,536,000 | |||||||
Total Liabilities and Equity | 7,374,000 | 6,422,000 | |||||||
AGAT/AICDC Notes [Member] | Guarantors [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | 931,000 | [1] | 1,366,000 | [1] | 1,006,000 | [1],[2] | 140,000 | [2] | |
Restricted cash | [1] | 9,000 | 18,000 | ||||||
Flight equipment held for operating leases, net | [1] | 1,299,000 | 1,171,000 | ||||||
Maintenance rights intangible and lease premium, net | [1] | 52,000 | 82,000 | ||||||
Net investment in finance and sales-type leases | [1] | 166,000 | 57,000 | ||||||
Prepayments on flight equipment | [1] | 5,000 | 6,000 | ||||||
Investments including investments in subsidiaries | [1] | 4,941,000 | 4,211,000 | ||||||
Intercompany receivables | [1] | 8,405,000 | 6,152,000 | ||||||
Other assets | [1] | 632,000 | 580,000 | ||||||
Total Assets | [1] | 16,440,000 | 13,643,000 | ||||||
Liabilities and Equity | |||||||||
Debt | [1] | 340,000 | 375,000 | ||||||
Intercompany payables | [1] | 7,067,000 | 5,473,000 | ||||||
Other liabilities | [1] | 448,000 | 234,000 | ||||||
Total Liabilities | [1] | 7,855,000 | 6,082,000 | ||||||
Total AerCap Holdings N.V. Shareholders' equity | [1] | 8,509,000 | 7,484,000 | ||||||
Non-controlling interest | [1] | 76,000 | 77,000 | ||||||
Total Equity | [1] | 8,585,000 | 7,561,000 | ||||||
Total Liabilities and Equity | [1] | 16,440,000 | 13,643,000 | ||||||
AGAT/AICDC Notes [Member] | Non-Guarantors [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | 207,000 | 192,000 | $ 238,000 | $ 156,000 | |||||
Restricted cash | 320,000 | 401,000 | |||||||
Flight equipment held for operating leases, net | 19,191,000 | 17,135,000 | |||||||
Maintenance rights intangible and lease premium, net | 926,000 | 1,268,000 | |||||||
Flight equipment held for sale | 79,000 | 59,000 | |||||||
Net investment in finance and sales-type leases | 154,000 | 219,000 | |||||||
Prepayments on flight equipment | 255,000 | 272,000 | |||||||
Investments including investments in subsidiaries | 119,000 | 115,000 | |||||||
Intercompany receivables | 5,947,000 | 5,739,000 | |||||||
Other assets | 171,000 | 342,000 | |||||||
Total Assets | 27,369,000 | 25,742,000 | |||||||
Liabilities and Equity | |||||||||
Debt | 10,061,000 | 9,811,000 | |||||||
Intercompany payables | 10,270,000 | 9,104,000 | |||||||
Other liabilities | 2,767,000 | 2,728,000 | |||||||
Total Liabilities | 23,098,000 | 21,643,000 | |||||||
Total AerCap Holdings N.V. Shareholders' equity | 4,289,000 | 4,099,000 | |||||||
Non-controlling interest | (18,000) | ||||||||
Total Equity | 4,271,000 | 4,099,000 | |||||||
Total Liabilities and Equity | $ 27,369,000 | $ 25,742,000 | |||||||
[1] | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. | ||||||||
[2] | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date. |
Supplemental Guarantor Finan153
Supplemental Guarantor Financial Information (Condensed Consolidated Income Statement) (AGAT/AICDC Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Revenues and other income | ||||||
Lease revenue | $ 4,867,623 | $ 4,991,551 | $ 3,449,571 | |||
Net (loss) gain on sale of assets | 138,522 | 183,328 | 37,497 | |||
Other income (loss) | 145,986 | 112,676 | 104,491 | |||
Total Revenues and other income | 5,152,131 | 5,287,555 | 3,591,559 | |||
Expenses | ||||||
Depreciation and amortization | 1,791,336 | 1,843,003 | 1,282,228 | |||
Asset impairment | 81,607 | 16,335 | 21,828 | |||
Interest expense | 1,091,861 | 1,099,884 | 780,349 | |||
Leasing expenses | 582,530 | 522,413 | 141,572 | |||
Transaction, integration and restructuring related expenses | 53,389 | 58,913 | 148,792 | |||
Selling, general and administrative expenses | 351,012 | 381,308 | 299,892 | |||
Total Expenses | 3,951,735 | 3,921,856 | 2,674,661 | |||
Income before income taxes and income of investments accounted for under the equity method | 1,200,396 | 1,365,699 | [1] | 916,898 | [1] | |
Provision for income taxes | (173,496) | (189,805) | [2] | (137,373) | [2] | |
Equity in net earnings of investments accounted for under the equity method | 12,616 | 1,278 | 28,973 | |||
Net income (loss) | 1,039,516 | 1,177,172 | 808,498 | |||
Net loss attributable to non-controlling interest | 7,114 | 1,558 | 1,949 | |||
Net income attributable to AerCap Holdings N.V. | 1,046,630 | 1,178,730 | 810,447 | |||
AGAT/AICDC Notes [Member] | ||||||
Revenues and other income | ||||||
Lease revenue | 4,868,000 | 4,992,000 | 3,450,000 | |||
Net (loss) gain on sale of assets | 139,000 | 183,000 | 38,000 | |||
Other income (loss) | 145,000 | 113,000 | 104,000 | |||
Total Revenues and other income | 5,152,000 | 5,288,000 | 3,592,000 | |||
Expenses | ||||||
Depreciation and amortization | 1,791,000 | 1,843,000 | 1,282,000 | |||
Asset impairment | 82,000 | 16,000 | 22,000 | |||
Interest expense | 1,092,000 | 1,100,000 | 781,000 | |||
Leasing expenses | 583,000 | 522,000 | 142,000 | |||
Transaction, integration and restructuring related expenses | 53,000 | 59,000 | 149,000 | |||
Selling, general and administrative expenses | 351,000 | 382,000 | 300,000 | |||
Total Expenses | 3,952,000 | 3,922,000 | 2,676,000 | |||
Income before income taxes and income of investments accounted for under the equity method | 1,200,000 | 1,366,000 | 916,000 | |||
Provision for income taxes | (173,000) | (190,000) | (137,000) | |||
Equity in net earnings of investments accounted for under the equity method | 13,000 | 1,000 | 29,000 | |||
Net (loss) income before income from subsidiaries | 1,040,000 | 1,177,000 | 808,000 | |||
Net income (loss) | 1,040,000 | 1,177,000 | 808,000 | |||
Net loss attributable to non-controlling interest | 7,000 | 2,000 | 2,000 | |||
Net income attributable to AerCap Holdings N.V. | 1,047,000 | 1,179,000 | 810,000 | |||
AGAT/AICDC Notes [Member] | AerCap Holdings N.V. [Member] | ||||||
Revenues and other income | ||||||
Other income (loss) | 6,000 | 9,000 | 25,000 | |||
Total Revenues and other income | 6,000 | 9,000 | 25,000 | |||
Expenses | ||||||
Interest expense | 12,000 | 13,000 | ||||
Selling, general and administrative expenses | 60,000 | 108,000 | 83,000 | |||
Total Expenses | 60,000 | 120,000 | 96,000 | |||
Income before income taxes and income of investments accounted for under the equity method | (54,000) | (111,000) | (71,000) | |||
Provision for income taxes | 7,000 | 28,000 | (1,000) | |||
Net (loss) income before income from subsidiaries | (47,000) | (83,000) | (72,000) | |||
Income (loss) from subsidiaries | 1,094,000 | 1,262,000 | 882,000 | |||
Net income (loss) | 1,047,000 | 1,179,000 | 810,000 | |||
Net income attributable to AerCap Holdings N.V. | 1,047,000 | 1,179,000 | 810,000 | |||
AGAT/AICDC Notes [Member] | AerCap Global Aviation Trust [Member] | ||||||
Revenues and other income | ||||||
Lease revenue | 2,058,000 | 2,355,000 | 789,000 | |||
Net (loss) gain on sale of assets | 33,000 | 168,000 | 8,000 | |||
Other income (loss) | 653,000 | 599,000 | 317,000 | |||
Total Revenues and other income | 2,744,000 | 3,122,000 | 1,114,000 | |||
Expenses | ||||||
Depreciation and amortization | 770,000 | 868,000 | 501,000 | |||
Asset impairment | 32,000 | 3,000 | 3,000 | |||
Interest expense | 753,000 | 780,000 | 443,000 | |||
Leasing expenses | 290,000 | 266,000 | (446,000) | |||
Selling, general and administrative expenses | 120,000 | 112,000 | 80,000 | |||
Total Expenses | 1,965,000 | 2,029,000 | 581,000 | |||
Income before income taxes and income of investments accounted for under the equity method | 779,000 | 1,093,000 | 533,000 | |||
Provision for income taxes | (97,000) | (136,000) | (56,000) | |||
Net (loss) income before income from subsidiaries | 682,000 | 957,000 | 477,000 | |||
Income (loss) from subsidiaries | 237,000 | 104,000 | 205,000 | |||
Net income (loss) | 919,000 | 1,061,000 | 682,000 | |||
Net income attributable to AerCap Holdings N.V. | 919,000 | 1,061,000 | 682,000 | |||
AGAT/AICDC Notes [Member] | AerCap Ireland Capital Designated Activity Company [Member] | ||||||
Revenues and other income | ||||||
Lease revenue | 10,000 | |||||
Other income (loss) | 14,000 | |||||
Total Revenues and other income | 14,000 | 10,000 | ||||
Expenses | ||||||
Interest expense | 184,000 | 164,000 | 18,000 | |||
Leasing expenses | 11,000 | |||||
Transaction, integration and restructuring related expenses | 94,000 | |||||
Selling, general and administrative expenses | 1,000 | 3,000 | ||||
Total Expenses | 185,000 | 164,000 | 126,000 | |||
Income before income taxes and income of investments accounted for under the equity method | (185,000) | (150,000) | (116,000) | |||
Provision for income taxes | 23,000 | 19,000 | 10,000 | |||
Net (loss) income before income from subsidiaries | (162,000) | (131,000) | (106,000) | |||
Income (loss) from subsidiaries | 919,000 | 1,060,000 | 683,000 | |||
Net income (loss) | 757,000 | 929,000 | 577,000 | |||
Net income attributable to AerCap Holdings N.V. | 757,000 | 929,000 | 577,000 | |||
AGAT/AICDC Notes [Member] | Guarantors [Member] | ||||||
Revenues and other income | ||||||
Lease revenue | 205,000 | [3] | 134,000 | [3] | 220,000 | [4] |
Net (loss) gain on sale of assets | 6,000 | [3] | 13,000 | [3] | 10,000 | [4] |
Other income (loss) | 552,000 | [3] | 479,000 | [3] | 333,000 | [4] |
Total Revenues and other income | 763,000 | [3] | 626,000 | [3] | 563,000 | [4] |
Expenses | ||||||
Depreciation and amortization | 72,000 | [3] | 65,000 | [3] | 53,000 | [4] |
Interest expense | 385,000 | [3] | 359,000 | [3] | 317,000 | [4] |
Leasing expenses | 27,000 | [3] | 61,000 | [3] | 124,000 | [4] |
Transaction, integration and restructuring related expenses | 9,000 | [3] | 26,000 | [4] | ||
Selling, general and administrative expenses | 102,000 | [3] | 257,000 | [3] | 142,000 | [4] |
Total Expenses | 586,000 | [3] | 751,000 | [3] | 662,000 | [4] |
Income before income taxes and income of investments accounted for under the equity method | 177,000 | [3] | (125,000) | [3] | (99,000) | [4] |
Provision for income taxes | (36,000) | [3] | 38,000 | [3] | (33,000) | [4] |
Net (loss) income before income from subsidiaries | 141,000 | [3] | (87,000) | [3] | (132,000) | [4] |
Income (loss) from subsidiaries | 701,000 | [3] | 933,000 | [3] | 988,000 | [4] |
Net income (loss) | 842,000 | [3] | 846,000 | [3] | 856,000 | [4] |
Net income attributable to AerCap Holdings N.V. | 842,000 | [3] | 846,000 | [3] | 856,000 | [4] |
AGAT/AICDC Notes [Member] | Non-Guarantors [Member] | ||||||
Revenues and other income | ||||||
Lease revenue | 2,605,000 | 2,503,000 | 2,431,000 | |||
Net (loss) gain on sale of assets | 100,000 | 2,000 | 20,000 | |||
Other income (loss) | 359,000 | 319,000 | 342,000 | |||
Total Revenues and other income | 3,064,000 | 2,824,000 | 2,793,000 | |||
Expenses | ||||||
Depreciation and amortization | 949,000 | 910,000 | 728,000 | |||
Asset impairment | 50,000 | 13,000 | 19,000 | |||
Interest expense | 955,000 | 735,000 | 715,000 | |||
Leasing expenses | 266,000 | 195,000 | 453,000 | |||
Transaction, integration and restructuring related expenses | 53,000 | 50,000 | 29,000 | |||
Selling, general and administrative expenses | 308,000 | 262,000 | 180,000 | |||
Total Expenses | 2,581,000 | 2,165,000 | 2,124,000 | |||
Income before income taxes and income of investments accounted for under the equity method | 483,000 | 659,000 | 669,000 | |||
Provision for income taxes | (70,000) | (139,000) | (57,000) | |||
Equity in net earnings of investments accounted for under the equity method | 13,000 | 1,000 | 29,000 | |||
Net (loss) income before income from subsidiaries | 426,000 | 521,000 | 641,000 | |||
Income (loss) from subsidiaries | (867,000) | (1,090,000) | 79,000 | |||
Net income (loss) | (441,000) | (569,000) | 720,000 | |||
Net loss attributable to non-controlling interest | 7,000 | 2,000 | 2,000 | |||
Net income attributable to AerCap Holdings N.V. | (434,000) | (567,000) | 722,000 | |||
AGAT/AICDC Notes [Member] | Eliminations [Member] | ||||||
Revenues and other income | ||||||
Other income (loss) | (1,425,000) | (1,307,000) | (913,000) | |||
Total Revenues and other income | (1,425,000) | (1,307,000) | (913,000) | |||
Expenses | ||||||
Interest expense | (1,185,000) | (950,000) | (725,000) | |||
Selling, general and administrative expenses | (240,000) | (357,000) | (188,000) | |||
Total Expenses | (1,425,000) | (1,307,000) | (913,000) | |||
Income (loss) from subsidiaries | (2,084,000) | (2,269,000) | (2,837,000) | |||
Net income (loss) | (2,084,000) | (2,269,000) | (2,837,000) | |||
Net income attributable to AerCap Holdings N.V. | $ (2,084,000) | $ (2,269,000) | $ (2,837,000) | |||
[1] | Due to our migration from the Netherlands to Ireland as of February 1, 2016, we have updated the tax rate reconciliation for the years ended December 31, 2015 and 2014. The tax variance as a result of the global activities has been calculated as the difference between the local statutory tax rate in the relevant jurisdictions and the Irish statutory tax rate of 12.5%. | |||||
[2] | Effective February 1, 2016, we moved our headquarters and executive officers from Amsterdam to Dublin, and as of February 1, 2016, we became tax resident in Ireland. Accordingly, we have updated the figures for the years ended December 31, 2015 and 2014 as compared to those previously reported in the financial statements contained in our 2015 annual report on Form 20-F to reflect the permanent differences being taxed at the Irish statutory rate of 12.5% rather than the Dutch statutory rate of 25%. | |||||
[3] | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. | |||||
[4] | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date. |
Supplemental Guarantor Finan154
Supplemental Guarantor Financial Information (Condensed Consolidated Statements of Cash Flows) (AGAT/AICDC Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Net income (loss) | $ 1,039,516 | $ 1,177,172 | $ 808,498 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 1,791,336 | 1,843,003 | 1,282,228 | ||||
Asset impairment | 81,607 | 16,335 | 21,828 | ||||
Amortization of debt issuance costs and debt discount | 55,768 | 45,582 | 86,184 | ||||
Amortization of lease premium intangibles | 19,836 | 23,042 | 17,967 | ||||
Amortization of fair value adjustments on debt | (335,998) | (442,972) | (330,924) | ||||
Accretion of fair value adjustments on deposits and maintenance liabilities | 55,210 | 76,246 | 71,806 | ||||
Maintenance rights write off | [1] | 652,111 | 628,643 | 130,806 | |||
Maintenance liability release to income | (421,332) | (243,809) | (92,296) | ||||
Net (gain) loss on sale of assets | (138,522) | (183,328) | (37,497) | ||||
Deferred income taxes | 161,340 | 110,353 | 115,859 | ||||
Restructuring related expenses | 33,588 | 49,311 | |||||
Other | 121,700 | 90,074 | 102,139 | ||||
Net cash provided by operating activities | 3,381,232 | 3,360,040 | 2,313,674 | ||||
Purchase of flight equipment | (2,892,731) | (2,772,110) | (2,088,444) | ||||
Proceeds from sale or disposal of assets | 2,366,242 | 1,568,235 | 569,633 | ||||
Prepayments on flight equipment | (947,419) | (791,546) | (458,174) | ||||
Acquisition of ILFC, net of cash acquired | (195,311) | ||||||
Collections of finance and sales-type leases | 74,207 | 54,975 | 40,983 | ||||
Movement in restricted cash | 90,267 | 297,941 | 282,523 | ||||
Other | (21,678) | (73,400) | [2] | ||||
Net cash used in investing activities | (1,331,112) | (1,715,905) | (1,848,790) | ||||
Issuance of debt | 3,642,166 | 3,913,840 | 5,411,602 | ||||
Repayment of debt | (5,213,724) | (4,043,743) | (4,826,775) | ||||
Debt issuance costs paid | (34,687) | (49,417) | (134,963) | ||||
Maintenance payments received | 794,711 | 776,488 | 561,558 | ||||
Maintenance payments returned | (505,407) | (558,477) | (286,041) | ||||
Security deposits received | 201,970 | 171,408 | 107,332 | ||||
Security deposits returned | (270,575) | (144,445) | (98,656) | ||||
Repurchase of shares and tax withholdings on share-based compensation | (1,021,119) | (793,945) | [3] | ||||
Net cash (used in) provided by financing activities | (2,417,166) | (728,291) | 734,057 | ||||
Net (decrease) increase in cash and cash equivalents | (367,046) | 915,844 | 1,198,941 | ||||
Effect of exchange rate changes | (605) | (3,115) | (4,086) | ||||
Cash and cash equivalents at beginning of period | 2,403,098 | 1,490,369 | 295,514 | ||||
Cash and cash equivalents at end of period | 2,035,447 | 2,403,098 | 1,490,369 | ||||
AGAT/AICDC Notes [Member] | |||||||
Net income (loss) | 1,040,000 | 1,177,000 | 808,000 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 1,791,000 | 1,843,000 | 1,282,000 | ||||
Asset impairment | 82,000 | 16,000 | 22,000 | ||||
Amortization of debt issuance costs and debt discount | 56,000 | 46,000 | 86,000 | ||||
Amortization of lease premium intangibles | 20,000 | 23,000 | 18,000 | ||||
Amortization of fair value adjustments on debt | (336,000) | (443,000) | (331,000) | ||||
Accretion of fair value adjustments on deposits and maintenance liabilities | 55,000 | 76,000 | 72,000 | ||||
Maintenance rights write off | 652,000 | 629,000 | 131,000 | ||||
Maintenance liability release to income | (421,000) | (244,000) | (92,000) | ||||
Net (gain) loss on sale of assets | (139,000) | (183,000) | (38,000) | ||||
Deferred income taxes | 161,000 | 110,000 | 116,000 | ||||
Restructuring related expenses | 34,000 | 49,000 | |||||
Other | 122,000 | 90,000 | 102,000 | ||||
Cash flow from operating activities before changes in working capital | 3,117,000 | 3,189,000 | 2,176,000 | ||||
Working capital | 264,000 | 171,000 | 138,000 | ||||
Net cash provided by operating activities | 3,381,000 | 3,360,000 | 2,314,000 | ||||
Purchase of flight equipment | (2,893,000) | (2,772,000) | (2,090,000) | ||||
Proceeds from sale or disposal of assets | 2,367,000 | 1,568,000 | 570,000 | ||||
Prepayments on flight equipment | (947,000) | (792,000) | (458,000) | ||||
Acquisition of ILFC, net of cash acquired | (195,000) | ||||||
Collections of finance and sales-type leases | 74,000 | 55,000 | 41,000 | ||||
Movement in restricted cash | 90,000 | 298,000 | 282,000 | ||||
Other | (22,000) | (73,000) | |||||
Net cash used in investing activities | (1,331,000) | (1,716,000) | (1,850,000) | ||||
Issuance of debt | 3,642,000 | 3,914,000 | 5,412,000 | ||||
Repayment of debt | (5,214,000) | (4,044,000) | (4,827,000) | ||||
Debt issuance costs paid | (35,000) | (49,000) | (135,000) | ||||
Maintenance payments received | 796,000 | 776,000 | 562,000 | ||||
Maintenance payments returned | (505,000) | (558,000) | (286,000) | ||||
Security deposits received | 202,000 | 171,000 | 107,000 | ||||
Security deposits returned | (271,000) | (144,000) | (99,000) | ||||
Dividends paid | (11,000) | ||||||
Repurchase of shares and tax withholdings on share-based compensation | (1,021,000) | (794,000) | |||||
Net cash (used in) provided by financing activities | (2,417,000) | (728,000) | 734,000 | ||||
Net (decrease) increase in cash and cash equivalents | (367,000) | 916,000 | 1,198,000 | ||||
Effect of exchange rate changes | (1,000) | (3,000) | (4,000) | ||||
Cash and cash equivalents at beginning of period | 2,403,000 | 1,490,000 | 296,000 | ||||
Cash and cash equivalents at end of period | 2,035,000 | 2,403,000 | 1,490,000 | ||||
AGAT/AICDC Notes [Member] | AerCap Holdings N.V. [Member] | |||||||
Net income (loss) | 1,047,000 | 1,179,000 | 810,000 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Income from subsidiaries | (1,094,000) | (1,262,000) | (882,000) | ||||
Amortization of debt issuance costs and debt discount | 1,000 | 3,000 | |||||
Deferred income taxes | (7,000) | (28,000) | |||||
Other | 63,000 | 64,000 | 43,000 | ||||
Cash flow from operating activities before changes in working capital | 9,000 | (46,000) | (26,000) | ||||
Working capital | 1,002,000 | 846,000 | 163,000 | ||||
Net cash provided by operating activities | 1,011,000 | 800,000 | 137,000 | ||||
Proceeds from sale or disposal of assets | 21,000 | ||||||
Net cash used in investing activities | 21,000 | ||||||
Issuance of debt | 300,000 | 75,000 | |||||
Repayment of debt | (300,000) | (225,000) | |||||
Repurchase of shares and tax withholdings on share-based compensation | (1,021,000) | (794,000) | |||||
Net cash (used in) provided by financing activities | (1,021,000) | (794,000) | (150,000) | ||||
Net (decrease) increase in cash and cash equivalents | (10,000) | 6,000 | 8,000 | ||||
Effect of exchange rate changes | 1,000 | (1,000) | |||||
Cash and cash equivalents at beginning of period | 14,000 | 7,000 | |||||
Cash and cash equivalents at end of period | 4,000 | 14,000 | 7,000 | ||||
AGAT/AICDC Notes [Member] | AerCap Global Aviation Trust [Member] | |||||||
Net income (loss) | 919,000 | 1,061,000 | 682,000 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Income from subsidiaries | (237,000) | (104,000) | (205,000) | ||||
Depreciation and amortization | 770,000 | 868,000 | 501,000 | ||||
Asset impairment | 32,000 | 3,000 | 3,000 | ||||
Amortization of debt issuance costs and debt discount | 13,000 | 10,000 | 304,000 | ||||
Amortization of lease premium intangibles | 7,000 | 7,000 | 5,000 | ||||
Amortization of fair value adjustments on debt | (330,000) | (435,000) | (325,000) | ||||
Accretion of fair value adjustments on deposits and maintenance liabilities | 33,000 | 65,000 | 38,000 | ||||
Maintenance rights write off | 395,000 | 350,000 | 68,000 | ||||
Maintenance liability release to income | (206,000) | (141,000) | (24,000) | ||||
Net (gain) loss on sale of assets | (33,000) | (168,000) | (8,000) | ||||
Deferred income taxes | 98,000 | 136,000 | 56,000 | ||||
Other | 13,000 | (36,000) | |||||
Cash flow from operating activities before changes in working capital | 1,474,000 | 1,616,000 | 1,095,000 | ||||
Working capital | 911,000 | (587,000) | 389,000 | ||||
Net cash provided by operating activities | 2,385,000 | 1,029,000 | 1,484,000 | ||||
Purchase of flight equipment | (594,000) | (1,476,000) | |||||
Proceeds from sale or disposal of assets | 998,000 | 1,083,000 | |||||
Prepayments on flight equipment | (937,000) | (585,000) | |||||
Acquisition of ILFC, net of cash acquired | (2,400,000) | ||||||
Collections of finance and sales-type leases | 26,000 | 17,000 | (4,000) | ||||
Other | (73,000) | ||||||
Net cash used in investing activities | (507,000) | (1,034,000) | (2,404,000) | ||||
Issuance of debt | 1,012,000 | 2,500,000 | 3,400,000 | ||||
Repayment of debt | (2,825,000) | (2,010,000) | (2,353,000) | ||||
Debt issuance costs paid | (9,000) | (17,000) | (45,000) | ||||
Maintenance payments received | 292,000 | 306,000 | 195,000 | ||||
Maintenance payments returned | (234,000) | (244,000) | (89,000) | ||||
Security deposits received | 57,000 | 97,000 | 39,000 | ||||
Security deposits returned | (111,000) | (83,000) | (2,000) | ||||
Net cash (used in) provided by financing activities | (1,818,000) | 549,000 | 1,145,000 | ||||
Net (decrease) increase in cash and cash equivalents | 60,000 | 544,000 | 225,000 | ||||
Cash and cash equivalents at beginning of period | 769,000 | 225,000 | |||||
Cash and cash equivalents at end of period | 829,000 | 769,000 | 225,000 | ||||
AGAT/AICDC Notes [Member] | AerCap Ireland Capital Designated Activity Company [Member] | |||||||
Net income (loss) | 757,000 | 929,000 | 577,000 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Income from subsidiaries | (919,000) | (1,060,000) | (683,000) | ||||
Amortization of debt issuance costs and debt discount | 5,000 | 5,000 | |||||
Deferred income taxes | (22,000) | (19,000) | 10,000 | ||||
Cash flow from operating activities before changes in working capital | (179,000) | (145,000) | (96,000) | ||||
Working capital | 181,000 | 193,000 | 110,000 | ||||
Net cash provided by operating activities | 2,000 | 48,000 | 14,000 | ||||
Issuance of debt | 35,000 | ||||||
Repayment of debt | (35,000) | ||||||
Net (decrease) increase in cash and cash equivalents | 2,000 | 48,000 | 14,000 | ||||
Cash and cash equivalents at beginning of period | 62,000 | 14,000 | |||||
Cash and cash equivalents at end of period | 64,000 | 62,000 | 14,000 | ||||
AGAT/AICDC Notes [Member] | Guarantors [Member] | |||||||
Net income (loss) | 842,000 | [4] | 846,000 | [4] | 856,000 | [5] | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Income from subsidiaries | (701,000) | [4] | (933,000) | [4] | (988,000) | [5] | |
Dividends received | [5] | 12,000 | |||||
Depreciation and amortization | 72,000 | [4] | 65,000 | [4] | 53,000 | [5] | |
Amortization of debt issuance costs and debt discount | 4,000 | [4] | 10,000 | [4] | 25,000 | [5] | |
Accretion of fair value adjustments on deposits and maintenance liabilities | 2,000 | [4] | 1,000 | [4] | 1,000 | [5] | |
Maintenance rights write off | 22,000 | [4] | 17,000 | [4] | 9,000 | [5] | |
Maintenance liability release to income | (19,000) | [4] | (8,000) | [4] | (5,000) | [5] | |
Net (gain) loss on sale of assets | (6,000) | [4] | (13,000) | [4] | (10,000) | [5] | |
Deferred income taxes | 28,000 | [4] | (38,000) | [4] | 33,000 | [5] | |
Other | (7,000) | [4] | 34,000 | [4] | 17,000 | [5] | |
Cash flow from operating activities before changes in working capital | 237,000 | [4] | (19,000) | [4] | 3,000 | [5] | |
Working capital | (545,000) | [4] | 618,000 | [4] | (718,000) | [5] | |
Net cash provided by operating activities | (308,000) | [4] | 599,000 | [4] | (715,000) | [5] | |
Purchase of flight equipment | (298,000) | [4] | (299,000) | [4] | (1,198,000) | [5] | |
Proceeds from sale or disposal of assets | 158,000 | [4] | 94,000 | [4] | 738,000 | [5] | |
Prepayments on flight equipment | (9,000) | [4] | (2,000) | [5] | |||
Acquisition of ILFC, net of cash acquired | [5] | 2,205,000 | |||||
Collections of finance and sales-type leases | 22,000 | [4] | 12,000 | [4] | 12,000 | [5] | |
Movement in restricted cash | 9,000 | [4] | (11,000) | [4] | (2,000) | [5] | |
Other | [4] | (22,000) | |||||
Net cash used in investing activities | (140,000) | [4] | (204,000) | [4] | 1,753,000 | [5] | |
Issuance of debt | [5] | 43,000 | |||||
Repayment of debt | (8,000) | [4] | (8,000) | [4] | (10,000) | [5] | |
Debt issuance costs paid | (2,000) | [4] | (20,000) | [5] | |||
Maintenance payments received | 39,000 | [4] | 24,000 | [4] | 42,000 | [5] | |
Maintenance payments returned | (30,000) | [4] | (20,000) | [4] | (101,000) | [5] | |
Security deposits received | 25,000 | [4] | 25,000 | [4] | 9,000 | [5] | |
Security deposits returned | (10,000) | [4] | (47,000) | [4] | (133,000) | [5] | |
Net cash (used in) provided by financing activities | 14,000 | [4] | (26,000) | [4] | (170,000) | [5] | |
Net (decrease) increase in cash and cash equivalents | (434,000) | [4] | 369,000 | [4] | 868,000 | [5] | |
Effect of exchange rate changes | (1,000) | [4] | (9,000) | [4] | (2,000) | [5] | |
Cash and cash equivalents at beginning of period | 1,366,000 | [4] | 1,006,000 | [4],[5] | 140,000 | [5] | |
Cash and cash equivalents at end of period | [4] | 931,000 | 1,366,000 | 1,006,000 | [5] | ||
AGAT/AICDC Notes [Member] | Non-Guarantors [Member] | |||||||
Net income (loss) | (441,000) | (569,000) | 720,000 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Income from subsidiaries | 867,000 | 1,090,000 | (79,000) | ||||
Depreciation and amortization | 949,000 | 910,000 | 728,000 | ||||
Asset impairment | 50,000 | 13,000 | 19,000 | ||||
Amortization of debt issuance costs and debt discount | 34,000 | 20,000 | (246,000) | ||||
Amortization of lease premium intangibles | 13,000 | 16,000 | 13,000 | ||||
Amortization of fair value adjustments on debt | (6,000) | (8,000) | (6,000) | ||||
Accretion of fair value adjustments on deposits and maintenance liabilities | 20,000 | 10,000 | 33,000 | ||||
Maintenance rights write off | 235,000 | 262,000 | 54,000 | ||||
Maintenance liability release to income | (196,000) | (95,000) | (63,000) | ||||
Net (gain) loss on sale of assets | (100,000) | (2,000) | (20,000) | ||||
Deferred income taxes | 64,000 | 59,000 | 17,000 | ||||
Restructuring related expenses | 34,000 | 49,000 | |||||
Other | 53,000 | 28,000 | 42,000 | ||||
Cash flow from operating activities before changes in working capital | 1,576,000 | 1,783,000 | 1,212,000 | ||||
Working capital | (1,285,000) | (899,000) | 194,000 | ||||
Net cash provided by operating activities | 291,000 | 884,000 | 1,406,000 | ||||
Purchase of flight equipment | (2,001,000) | (997,000) | (892,000) | ||||
Proceeds from sale or disposal of assets | 1,211,000 | 391,000 | (189,000) | ||||
Prepayments on flight equipment | (1,000) | (207,000) | (456,000) | ||||
Collections of finance and sales-type leases | 26,000 | 26,000 | 33,000 | ||||
Movement in restricted cash | 81,000 | 309,000 | 284,000 | ||||
Net cash used in investing activities | (684,000) | (478,000) | (1,220,000) | ||||
Issuance of debt | 2,595,000 | 1,114,000 | 1,894,000 | ||||
Repayment of debt | (2,346,000) | (1,726,000) | (2,239,000) | ||||
Debt issuance costs paid | (24,000) | (32,000) | (70,000) | ||||
Maintenance payments received | 465,000 | 446,000 | 325,000 | ||||
Maintenance payments returned | (241,000) | (294,000) | (96,000) | ||||
Security deposits received | 120,000 | 49,000 | 59,000 | ||||
Security deposits returned | (150,000) | (14,000) | 36,000 | ||||
Dividends paid | (11,000) | (12,000) | |||||
Net cash (used in) provided by financing activities | 408,000 | (457,000) | (103,000) | ||||
Net (decrease) increase in cash and cash equivalents | 15,000 | (51,000) | 83,000 | ||||
Effect of exchange rate changes | 5,000 | (1,000) | |||||
Cash and cash equivalents at beginning of period | 192,000 | 238,000 | 156,000 | ||||
Cash and cash equivalents at end of period | 207,000 | 192,000 | 238,000 | ||||
AGAT/AICDC Notes [Member] | Eliminations [Member] | |||||||
Net income (loss) | (2,084,000) | (2,269,000) | (2,837,000) | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Income from subsidiaries | $ 2,084,000 | $ 2,269,000 | 2,837,000 | ||||
Dividends received | (12,000) | ||||||
Cash flow from operating activities before changes in working capital | (12,000) | ||||||
Net cash provided by operating activities | (12,000) | ||||||
Dividends paid | 12,000 | ||||||
Net cash (used in) provided by financing activities | $ 12,000 | ||||||
[1] | (a) Maintenance rights write off consisted of the following:EOL and MR contract maintenance rights expense$ 381,637$ 348,366 $ 54,507 EOL contract maintenance rights write off due to cash receipt 96,503 118,438 27,570 MR contract maintenance rights write off due to maintenance liability release 173,971 161,839 48,729 Maintenance rights write off$ 652,111$ 628,643 $ 130,806 | ||||||
[2] | Relates to the settlement of three asset value guarantees during the year ended December 31, 2015. Refer to Note 30-Commitments and contingencies. | ||||||
[3] | Includes the Share Repurchase from AIG and $11.2 million of related expenses. Refer to Note 18-Equity and Note 29-Related party transactions for further details. | ||||||
[4] | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. | ||||||
[5] | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date. |
Supplemental Guarantor Finan155
Supplemental Guarantor Financial Information (Condensed Consolidated Statement Of Comprehensive Income) (AGAT/AICDC Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Net income attributable to AerCap Holdings N.V. | $ 1,046,630 | $ 1,178,730 | $ 810,447 | ||||
Other comprehensive income: | |||||||
Change in fair value of derivatives, net of tax | [1] | 5,990 | 338 | 4,542 | |||
Actuarial gain (loss) on pension obligations, net of tax | (1,452) | 250 | (1,547) | ||||
Total other comprehensive income | 4,538 | 588 | 2,995 | ||||
Total comprehensive income attributable to AerCap Holdings N.V. | 1,051,168 | 1,179,318 | 813,442 | ||||
AGAT/AICDC Notes [Member] | |||||||
Net income attributable to AerCap Holdings N.V. | 1,047,000 | 1,179,000 | 810,000 | ||||
Other comprehensive income: | |||||||
Change in fair value of derivatives, net of tax | 6,000 | 5,000 | |||||
Actuarial gain (loss) on pension obligations, net of tax | (2,000) | (2,000) | |||||
Total other comprehensive income | 4,000 | 3,000 | |||||
Total comprehensive income attributable to AerCap Holdings N.V. | 1,051,000 | 1,179,000 | 813,000 | ||||
AGAT/AICDC Notes [Member] | AerCap Holdings N.V. [Member] | |||||||
Net income attributable to AerCap Holdings N.V. | 1,047,000 | 1,179,000 | 810,000 | ||||
Other comprehensive income: | |||||||
Share of other comprehensive income (loss) from subsidiaries | 3,000 | ||||||
Total comprehensive income attributable to AerCap Holdings N.V. | 1,047,000 | 1,179,000 | 813,000 | ||||
AGAT/AICDC Notes [Member] | AerCap Global Aviation Trust [Member] | |||||||
Net income attributable to AerCap Holdings N.V. | 919,000 | 1,061,000 | 682,000 | ||||
Other comprehensive income: | |||||||
Total comprehensive income attributable to AerCap Holdings N.V. | 919,000 | 1,061,000 | 682,000 | ||||
AGAT/AICDC Notes [Member] | AerCap Ireland Capital Designated Activity Company [Member] | |||||||
Net income attributable to AerCap Holdings N.V. | 757,000 | 929,000 | 577,000 | ||||
Other comprehensive income: | |||||||
Total comprehensive income attributable to AerCap Holdings N.V. | 757,000 | 929,000 | 577,000 | ||||
AGAT/AICDC Notes [Member] | Guarantors [Member] | |||||||
Net income attributable to AerCap Holdings N.V. | 842,000 | [2] | 846,000 | [2] | 856,000 | [3] | |
Other comprehensive income: | |||||||
Actuarial gain (loss) on pension obligations, net of tax | (2,000) | [2] | 3,000 | [3] | |||
Total other comprehensive income | (2,000) | [2] | 3,000 | [3] | |||
Total comprehensive income attributable to AerCap Holdings N.V. | 840,000 | [2] | 846,000 | [2] | 859,000 | [3] | |
AGAT/AICDC Notes [Member] | Non-Guarantors [Member] | |||||||
Net income attributable to AerCap Holdings N.V. | (434,000) | (567,000) | 722,000 | ||||
Other comprehensive income: | |||||||
Change in fair value of derivatives, net of tax | 6,000 | 5,000 | |||||
Actuarial gain (loss) on pension obligations, net of tax | (5,000) | ||||||
Total other comprehensive income | 6,000 | ||||||
Total comprehensive income attributable to AerCap Holdings N.V. | (428,000) | (567,000) | 722,000 | ||||
AGAT/AICDC Notes [Member] | Eliminations [Member] | |||||||
Net income attributable to AerCap Holdings N.V. | (2,084,000) | (2,269,000) | (2,837,000) | ||||
Other comprehensive income: | |||||||
Share of other comprehensive income (loss) from subsidiaries | (3,000) | ||||||
Total comprehensive income attributable to AerCap Holdings N.V. | $ (2,084,000) | $ (2,269,000) | $ (2,840,000) | ||||
[1] | During the years ended December 31, 2016 or 2015, we did not reclassify any amounts from AOCI to our Consolidated Income Statements. During the year ended December 31, 2014, we reclassified $3.1 million from AOCI to interest expense in our Consolidated Income Statement. | ||||||
[2] | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. | ||||||
[3] | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date. |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Feb. 28, 2017 | Jan. 31, 2017 | Nov. 30, 2016 | Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | May 31, 2015 | Feb. 28, 2015 |
Subsequent Event [Line Items] | ||||||||
Share repurchase program, authorized amount | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | $ 400,000,000 | $ 750,000,000 | $ 250,000,000 | ||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share repurchase program, authorized amount | $ 350,000,000 | |||||||
January 2017 Notes [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Face amount | $ 600,000,000 | |||||||
Stated interest rate | 3.50% |