|
For the month of May 2019
|
Commission File Number 001-33159
|
Form 20-F
x
|
Form 40-F
o
|
|
|
|
|
|
|
|
||
Item 5
.
|
||
|
Signature
|
|
|
TABLE OF DEFINITIONS
|
|
|
ACSAL
|
Acsal Holdco, LLC
|
AerCap, we, us or the Company
|
AerCap Holdings N.V. and its subsidiaries
|
AerCap Trust
|
AerCap Global Aviation Trust
|
AerDragon
|
AerDragon Aviation Partners Limited and Subsidiaries
|
AerLift
|
AerLift Leasing Limited and Subsidiaries
|
AICDC
|
AerCap Ireland Capital Designated Activity Company, a designated activity company with limited liability incorporated under the laws of Ireland
|
AIG
|
American International Group, Inc.
|
Airbus
|
Airbus S.A.S.
|
AOCI
|
Accumulated other comprehensive income (loss)
|
Boeing
|
The Boeing Company
|
ECA
|
Export Credit Agency
|
ECAPS
|
Enhanced Capital Advantaged Preferred Securities
|
Embraer
|
Embraer S.A.
|
EOL
|
End of lease
|
EPS
|
Earnings per share
|
Ex-Im
|
Export-Import Bank of the United States
|
FASB
|
Financial Accounting Standards Board
|
GECC
|
General Electric Capital Corporation
|
ILFC
|
International Lease Finance Corporation
|
LIBOR
|
London Interbank Offered Rates
|
MR
|
Maintenance reserved
|
Part-out
|
Disassembly of an aircraft for the sale of its parts
|
PB
|
Primary beneficiary
|
Peregrine
|
Peregrine Aviation Company and Subsidiaries
|
SEC
|
U.S. Securities and Exchange Commission
|
U.S. GAAP
|
Accounting Principles Generally Accepted in the United States of America
|
VIE
|
Variable interest entity
|
|
Item 1. Financial Statements (Unaudited)
|
|
|
|
Unaudited Condensed Consolidated Statements of Equity for the Three Months ended March 31, 2019 and 2018
|
|
|
|
Note
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
|
|
(U.S. Dollars in thousands, except share data)
|
||||||
Assets
|
|
|
|
|
|
||||
Cash and cash equivalents
|
4
|
|
$
|
2,348,132
|
|
|
$
|
1,204,018
|
|
Restricted cash
|
4
|
|
226,099
|
|
|
211,017
|
|
||
Trade receivables
|
|
|
94,174
|
|
|
40,379
|
|
||
Flight equipment held for operating leases, net
|
5
|
|
35,082,698
|
|
|
35,052,335
|
|
||
Maintenance rights and lease premium, net
|
7
|
|
1,058,090
|
|
|
1,113,190
|
|
||
Flight equipment held for sale
|
8
|
|
633,558
|
|
|
184,129
|
|
||
Net investment in finance and sales-type leases
|
6
|
|
994,154
|
|
|
1,003,286
|
|
||
Prepayments on flight equipment
|
22
|
|
2,984,323
|
|
|
3,024,520
|
|
||
Other intangibles, net
|
7
|
|
323,276
|
|
|
328,570
|
|
||
Deferred income tax assets
|
14
|
|
142,918
|
|
|
138,281
|
|
||
Other assets
|
9
|
|
829,532
|
|
|
909,190
|
|
||
Total Assets
|
|
|
$
|
44,716,954
|
|
|
$
|
43,208,915
|
|
|
|
|
|
|
|
||||
Liabilities and Equity
|
|
|
|
|
|
||||
Accounts payable, accrued expenses and other liabilities
|
11
|
|
$
|
1,103,283
|
|
|
$
|
1,009,945
|
|
Accrued maintenance liability
|
12
|
|
2,261,049
|
|
|
2,237,494
|
|
||
Lessee deposit liability
|
|
|
781,586
|
|
|
768,677
|
|
||
Debt
|
13
|
|
30,759,154
|
|
|
29,507,587
|
|
||
Deferred income tax liabilities
|
14
|
|
842,101
|
|
|
804,598
|
|
||
Commitments and contingencies
|
22
|
|
|
|
|
||||
Total Liabilities
|
|
|
35,747,173
|
|
|
34,328,301
|
|
||
|
|
|
|
|
|
||||
Ordinary share capital, €0.01 par value, 350,000,000 ordinary shares authorized as of March 31, 2019 and December 31, 2018; 151,847,345 and 151,847,345 ordinary shares issued and 139,597,805 and 142,674,664 ordinary shares outstanding (including 2,418,788 and 2,429,442 shares of unvested restricted stock) as of March 31, 2019 and December 31, 2018, respectively
|
16, 19
|
|
1,866
|
|
|
1,866
|
|
||
Additional paid-in capital
|
|
|
2,728,071
|
|
|
2,712,417
|
|
||
Treasury shares, at cost (12,249,540 and 9,172,681 ordinary shares as of March 31, 2019 and December 31, 2018, respectively)
|
16
|
|
(611,601
|
)
|
|
(476,085
|
)
|
||
Accumulated other comprehensive income
|
|
|
(37,470
|
)
|
|
(1,824
|
)
|
||
Accumulated retained earnings
|
|
|
6,825,312
|
|
|
6,591,674
|
|
||
Total AerCap Holdings N.V. shareholders’ equity
|
|
|
8,906,178
|
|
|
8,828,048
|
|
||
Non-controlling interest
|
|
|
63,603
|
|
|
52,566
|
|
||
Total Equity
|
|
|
8,969,781
|
|
|
8,880,614
|
|
||
Total Liabilities and Equity
|
|
|
$
|
44,716,954
|
|
|
$
|
43,208,915
|
|
|
|
|
|
|
|
||||
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
|
|
|
$
|
106,477
|
|
|
$
|
87,584
|
|
Flight equipment held for operating leases and held for sale
|
|
|
2,179,810
|
|
|
2,230,634
|
|
||
Other assets
|
|
|
69,953
|
|
|
82,995
|
|
||
|
|
|
|
|
|
||||
Accrued maintenance liability
|
|
|
$
|
39,534
|
|
|
$
|
44,073
|
|
Debt
|
|
|
1,473,040
|
|
|
1,497,144
|
|
||
Other liabilities
|
|
|
90,423
|
|
|
89,598
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
Note
|
|
2019
|
|
2018
|
||||
|
|
|
(U.S. Dollars in thousands, except share and per share data)
|
||||||
Revenues and other income
|
|
|
|
|
|
||||
Lease revenue:
|
|
|
|
|
|
|
|||
Basic lease rents
|
|
|
$
|
1,075,282
|
|
|
$
|
1,032,875
|
|
Maintenance rents and other receipts
|
|
|
86,811
|
|
|
87,419
|
|
||
Net gain on sale of assets
|
|
|
21,541
|
|
|
89,300
|
|
||
Other income
|
18
|
|
21,393
|
|
|
9,532
|
|
||
Total Revenues and other income
|
|
|
1,205,027
|
|
|
1,219,126
|
|
||
Expenses
|
|
|
|
|
|
||||
Depreciation and amortization
|
5, 7
|
|
425,849
|
|
|
422,713
|
|
||
Asset impairment
|
|
|
5,031
|
|
|
2,108
|
|
||
Interest expense
|
|
|
334,179
|
|
|
274,449
|
|
||
Leasing expenses
|
|
|
91,721
|
|
|
132,468
|
|
||
Selling, general and administrative expenses
|
17
|
|
66,873
|
|
|
85,782
|
|
||
Total Expenses
|
|
|
923,653
|
|
|
917,520
|
|
||
Income before income taxes and income of investments accounted for under the equity method
|
|
|
281,374
|
|
|
301,606
|
|
||
Provision for income taxes
|
14
|
|
(36,579
|
)
|
|
(39,228
|
)
|
||
Equity in net earnings of investments accounted for under the equity method
|
|
|
2,102
|
|
|
3,341
|
|
||
Net income
|
|
|
$
|
246,897
|
|
|
$
|
265,719
|
|
Net income attributable to non-controlling interest
|
|
|
(12,711
|
)
|
|
(320
|
)
|
||
Net income attributable to AerCap Holdings N.V.
|
|
|
$
|
234,186
|
|
|
$
|
265,399
|
|
|
|
|
|
|
|
||||
Basic earnings per share
|
19
|
|
$
|
1.70
|
|
|
$
|
1.80
|
|
Diluted earnings per share
|
19
|
|
$
|
1.68
|
|
|
$
|
1.72
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding - basic
|
|
|
138,153,456
|
|
|
147,194,589
|
|
||
Weighted average shares outstanding - diluted
|
|
|
139,618,644
|
|
|
154,146,803
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(U.S. Dollars in thousands)
|
||||||
Net income
|
$
|
246,897
|
|
|
$
|
265,719
|
|
|
|
|
|
||||
Other comprehensive (loss) income:
|
|
|
|
||||
Net change in fair value of derivatives (Note 10), net of tax of $5,092, and $(3,103), respectively
|
(35,646
|
)
|
|
21,721
|
|
||
Total other comprehensive (loss) income
|
(35,646
|
)
|
|
21,721
|
|
||
|
|
|
|
||||
Comprehensive income
|
211,251
|
|
|
287,440
|
|
||
Comprehensive income attributable to non-controlling interest
|
(12,711
|
)
|
|
(320
|
)
|
||
Total comprehensive income attributable to AerCap Holdings N.V.
|
$
|
198,540
|
|
|
$
|
287,120
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(U.S. Dollars in thousands)
|
||||||
Net income
|
$
|
246,897
|
|
|
$
|
265,719
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
425,849
|
|
|
422,713
|
|
||
Asset impairment
|
5,031
|
|
|
2,108
|
|
||
Amortization of debt issuance costs, debt discount and lease premium
|
19,033
|
|
|
23,503
|
|
||
Amortization of fair value adjustments on debt
|
(27,060
|
)
|
|
(41,100
|
)
|
||
Accretion of fair value adjustments on deposits and maintenance liabilities
|
4,309
|
|
|
5,413
|
|
||
Maintenance rights write-off (a)
|
52,357
|
|
|
100,827
|
|
||
Maintenance liability release to income
|
(46,285
|
)
|
|
(42,230
|
)
|
||
Net gain on sale of assets
|
(21,541
|
)
|
|
(89,300
|
)
|
||
Deferred income taxes
|
37,769
|
|
|
39,772
|
|
||
Collections of finance and sales-type leases
|
19,890
|
|
|
—
|
|
||
Other
|
51,770
|
|
|
23,306
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Trade receivables
|
(55,039
|
)
|
|
(15,944
|
)
|
||
Other assets
|
(10,172
|
)
|
|
563
|
|
||
Accounts payable, accrued expenses and other liabilities
|
42,892
|
|
|
42,618
|
|
||
Net cash provided by operating activities
|
745,700
|
|
|
737,968
|
|
||
Purchase of flight equipment
|
(815,274
|
)
|
|
(447,998
|
)
|
||
Proceeds from sale or disposal of assets
|
312,431
|
|
|
598,195
|
|
||
Prepayments on flight equipment
|
(280,335
|
)
|
|
(681,616
|
)
|
||
Collections of finance and sales-type leases
|
—
|
|
|
21,031
|
|
||
Other
|
(11
|
)
|
|
(12,514
|
)
|
||
Net cash used in investing activities
|
(783,189
|
)
|
|
(522,902
|
)
|
||
Issuance of debt
|
1,816,306
|
|
|
1,594,823
|
|
||
Repayment of debt
|
(537,246
|
)
|
|
(1,084,956
|
)
|
||
Debt issuance costs paid
|
(13,863
|
)
|
|
(26,043
|
)
|
||
Maintenance payments received
|
174,390
|
|
|
181,937
|
|
||
Maintenance payments returned
|
(108,437
|
)
|
|
(149,100
|
)
|
||
Security deposits received
|
86,860
|
|
|
42,096
|
|
||
Security deposits returned
|
(78,270
|
)
|
|
(29,878
|
)
|
||
Dividend paid to non-controlling interest holders
|
(1,674
|
)
|
|
(2,700
|
)
|
||
Repurchase of shares and tax withholdings on share-based compensation
|
(140,978
|
)
|
|
(313,371
|
)
|
||
Net cash provided by financing activities
|
1,197,088
|
|
|
212,808
|
|
||
Net increase in cash, cash equivalents and restricted cash
|
1,159,599
|
|
|
427,874
|
|
||
Effect of exchange rate changes
|
(403
|
)
|
|
131
|
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
1,415,035
|
|
|
2,024,125
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
2,574,231
|
|
|
$
|
2,452,130
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(U.S. Dollars in thousands)
|
||||||
Supplemental cash flow information:
|
|
|
|
||||
Interest paid, net of amounts capitalized
|
$
|
273,591
|
|
|
$
|
263,057
|
|
Income taxes (refunded) paid, net
|
(877
|
)
|
|
954
|
|
|
|
|
|
Number of ordinary shares issued
|
|
Ordinary share capital
|
|
Additional
paid-in capital |
|
Treasury
shares |
|
Accumulated other comprehensive loss
|
|
Accumulated retained earnings
|
|
AerCap Holdings N.V. shareholders’ equity
|
|||||||||||||
|
(U.S. Dollars in thousands, except share data)
|
|||||||||||||||||||||||||
Balance as at December 31, 2018
|
151,847,345
|
|
|
$
|
1,866
|
|
|
$
|
2,712,417
|
|
|
$
|
(476,085
|
)
|
|
$
|
(1,824
|
)
|
|
$
|
6,591,674
|
|
|
$
|
8,828,048
|
|
Dividends paid
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Repurchase of shares
|
—
|
|
|
—
|
|
|
—
|
|
|
(137,155
|
)
|
|
—
|
|
|
—
|
|
|
(137,155
|
)
|
||||||
Ordinary shares issued, net of tax withholdings
|
—
|
|
|
—
|
|
|
(1,759
|
)
|
|
1,639
|
|
|
—
|
|
|
(548
|
)
|
|
(668
|
)
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
17,413
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,413
|
|
||||||
Total comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35,646
|
)
|
|
234,186
|
|
|
198,540
|
|
||||||
Balance as at March 31, 2019
|
151,847,345
|
|
|
$
|
1,866
|
|
|
$
|
2,728,071
|
|
|
$
|
(611,601
|
)
|
|
$
|
(37,470
|
)
|
|
$
|
6,825,312
|
|
|
$
|
8,906,178
|
|
|
Number of ordinary shares issued
|
|
Ordinary share capital
|
|
Additional
paid-in capital |
|
Treasury
shares |
|
Accumulated other comprehensive loss
|
|
Accumulated retained earnings
|
|
AerCap Holdings N.V. shareholders’ equity
|
|||||||||||||
|
(U.S. Dollars in thousands, except share data)
|
|||||||||||||||||||||||||
Balance as at December 31, 2017
|
167,847,345
|
|
|
$
|
2,058
|
|
|
$
|
3,714,563
|
|
|
$
|
(731,442
|
)
|
|
$
|
14,274
|
|
|
$
|
5,580,257
|
|
|
$
|
8,579,710
|
|
Dividends paid
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Repurchase of shares
|
—
|
|
|
—
|
|
|
—
|
|
|
(304,628
|
)
|
|
—
|
|
|
—
|
|
|
(304,628
|
)
|
||||||
Share cancellation
|
(11,000,000
|
)
|
|
(135
|
)
|
|
(541,421
|
)
|
|
541,556
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Ordinary shares issued, net of tax withholdings
|
—
|
|
|
—
|
|
|
(5,422
|
)
|
|
3,223
|
|
|
—
|
|
|
(353
|
)
|
|
(2,552
|
)
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
31,734
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,734
|
|
||||||
Cumulative effect due to adoption of new accounting standard
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,241
|
|
|
1,241
|
|
||||||
Total comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,721
|
|
|
265,399
|
|
|
287,120
|
|
||||||
Balance as at March 31, 2018
|
156,847,345
|
|
|
$
|
1,923
|
|
|
$
|
3,199,454
|
|
|
$
|
(491,291
|
)
|
|
$
|
35,995
|
|
|
$
|
5,846,544
|
|
|
$
|
8,592,625
|
|
|
|
AerCap Holdings N.V. shareholders’ equity
|
|
Non-controlling interest
|
|
Total equity
|
||||||
|
(U.S. Dollars in thousands, except share data)
|
||||||||||
Balance as at December 31, 2018
|
$
|
8,828,048
|
|
|
$
|
52,566
|
|
|
$
|
8,880,614
|
|
Dividends paid
|
—
|
|
|
(1,674
|
)
|
|
(1,674
|
)
|
|||
Repurchase of shares
|
(137,155
|
)
|
|
—
|
|
|
(137,155
|
)
|
|||
Ordinary shares issued, net of tax withholdings
|
(668
|
)
|
|
—
|
|
|
(668
|
)
|
|||
Share-based compensation
|
17,413
|
|
|
—
|
|
|
17,413
|
|
|||
Total comprehensive income
|
198,540
|
|
|
12,711
|
|
|
211,251
|
|
|||
Balance as at March 31, 2019
|
$
|
8,906,178
|
|
|
$
|
63,603
|
|
|
$
|
8,969,781
|
|
|
AerCap Holdings N.V. shareholders’ equity
|
|
Non-controlling interest
|
|
Total equity
|
||||||
|
(U.S. Dollars in thousands, except share data)
|
||||||||||
Balance as at December 31, 2017
|
$
|
8,579,710
|
|
|
$
|
59,104
|
|
|
$
|
8,638,814
|
|
Dividends paid
|
—
|
|
|
(3,770
|
)
|
|
(3,770
|
)
|
|||
Repurchase of shares
|
(304,628
|
)
|
|
—
|
|
|
(304,628
|
)
|
|||
Share cancellation
|
—
|
|
|
—
|
|
|
—
|
|
|||
Ordinary shares issued, net of tax withholdings
|
(2,552
|
)
|
|
—
|
|
|
(2,552
|
)
|
|||
Share-based compensation
|
31,734
|
|
|
—
|
|
|
31,734
|
|
|||
Cumulative effect due to adoption of new accounting standard
|
1,241
|
|
|
—
|
|
|
1,241
|
|
|||
Total comprehensive income
|
287,120
|
|
|
320
|
|
|
287,440
|
|
|||
Balance as at March 31, 2018
|
$
|
8,592,625
|
|
|
$
|
55,654
|
|
|
$
|
8,648,279
|
|
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
|
March 31, 2018
|
||||||
Cash and cash equivalents
|
$
|
2,348,132
|
|
|
$
|
1,204,018
|
|
|
$
|
2,152,165
|
|
Restricted cash
|
226,099
|
|
|
211,017
|
|
|
299,965
|
|
|||
Total cash, cash equivalents and restricted cash
|
$
|
2,574,231
|
|
|
$
|
1,415,035
|
|
|
$
|
2,452,130
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Net book value at beginning of period
|
$
|
35,052,335
|
|
|
$
|
32,396,827
|
|
Additions
|
1,225,140
|
|
|
832,247
|
|
||
Depreciation
|
(419,493
|
)
|
|
(413,859
|
)
|
||
Disposals and transfers to held for sale
|
(757,944
|
)
|
|
(606,475
|
)
|
||
Transfers to net investment in finance and sales-type leases/inventory
|
(12,309
|
)
|
|
(49,301
|
)
|
||
Impairment
|
(5,031
|
)
|
|
(2,108
|
)
|
||
Net book value at end of period
|
$
|
35,082,698
|
|
|
$
|
32,157,331
|
|
|
|
|
|
||||
Accumulated depreciation as of March 31, 2019 and 2018
|
$
|
(6,864,996
|
)
|
|
$
|
(6,239,584
|
)
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Future minimum lease payments to be received
|
$
|
765,599
|
|
|
$
|
792,265
|
|
Estimated residual values of leased flight equipment (unguaranteed)
|
534,316
|
|
|
528,916
|
|
||
Less: Unearned income
|
(305,761
|
)
|
|
(317,895
|
)
|
||
|
$
|
994,154
|
|
|
$
|
1,003,286
|
|
|
Cash flows receivable
|
||
2019 - remaining
|
$
|
116,036
|
|
2020
|
145,162
|
|
|
2021
|
130,284
|
|
|
2022
|
198,799
|
|
|
2023
|
125,884
|
|
|
Thereafter
|
583,750
|
|
|
Undiscounted cash flows receivable
|
$
|
1,299,915
|
|
Less: Unearned income
|
(305,761
|
)
|
|
|
$
|
994,154
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Maintenance rights
|
$
|
1,035,757
|
|
|
$
|
1,088,246
|
|
Lease premium, net
|
22,333
|
|
|
24,944
|
|
||
|
$
|
1,058,090
|
|
|
$
|
1,113,190
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Maintenance rights at beginning of period
|
$
|
1,088,246
|
|
|
$
|
1,464,599
|
|
EOL and MR contract maintenance rights expense
|
(21,409
|
)
|
|
(53,690
|
)
|
||
MR contract maintenance rights write-off due to maintenance liability release
|
(3,956
|
)
|
|
(7,485
|
)
|
||
EOL contract maintenance rights write-off due to cash receipt
|
(26,992
|
)
|
|
(39,652
|
)
|
||
EOL and MR contract maintenance rights write-off due to sale of aircraft
|
(132
|
)
|
|
(9,364
|
)
|
||
Maintenance rights at end of period
|
$
|
1,035,757
|
|
|
$
|
1,354,408
|
|
|
|
March 31, 2019
|
||||||||||
|
Gross carrying amount
|
|
Accumulated
amortization |
|
Net carrying amount
|
||||||
Lease premium
|
$
|
73,300
|
|
|
$
|
(50,967
|
)
|
|
$
|
22,333
|
|
|
|
|
|
|
|
||||||
|
December 31, 2018
|
||||||||||
|
Gross carrying amount
|
|
Accumulated
amortization |
|
Net carrying amount
|
||||||
Lease premium
|
$
|
73,300
|
|
|
$
|
(48,356
|
)
|
|
$
|
24,944
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Goodwill
|
$
|
58,094
|
|
|
$
|
58,094
|
|
Customer relationships, net
|
256,647
|
|
|
261,941
|
|
||
Contractual vendor intangible assets
|
8,535
|
|
|
8,535
|
|
||
|
$
|
323,276
|
|
|
$
|
328,570
|
|
|
March 31, 2019
|
||||||||||
|
Gross carrying amount
|
|
Accumulated
amortization |
|
Net carrying amount
|
||||||
Customer relationships
|
$
|
360,000
|
|
|
$
|
(103,353
|
)
|
|
$
|
256,647
|
|
|
|
|
|
|
|
||||||
|
December 31, 2018
|
||||||||||
|
Gross carrying amount
|
|
Accumulated
amortization |
|
Net carrying amount
|
||||||
Customer relationships
|
$
|
360,000
|
|
|
$
|
(98,059
|
)
|
|
$
|
261,941
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Inventory
|
$
|
20,256
|
|
|
$
|
30,971
|
|
Debt issuance costs
|
33,664
|
|
|
36,814
|
|
||
Lease incentives
|
240,042
|
|
|
251,961
|
|
||
Other receivables
|
147,038
|
|
|
220,289
|
|
||
Investments
|
134,145
|
|
|
132,113
|
|
||
Notes receivables
|
52,980
|
|
|
58,994
|
|
||
Derivative assets (Note 10)
|
39,047
|
|
|
69,105
|
|
||
Operating lease ROU assets (Note 15)
|
48,227
|
|
|
—
|
|
||
Other tangible fixed assets
|
28,728
|
|
|
29,151
|
|
||
Straight-line rents, prepaid expenses and other
|
85,405
|
|
|
79,792
|
|
||
|
$
|
829,532
|
|
|
$
|
909,190
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
Notional amount (a)
|
|
Fair value
|
|
Notional amount (a)
|
|
Fair value
|
||||||||
Derivative assets not designated as accounting hedges:
|
|
|
|
|
|
|
|
||||||||
Interest rate caps
|
$
|
2,360,000
|
|
|
$
|
17,555
|
|
|
$
|
2,523,500
|
|
|
$
|
32,547
|
|
Derivative assets designated as accounting cash flow hedges:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
1,893,501
|
|
|
$
|
21,492
|
|
|
$
|
1,900,957
|
|
|
$
|
36,558
|
|
Total derivative assets
|
|
|
$
|
39,047
|
|
|
|
|
$
|
69,105
|
|
|
(a)
|
The notional amount is reported as nil for caps and swaps where the effective date has not yet commenced.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
Notional amount (a)
|
|
Fair value
|
|
Notional amount (a)
|
|
Fair value
|
||||||||
Derivative liabilities designated as accounting cash flow hedges:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
2,301,000
|
|
|
$
|
54,994
|
|
|
$
|
1,375,000
|
|
|
$
|
29,321
|
|
Total derivative liabilities
|
|
|
$
|
54,994
|
|
|
|
|
$
|
29,321
|
|
|
(a)
|
The notional amount is reported as nil for swaps where the effective date has not yet commenced.
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Gain (Loss)
|
|
|
|
||||
Effective portion of change in fair market value of derivatives designated as accounting cash flow hedges:
|
|
|
|
||||
Interest rate swaps
|
$
|
(40,738
|
)
|
|
$
|
24,824
|
|
Income tax effect
|
5,092
|
|
|
(3,103
|
)
|
||
Net changes in cash flow hedges, net of tax
|
$
|
(35,646
|
)
|
|
$
|
21,721
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Gain (Loss)
|
|
|
|
||||
Derivatives not designated as accounting hedges:
|
|
|
|
||||
Interest rate caps
|
$
|
(15,887
|
)
|
|
$
|
16,539
|
|
Reclassification to Condensed Consolidated Income Statements:
|
|
|
|
||||
Reclassification of amounts previously recorded within AOCI
|
3,931
|
|
|
—
|
|
||
Effect from derivatives on interest expense
|
$
|
(11,956
|
)
|
|
$
|
16,539
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Accounts payable, accrued expenses and other
|
$
|
271,968
|
|
|
$
|
296,523
|
|
Deferred revenue
|
405,940
|
|
|
421,542
|
|
||
Accrued interest
|
313,589
|
|
|
262,559
|
|
||
Derivative liabilities (Note 10)
|
54,994
|
|
|
29,321
|
|
||
Operating lease liabilities (Note 15)
|
56,792
|
|
|
—
|
|
||
|
$
|
1,103,283
|
|
|
$
|
1,009,945
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Accrued maintenance liability at beginning of period
|
$
|
2,237,494
|
|
|
$
|
2,461,799
|
|
Maintenance payments received
|
174,390
|
|
|
181,937
|
|
||
Maintenance payments returned
|
(108,437
|
)
|
|
(149,100
|
)
|
||
Release to income upon sale
|
(19,103
|
)
|
|
(86,110
|
)
|
||
Release to income other than upon sale
|
(45,522
|
)
|
|
(42,230
|
)
|
||
Lessor contribution, top ups and other
|
22,227
|
|
|
2,065
|
|
||
Accrued maintenance liability at end of period
|
$
|
2,261,049
|
|
|
$
|
2,368,361
|
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
Debt Obligation
|
|
Collateral (Number of
aircraft)
|
|
Commitment
|
|
Undrawn amounts
|
|
Amount outstanding
|
|
Weighted average interest rate (a)
|
|
Maturity
|
|
Amount outstanding
|
||||||||||
Unsecured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
ILFC Legacy Notes
|
|
|
|
$
|
4,900,000
|
|
|
$
|
—
|
|
|
$
|
4,900,000
|
|
|
6.69
|
%
|
|
2019 - 2022
|
|
$
|
4,900,000
|
|
|
AGAT/AICDC Notes
|
|
|
|
11,849,864
|
|
|
—
|
|
|
11,849,864
|
|
|
4.13
|
%
|
|
2019 - 2028
|
|
10,749,864
|
|
|||||
Asia Revolving Credit Facility
|
|
|
|
950,000
|
|
|
950,000
|
|
|
—
|
|
|
—
|
|
|
2022
|
|
200,000
|
|
|||||
Citi Revolving Credit Facility
|
|
|
|
4,000,000
|
|
|
4,000,000
|
|
|
—
|
|
|
—
|
|
|
2021
|
|
—
|
|
|||||
Other unsecured debt
|
|
|
|
1,416,000
|
|
|
—
|
|
|
1,416,000
|
|
|
4.02
|
%
|
|
2020 - 2023
|
|
1,160,000
|
|
|||||
Fair value adjustment
|
|
|
|
NA
|
|
|
NA
|
|
|
150,165
|
|
|
NA
|
|
|
NA
|
|
177,450
|
|
|||||
TOTAL UNSECURED
|
|
|
|
$
|
23,115,864
|
|
|
$
|
4,950,000
|
|
|
$
|
18,316,029
|
|
|
|
|
|
|
$
|
17,187,314
|
|
||
Secured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Export credit facilities
|
|
31
|
|
|
802,282
|
|
|
—
|
|
|
802,282
|
|
|
2.68
|
%
|
|
2019 - 2030
|
|
849,372
|
|
||||
Institutional secured term loans & secured portfolio loans
|
|
282
|
|
|
9,199,704
|
|
|
1,427,000
|
|
|
7,772,704
|
|
|
4.15
|
%
|
|
2020 - 2030
|
|
7,533,028
|
|
||||
AerFunding Revolving Credit Facility
|
|
16
|
|
|
2,500,000
|
|
|
1,590,989
|
|
|
909,011
|
|
|
4.49
|
%
|
|
2022
|
|
919,484
|
|
||||
Other secured debt
|
|
69
|
|
|
1,574,205
|
|
|
—
|
|
|
1,574,205
|
|
|
4.55
|
%
|
|
2019 - 2037
|
|
1,633,099
|
|
||||
Fair value adjustment
|
|
|
|
NA
|
|
|
NA
|
|
|
(1,869
|
)
|
|
NA
|
|
|
NA
|
|
(2,103
|
)
|
|||||
TOTAL SECURED
|
|
|
|
$
|
14,076,191
|
|
|
$
|
3,017,989
|
|
|
$
|
11,056,333
|
|
|
|
|
|
|
$
|
10,932,880
|
|
||
Subordinated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
ECAPS Subordinated Notes
|
|
|
|
1,000,000
|
|
|
—
|
|
|
1,000,000
|
|
|
4.67
|
%
|
|
2065
|
|
1,000,000
|
|
|||||
Junior Subordinated Notes
|
|
|
|
500,000
|
|
|
—
|
|
|
500,000
|
|
|
6.50
|
%
|
|
2045
|
|
500,000
|
|
|||||
Subordinated debt issued by joint ventures
|
|
|
|
48,234
|
|
|
—
|
|
|
48,234
|
|
|
—
|
|
|
2019 - 2020
|
|
48,234
|
|
|||||
Fair value adjustment
|
|
|
|
NA
|
|
|
NA
|
|
|
(225
|
)
|
|
NA
|
|
|
NA
|
|
(225
|
)
|
|||||
TOTAL SUBORDINATED
|
|
|
|
$
|
1,548,234
|
|
|
$
|
—
|
|
|
$
|
1,548,009
|
|
|
|
|
|
|
$
|
1,548,009
|
|
||
Debt issuance costs and debt discounts
|
|
|
|
NA
|
|
|
NA
|
|
|
(161,217
|
)
|
|
NA
|
|
|
NA
|
|
(160,616
|
)
|
|||||
|
|
398
|
|
|
$
|
38,740,289
|
|
|
$
|
7,967,989
|
|
|
$
|
30,759,154
|
|
|
|
|
|
|
$
|
29,507,587
|
|
|
(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. The institutional secured term loans and secured portfolio loans also contain base rate alternatives.
|
|
|
Operating leases
|
|
Finance leases
|
||
Weighted average remaining lease term (years)
|
9.9
|
|
|
17.0
|
|
Weighted average discount rate
|
6.4
|
%
|
|
6.5
|
%
|
|
Operating leases
|
|
Finance leases
|
||||
2019 - remaining
|
$
|
7,771
|
|
|
$
|
9,038
|
|
2020
|
8,754
|
|
|
10,946
|
|
||
2021
|
8,422
|
|
|
10,946
|
|
||
2022
|
8,490
|
|
|
10,946
|
|
||
2023
|
8,552
|
|
|
10,946
|
|
||
Thereafter
|
34,716
|
|
|
186,723
|
|
||
Total lease payments
|
$
|
76,705
|
|
|
$
|
239,545
|
|
Less: Imputed interest
|
(19,913
|
)
|
|
(110,013
|
)
|
||
Present value of lease liabilities
|
$
|
56,792
|
|
|
$
|
129,532
|
|
|
Program approval date
|
|
Program end date
|
|
Authorized amount
|
|
Program completion date
|
||
February 2018
|
|
June 30, 2018
|
|
$
|
200,000
|
|
|
May 14, 2018
|
April 2018
|
|
December 31, 2018
|
|
200,000
|
|
|
November 2, 2018
|
|
October 2018
|
|
March 31, 2019
|
|
200,000
|
|
|
January 9, 2019
|
|
December 2018
|
|
March 31, 2019
|
|
100,000
|
|
|
March 22, 2019
|
|
February 2019
|
|
September 30, 2019
|
|
200,000
|
|
|
Not yet completed
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Personnel expenses
|
$
|
31,192
|
|
|
$
|
32,632
|
|
Share-based compensation
|
17,413
|
|
|
31,734
|
|
||
Travel expenses
|
4,253
|
|
|
5,451
|
|
||
Professional services
|
6,224
|
|
|
7,070
|
|
||
Office expenses
|
3,499
|
|
|
4,129
|
|
||
Directors’ expenses
|
735
|
|
|
707
|
|
||
Other expenses
|
3,557
|
|
|
4,059
|
|
||
|
$
|
66,873
|
|
|
$
|
85,782
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Management fees
|
$
|
3,410
|
|
|
$
|
3,114
|
|
Interest and other income
|
17,983
|
|
|
6,418
|
|
||
|
$
|
21,393
|
|
|
$
|
9,532
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Net income for the computation of basic EPS
|
$
|
234,186
|
|
|
$
|
265,399
|
|
Weighted average ordinary shares outstanding - basic
|
138,153,456
|
|
|
147,194,589
|
|
||
Basic EPS
|
$
|
1.70
|
|
|
$
|
1.80
|
|
|
|
|
|
||||
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Net income for the computation of diluted EPS
|
$
|
234,186
|
|
|
$
|
265,399
|
|
Weighted average ordinary shares outstanding - diluted
|
139,618,644
|
|
|
154,146,803
|
|
||
Diluted EPS
|
$
|
1.68
|
|
|
$
|
1.72
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||
|
Number of ordinary shares
|
||||
Ordinary shares issued
|
151,847,345
|
|
|
151,847,345
|
|
Treasury shares
|
(12,249,540
|
)
|
|
(9,172,681
|
)
|
Ordinary shares outstanding
|
139,597,805
|
|
|
142,674,664
|
|
Shares of unvested restricted stock
|
(2,418,788
|
)
|
|
(2,429,442
|
)
|
Ordinary shares outstanding, excluding shares of unvested restricted stock
|
137,179,017
|
|
|
140,245,222
|
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Carrying value of debt and equity investments
|
$
|
134,145
|
|
|
$
|
132,113
|
|
Debt guarantees
|
84,343
|
|
|
88,313
|
|
||
Maximum exposure to loss
|
$
|
218,488
|
|
|
$
|
220,426
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Prepayments on flight equipment at beginning of period
|
$
|
3,024,520
|
|
|
$
|
2,930,303
|
|
Prepayments during the period
|
252,316
|
|
|
657,626
|
|
||
Interest paid and capitalized during the period
|
28,067
|
|
|
22,840
|
|
||
Prepayments and capitalized interest applied to the purchase of flight equipment
|
(320,580
|
)
|
|
(244,042
|
)
|
||
Prepayments on flight equipment at end of period
|
$
|
2,984,323
|
|
|
$
|
3,366,727
|
|
|
|
|
|
|
March 31, 2019
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Derivative assets
|
$
|
39,047
|
|
|
$
|
—
|
|
|
$
|
39,047
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative liabilities
|
$
|
54,994
|
|
|
$
|
—
|
|
|
54,994
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2018
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Derivative assets
|
$
|
69,105
|
|
|
$
|
—
|
|
|
$
|
69,105
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative liabilities
|
$
|
29,321
|
|
|
$
|
—
|
|
|
$
|
29,321
|
|
|
$
|
—
|
|
|
|
|
March 31, 2019
|
||||||||||||||||||
|
Carrying value
|
|
Fair value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
2,348,132
|
|
|
$
|
2,348,132
|
|
|
$
|
2,348,132
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restricted cash
|
226,099
|
|
|
226,099
|
|
|
226,099
|
|
|
—
|
|
|
—
|
|
|||||
Derivative assets
|
39,047
|
|
|
39,047
|
|
|
—
|
|
|
39,047
|
|
|
—
|
|
|||||
|
$
|
2,613,278
|
|
|
$
|
2,613,278
|
|
|
$
|
2,574,231
|
|
|
$
|
39,047
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt
|
$
|
30,920,371
|
|
(a)
|
$
|
30,802,066
|
|
|
$
|
—
|
|
|
$
|
30,802,066
|
|
|
$
|
—
|
|
Derivative liabilities
|
54,994
|
|
|
54,994
|
|
|
—
|
|
|
54,994
|
|
|
—
|
|
|||||
|
$
|
30,975,365
|
|
|
$
|
30,857,060
|
|
|
$
|
—
|
|
|
$
|
30,857,060
|
|
|
$
|
—
|
|
|
(a)
|
Excludes debt issuance costs and debt discounts.
|
|
December 31, 2018
|
||||||||||||||||||
|
Carrying value
|
|
Fair value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
1,204,018
|
|
|
$
|
1,204,018
|
|
|
$
|
1,204,018
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restricted cash
|
211,017
|
|
|
211,017
|
|
|
211,017
|
|
|
—
|
|
|
—
|
|
|||||
Derivative assets
|
69,105
|
|
|
69,105
|
|
|
—
|
|
|
69,105
|
|
|
—
|
|
|||||
|
$
|
1,484,140
|
|
|
$
|
1,484,140
|
|
|
$
|
1,415,035
|
|
|
$
|
69,105
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt
|
$
|
29,668,203
|
|
(a)
|
$
|
29,031,153
|
|
|
$
|
—
|
|
|
$
|
29,031,153
|
|
|
$
|
—
|
|
Derivative liabilities
|
29,321
|
|
|
29,321
|
|
|
—
|
|
|
29,321
|
|
|
—
|
|
|||||
|
$
|
29,697,524
|
|
|
$
|
29,060,474
|
|
|
$
|
—
|
|
|
$
|
29,060,474
|
|
|
$
|
—
|
|
|
(a)
|
Excludes debt issuance costs and debt discounts.
|
|
|
Maturities of AGAT/AICDC Notes
|
||
2019
|
$
|
1,099,864
|
|
2020
|
1,500,000
|
|
|
2021
|
2,600,000
|
|
|
2022
|
2,100,000
|
|
|
2023
|
1,200,000
|
|
|
Thereafter
|
3,350,000
|
|
|
|
$
|
11,849,864
|
|
|
Condensed Consolidating Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
March 31, 2019
|
||||||||||||||||||||||||||
|
AerCap
Holdings N.V. |
|
AerCap Global Aviation Trust
|
|
AerCap Ireland Capital Designated Activity Company
|
|
Guarantors (a)
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||||||
|
(U.S. Dollars in millions)
|
||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cash and cash equivalents
|
$
|
5
|
|
|
$
|
1,052
|
|
|
$
|
18
|
|
|
$
|
1,162
|
|
|
$
|
111
|
|
|
$
|
—
|
|
|
$
|
2,348
|
|
Restricted cash
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
225
|
|
|
—
|
|
|
226
|
|
|||||||
Flight equipment held for operating leases, net
|
—
|
|
|
8,905
|
|
|
—
|
|
|
3,463
|
|
|
22,715
|
|
|
—
|
|
|
35,083
|
|
|||||||
Maintenance rights and lease premium, net
|
—
|
|
|
545
|
|
|
—
|
|
|
78
|
|
|
435
|
|
|
—
|
|
|
1,058
|
|
|||||||
Flight equipment held for sale
|
—
|
|
|
229
|
|
|
—
|
|
|
58
|
|
|
347
|
|
|
—
|
|
|
634
|
|
|||||||
Net investment in finance and sales-type leases
|
—
|
|
|
483
|
|
|
—
|
|
|
90
|
|
|
421
|
|
|
—
|
|
|
994
|
|
|||||||
Prepayments on flight equipment
|
—
|
|
|
1,143
|
|
|
—
|
|
|
5
|
|
|
1,836
|
|
|
—
|
|
|
2,984
|
|
|||||||
Investments including investments in subsidiaries
|
10,702
|
|
|
1,391
|
|
|
8,950
|
|
|
6,072
|
|
|
134
|
|
|
(27,115
|
)
|
|
134
|
|
|||||||
Intercompany receivables
|
142
|
|
|
18,593
|
|
|
68
|
|
|
12,924
|
|
|
5,467
|
|
|
(37,194
|
)
|
|
—
|
|
|||||||
Other assets
|
76
|
|
|
480
|
|
|
114
|
|
|
808
|
|
|
985
|
|
|
(1,207
|
)
|
|
1,256
|
|
|||||||
Total Assets
|
$
|
10,925
|
|
|
$
|
32,821
|
|
|
$
|
9,150
|
|
|
$
|
24,661
|
|
|
$
|
32,676
|
|
|
$
|
(65,516
|
)
|
|
$
|
44,717
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Debt
|
$
|
—
|
|
|
$
|
18,328
|
|
|
$
|
897
|
|
|
$
|
6
|
|
|
$
|
11,528
|
|
|
$
|
—
|
|
|
$
|
30,759
|
|
Intercompany payables
|
2,012
|
|
|
3,594
|
|
|
4,573
|
|
|
12,574
|
|
|
14,474
|
|
|
(37,227
|
)
|
|
—
|
|
|||||||
Other liabilities
|
7
|
|
|
1,929
|
|
|
10
|
|
|
1,228
|
|
|
2,988
|
|
|
(1,174
|
)
|
|
4,988
|
|
|||||||
Total liabilities
|
2,019
|
|
|
23,851
|
|
|
5,480
|
|
|
13,808
|
|
|
28,990
|
|
|
(38,401
|
)
|
|
35,747
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total AerCap Holdings N.V. shareholders’ equity
|
8,906
|
|
|
8,970
|
|
|
3,670
|
|
|
10,776
|
|
|
3,699
|
|
|
(27,115
|
)
|
|
8,906
|
|
|||||||
Non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
77
|
|
|
(13
|
)
|
|
—
|
|
|
64
|
|
|||||||
Total Equity
|
8,906
|
|
|
8,970
|
|
|
3,670
|
|
|
10,853
|
|
|
3,686
|
|
|
(27,115
|
)
|
|
8,970
|
|
|||||||
Total Liabilities and Equity
|
$
|
10,925
|
|
|
$
|
32,821
|
|
|
$
|
9,150
|
|
|
$
|
24,661
|
|
|
$
|
32,676
|
|
|
$
|
(65,516
|
)
|
|
$
|
44,717
|
|
|
(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, 2018
|
||||||||||||||||||||||||||
|
AerCap
Holdings N.V. |
|
AerCap Global Aviation Trust
|
|
AerCap Ireland Capital Designated Activity Company
|
|
Guarantors (a)
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||||||
|
(U.S. Dollars in millions)
|
||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cash and cash equivalents
|
$
|
3
|
|
|
$
|
318
|
|
|
$
|
6
|
|
|
$
|
737
|
|
|
$
|
140
|
|
|
$
|
—
|
|
|
$
|
1,204
|
|
Restricted cash
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
210
|
|
|
—
|
|
|
211
|
|
|||||||
Flight equipment held for operating leases, net
|
—
|
|
|
9,455
|
|
|
—
|
|
|
3,317
|
|
|
22,280
|
|
|
—
|
|
|
35,052
|
|
|||||||
Maintenance rights and lease premium, net
|
—
|
|
|
569
|
|
|
—
|
|
|
58
|
|
|
486
|
|
|
—
|
|
|
1,113
|
|
|||||||
Flight equipment held for sale
|
—
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
158
|
|
|
—
|
|
|
184
|
|
|||||||
Net investment in finance and sales-type leases
|
—
|
|
|
494
|
|
|
—
|
|
|
63
|
|
|
446
|
|
|
—
|
|
|
1,003
|
|
|||||||
Prepayments on flight equipment
|
—
|
|
|
1,338
|
|
|
—
|
|
|
5
|
|
|
1,682
|
|
|
—
|
|
|
3,025
|
|
|||||||
Investments including investments in subsidiaries
|
10,495
|
|
|
1,336
|
|
|
8,774
|
|
|
5,948
|
|
|
133
|
|
|
(26,553
|
)
|
|
133
|
|
|||||||
Intercompany receivables
|
130
|
|
|
17,305
|
|
|
67
|
|
|
12,325
|
|
|
5,375
|
|
|
(35,202
|
)
|
|
—
|
|
|||||||
Other assets
|
79
|
|
|
482
|
|
|
101
|
|
|
351
|
|
|
271
|
|
|
—
|
|
|
1,284
|
|
|||||||
Total Assets
|
$
|
10,707
|
|
|
$
|
31,323
|
|
|
$
|
8,948
|
|
|
$
|
22,805
|
|
|
$
|
31,181
|
|
|
$
|
(61,755
|
)
|
|
$
|
43,209
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Debt
|
$
|
—
|
|
|
$
|
17,257
|
|
|
$
|
808
|
|
|
$
|
8
|
|
|
$
|
11,435
|
|
|
$
|
—
|
|
|
$
|
29,508
|
|
Intercompany payables
|
1,873
|
|
|
3,480
|
|
|
4,604
|
|
|
11,477
|
|
|
13,768
|
|
|
(35,202
|
)
|
|
—
|
|
|||||||
Other liabilities
|
6
|
|
|
1,791
|
|
|
2
|
|
|
688
|
|
|
2,333
|
|
|
—
|
|
|
4,820
|
|
|||||||
Total liabilities
|
1,879
|
|
|
22,528
|
|
|
5,414
|
|
|
12,173
|
|
|
27,536
|
|
|
(35,202
|
)
|
|
34,328
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total AerCap Holdings N.V. shareholders’ equity
|
8,828
|
|
|
8,795
|
|
|
3,534
|
|
|
10,565
|
|
|
3,659
|
|
|
(26,553
|
)
|
|
8,828
|
|
|||||||
Non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|
(14
|
)
|
|
—
|
|
|
53
|
|
|||||||
Total Equity
|
8,828
|
|
|
8,795
|
|
|
3,534
|
|
|
10,632
|
|
|
3,645
|
|
|
(26,553
|
)
|
|
8,881
|
|
|||||||
Total Liabilities and Equity
|
$
|
10,707
|
|
|
$
|
31,323
|
|
|
$
|
8,948
|
|
|
$
|
22,805
|
|
|
$
|
31,181
|
|
|
$
|
(61,755
|
)
|
|
$
|
43,209
|
|
|
(a)
|
Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC
.
|
|
Condensed Consolidating Income Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||||||
|
AerCap
Holdings N.V. |
|
AerCap Global Aviation Trust
|
|
AerCap Ireland Capital Designated Activity Company
|
|
Guarantors (a)
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||||||
|
(U.S. Dollars in millions)
|
||||||||||||||||||||||||||
Revenues and other income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Lease revenue
|
$
|
—
|
|
|
$
|
350
|
|
|
$
|
—
|
|
|
$
|
102
|
|
|
$
|
710
|
|
|
$
|
—
|
|
|
$
|
1,162
|
|
Net gain on sale of assets
|
—
|
|
|
15
|
|
|
—
|
|
|
4
|
|
|
3
|
|
|
—
|
|
|
22
|
|
|||||||
Other income (loss)
|
15
|
|
|
179
|
|
|
—
|
|
|
202
|
|
|
73
|
|
|
(448
|
)
|
|
21
|
|
|||||||
Total Revenues and other income
|
15
|
|
|
544
|
|
|
—
|
|
|
308
|
|
|
786
|
|
|
(448
|
)
|
|
1,205
|
|
|||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Depreciation and amortization
|
—
|
|
|
124
|
|
|
—
|
|
|
44
|
|
|
258
|
|
|
—
|
|
|
426
|
|
|||||||
Asset impairment
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
5
|
|
|||||||
Interest expense
|
—
|
|
|
235
|
|
|
47
|
|
|
109
|
|
|
324
|
|
|
(381
|
)
|
|
334
|
|
|||||||
Leasing expenses
|
—
|
|
|
29
|
|
|
—
|
|
|
15
|
|
|
48
|
|
|
—
|
|
|
92
|
|
|||||||
Selling, general and administrative expenses
|
16
|
|
|
19
|
|
|
—
|
|
|
34
|
|
|
65
|
|
|
(67
|
)
|
|
67
|
|
|||||||
Total Expenses
|
16
|
|
|
410
|
|
|
47
|
|
|
202
|
|
|
697
|
|
|
(448
|
)
|
|
924
|
|
|||||||
(Loss) income before income taxes and income of investments accounted for under the equity method
|
(1
|
)
|
|
134
|
|
|
(47
|
)
|
|
106
|
|
|
89
|
|
|
—
|
|
|
281
|
|
|||||||
Provision for income taxes
|
—
|
|
|
(17
|
)
|
|
6
|
|
|
(15
|
)
|
|
(11
|
)
|
|
—
|
|
|
(37
|
)
|
|||||||
Equity in net earnings of investments accounted for under the equity method
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|||||||
Net (loss) income before income from subsidiaries
|
(1
|
)
|
|
117
|
|
|
(41
|
)
|
|
91
|
|
|
81
|
|
|
—
|
|
|
247
|
|
|||||||
Income (loss) from subsidiaries
|
235
|
|
|
57
|
|
|
174
|
|
|
154
|
|
|
(145
|
)
|
|
(475
|
)
|
|
—
|
|
|||||||
Net income (loss)
|
$
|
234
|
|
|
$
|
174
|
|
|
$
|
133
|
|
|
$
|
245
|
|
|
$
|
(64
|
)
|
|
$
|
(475
|
)
|
|
$
|
247
|
|
Net income attributable to non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(1
|
)
|
|
—
|
|
|
(13
|
)
|
|||||||
Net income (loss) attributable to AerCap Holdings N.V.
|
$
|
234
|
|
|
$
|
174
|
|
|
$
|
133
|
|
|
$
|
233
|
|
|
$
|
(65
|
)
|
|
$
|
(475
|
)
|
|
$
|
234
|
|
|
(a)
|
Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC
.
|
|
Condensed Consolidating Income Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||||||||
|
AerCap
Holdings N.V. |
|
AerCap Global Aviation Trust
|
|
AerCap Ireland Capital Designated Activity Company
|
|
Guarantors (a)
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||||||
|
(U.S. Dollars in millions)
|
||||||||||||||||||||||||||
Revenues and other income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Lease revenue
|
$
|
—
|
|
|
$
|
393
|
|
|
$
|
—
|
|
|
$
|
56
|
|
|
$
|
671
|
|
|
$
|
—
|
|
|
$
|
1,120
|
|
Net gain on sale of assets
|
—
|
|
|
13
|
|
|
—
|
|
|
8
|
|
|
68
|
|
|
—
|
|
|
89
|
|
|||||||
Other income (loss)
|
13
|
|
|
179
|
|
|
3
|
|
|
166
|
|
|
35
|
|
|
(386
|
)
|
|
10
|
|
|||||||
Total Revenues and other income
|
13
|
|
|
585
|
|
|
3
|
|
|
230
|
|
|
774
|
|
|
(386
|
)
|
|
1,219
|
|
|||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Depreciation and amortization
|
—
|
|
|
151
|
|
|
—
|
|
|
25
|
|
|
247
|
|
|
—
|
|
|
423
|
|
|||||||
Asset impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|||||||
Interest expense
|
—
|
|
|
184
|
|
|
37
|
|
|
104
|
|
|
258
|
|
|
(309
|
)
|
|
274
|
|
|||||||
Leasing expenses
|
—
|
|
|
36
|
|
|
—
|
|
|
11
|
|
|
86
|
|
|
—
|
|
|
133
|
|
|||||||
Selling, general and administrative expenses
|
25
|
|
|
28
|
|
|
—
|
|
|
37
|
|
|
73
|
|
|
(77
|
)
|
|
86
|
|
|||||||
Total Expenses
|
25
|
|
|
399
|
|
|
37
|
|
|
177
|
|
|
666
|
|
|
(386
|
)
|
|
918
|
|
|||||||
(Loss) income before income taxes and income of investments accounted for under the equity method
|
(12
|
)
|
|
186
|
|
|
(34
|
)
|
|
53
|
|
|
108
|
|
|
—
|
|
|
301
|
|
|||||||
Provision for income taxes
|
2
|
|
|
(23
|
)
|
|
4
|
|
|
(7
|
)
|
|
(15
|
)
|
|
—
|
|
|
(39
|
)
|
|||||||
Equity in net earnings of investments accounted for under the equity method
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|||||||
Net (loss) income before income from subsidiaries
|
(10
|
)
|
|
163
|
|
|
(30
|
)
|
|
46
|
|
|
96
|
|
|
—
|
|
|
265
|
|
|||||||
Income (loss) from subsidiaries
|
275
|
|
|
75
|
|
|
238
|
|
|
270
|
|
|
(266
|
)
|
|
(592
|
)
|
|
—
|
|
|||||||
Net income (loss)
|
$
|
265
|
|
|
$
|
238
|
|
|
$
|
208
|
|
|
$
|
316
|
|
|
$
|
(170
|
)
|
|
$
|
(592
|
)
|
|
$
|
265
|
|
Net income attributable to non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Net income (loss) attributable to AerCap Holdings N.V.
|
$
|
265
|
|
|
$
|
238
|
|
|
$
|
208
|
|
|
$
|
316
|
|
|
$
|
(170
|
)
|
|
$
|
(592
|
)
|
|
$
|
265
|
|
|
(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
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||||||
|
AerCap
Holdings N.V. |
|
AerCap Global Aviation Trust
|
|
AerCap Ireland Capital Designated Activity Company
|
|
Guarantors (a)
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||||||
|
(U.S. Dollars in millions)
|
||||||||||||||||||||||||||
Net income (loss)
|
$
|
234
|
|
|
$
|
174
|
|
|
$
|
133
|
|
|
$
|
245
|
|
|
$
|
(64
|
)
|
|
$
|
(475
|
)
|
|
$
|
247
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net change in fair value of derivatives, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
(2
|
)
|
|
—
|
|
|
(35
|
)
|
|||||||
Total other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
(2
|
)
|
|
—
|
|
|
(35
|
)
|
|||||||
Comprehensive income (loss)
|
234
|
|
|
174
|
|
|
133
|
|
|
212
|
|
|
(66
|
)
|
|
(475
|
)
|
|
212
|
|
|||||||
Comprehensive income attributable to non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(1
|
)
|
|
—
|
|
|
(13
|
)
|
|||||||
Total comprehensive income (loss) attributable to AerCap Holdings N.V.
|
$
|
234
|
|
|
$
|
174
|
|
|
$
|
133
|
|
|
$
|
200
|
|
|
$
|
(67
|
)
|
|
$
|
(475
|
)
|
|
$
|
199
|
|
|
(a)
|
Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC
.
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||||||
|
AerCap
Holdings N.V. |
|
AerCap Global Aviation Trust
|
|
AerCap Ireland Capital Designated Activity Company
|
|
Guarantors (a)
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||||||
|
(U.S. Dollars in millions)
|
||||||||||||||||||||||||||
Net income (loss)
|
$
|
234
|
|
|
$
|
174
|
|
|
$
|
133
|
|
|
$
|
245
|
|
|
$
|
(64
|
)
|
|
$
|
(475
|
)
|
|
$
|
247
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(Income) loss from subsidiaries
|
(235
|
)
|
|
(57
|
)
|
|
(174
|
)
|
|
(154
|
)
|
|
145
|
|
|
475
|
|
|
—
|
|
|||||||
Depreciation and amortization
|
—
|
|
|
124
|
|
|
—
|
|
|
44
|
|
|
258
|
|
|
—
|
|
|
426
|
|
|||||||
Asset impairment
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
5
|
|
|||||||
Amortization of debt issuance costs, debt discount and lease premium
|
—
|
|
|
5
|
|
|
1
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
19
|
|
|||||||
Amortization of fair value adjustments on debt
|
—
|
|
|
(27
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27
|
)
|
|||||||
Accretion of fair value adjustments on deposits and maintenance liabilities
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
4
|
|
|||||||
Maintenance rights write-off
|
—
|
|
|
24
|
|
|
—
|
|
|
5
|
|
|
23
|
|
|
—
|
|
|
52
|
|
|||||||
Maintenance liability release to income
|
—
|
|
|
(30
|
)
|
|
—
|
|
|
(11
|
)
|
|
(5
|
)
|
|
—
|
|
|
(46
|
)
|
|||||||
Net gain on sale of assets
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(4
|
)
|
|
(3
|
)
|
|
—
|
|
|
(22
|
)
|
|||||||
Deferred income taxes
|
—
|
|
|
17
|
|
|
(6
|
)
|
|
15
|
|
|
12
|
|
|
—
|
|
|
38
|
|
|||||||
Collections of finance and sales-type leases
|
—
|
|
|
10
|
|
|
—
|
|
|
4
|
|
|
6
|
|
|
—
|
|
|
20
|
|
|||||||
Other
|
10
|
|
|
(1
|
)
|
|
—
|
|
|
25
|
|
|
18
|
|
|
—
|
|
|
52
|
|
|||||||
Cash flow from operating activities before changes in working capital
|
9
|
|
|
229
|
|
|
(46
|
)
|
|
169
|
|
|
407
|
|
|
—
|
|
|
768
|
|
|||||||
Working capital
|
134
|
|
|
(557
|
)
|
|
(32
|
)
|
|
405
|
|
|
28
|
|
|
—
|
|
|
(22
|
)
|
|||||||
Net cash provided by (used in) operating activities
|
143
|
|
|
(328
|
)
|
|
(78
|
)
|
|
574
|
|
|
435
|
|
|
—
|
|
|
746
|
|
|||||||
Purchase of flight equipment
|
—
|
|
|
(97
|
)
|
|
—
|
|
|
(184
|
)
|
|
(534
|
)
|
|
—
|
|
|
(815
|
)
|
|||||||
Proceeds from sale or disposal of assets
|
—
|
|
|
120
|
|
|
—
|
|
|
32
|
|
|
160
|
|
|
—
|
|
|
312
|
|
|||||||
Prepayments on flight equipment
|
—
|
|
|
(119
|
)
|
|
—
|
|
|
—
|
|
|
(161
|
)
|
|
—
|
|
|
(280
|
)
|
|||||||
Net cash used in investing activities
|
—
|
|
|
(96
|
)
|
|
—
|
|
|
(152
|
)
|
|
(535
|
)
|
|
—
|
|
|
(783
|
)
|
|||||||
Issuance of debt
|
—
|
|
|
1,107
|
|
|
90
|
|
|
4
|
|
|
615
|
|
|
—
|
|
|
1,816
|
|
|||||||
Repayment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(535
|
)
|
|
—
|
|
|
(537
|
)
|
|||||||
Debt issuance costs paid
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(14
|
)
|
|||||||
Maintenance payments received
|
—
|
|
|
55
|
|
|
—
|
|
|
23
|
|
|
96
|
|
|
—
|
|
|
174
|
|
|||||||
Maintenance payments returned
|
—
|
|
|
(25
|
)
|
|
—
|
|
|
(20
|
)
|
|
(63
|
)
|
|
—
|
|
|
(108
|
)
|
|||||||
Security deposits received
|
—
|
|
|
44
|
|
|
—
|
|
|
13
|
|
|
30
|
|
|
—
|
|
|
87
|
|
|||||||
Security deposits returned
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(14
|
)
|
|
(49
|
)
|
|
—
|
|
|
(78
|
)
|
|||||||
Dividend paid to non-controlling interest holders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||||||
Repurchase of shares and tax withholdings on share-based compensation
|
(141
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(141
|
)
|
|||||||
Net cash (used in) provided by financing activities
|
(141
|
)
|
|
1,158
|
|
|
90
|
|
|
4
|
|
|
86
|
|
|
—
|
|
|
1,197
|
|
|||||||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
2
|
|
|
734
|
|
|
12
|
|
|
426
|
|
|
(14
|
)
|
|
—
|
|
|
1,160
|
|
|||||||
Effect of exchange rate changes
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||||
Cash, cash equivalents and restricted cash at beginning of period
|
3
|
|
|
318
|
|
|
6
|
|
|
738
|
|
|
350
|
|
|
—
|
|
|
1,415
|
|
|||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
5
|
|
|
$
|
1,052
|
|
|
$
|
18
|
|
|
$
|
1,163
|
|
|
$
|
336
|
|
|
$
|
—
|
|
|
$
|
2,574
|
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||||||||
|
AerCap
Holdings N.V. |
|
AerCap Global Aviation Trust
|
|
AerCap Ireland Capital Designated Activity Company
|
|
Guarantors (a)
|
|
Non-
Guarantors |
|
Eliminations
|
|
Total
|
||||||||||||||
|
(U.S. Dollars in millions)
|
||||||||||||||||||||||||||
Net income (loss)
|
$
|
265
|
|
|
$
|
238
|
|
|
$
|
208
|
|
|
$
|
316
|
|
|
$
|
(170
|
)
|
|
$
|
(592
|
)
|
|
$
|
265
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(Income) loss from subsidiaries
|
(275
|
)
|
|
(75
|
)
|
|
(238
|
)
|
|
(270
|
)
|
|
266
|
|
|
592
|
|
|
—
|
|
|||||||
Depreciation and amortization
|
—
|
|
|
151
|
|
|
—
|
|
|
25
|
|
|
247
|
|
|
—
|
|
|
423
|
|
|||||||
Asset impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|||||||
Amortization of debt issuance costs, debt discount and lease premium
|
—
|
|
|
3
|
|
|
1
|
|
|
2
|
|
|
18
|
|
|
—
|
|
|
24
|
|
|||||||
Amortization of fair value adjustments on debt
|
—
|
|
|
(40
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(41
|
)
|
|||||||
Accretion of fair value adjustments on deposits and maintenance liabilities
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
5
|
|
|||||||
Maintenance rights write-off
|
—
|
|
|
39
|
|
|
—
|
|
|
1
|
|
|
61
|
|
|
—
|
|
|
101
|
|
|||||||
Maintenance liability release to income
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
—
|
|
|
(42
|
)
|
|||||||
Net gain on sale of assets
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
(8
|
)
|
|
(68
|
)
|
|
—
|
|
|
(89
|
)
|
|||||||
Deferred income taxes
|
(2
|
)
|
|
24
|
|
|
(5
|
)
|
|
10
|
|
|
13
|
|
|
—
|
|
|
40
|
|
|||||||
Other
|
16
|
|
|
3
|
|
|
—
|
|
|
5
|
|
|
(1
|
)
|
|
—
|
|
|
23
|
|
|||||||
Cash flow from operating activities before changes in working capital
|
4
|
|
|
321
|
|
|
(34
|
)
|
|
81
|
|
|
339
|
|
|
—
|
|
|
711
|
|
|||||||
Working capital
|
292
|
|
|
(1,320
|
)
|
|
53
|
|
|
373
|
|
|
629
|
|
|
—
|
|
|
27
|
|
|||||||
Net cash provided by (used in) operating activities
|
296
|
|
|
(999
|
)
|
|
19
|
|
|
454
|
|
|
968
|
|
|
—
|
|
|
738
|
|
|||||||
Purchase of flight equipment
|
—
|
|
|
(81
|
)
|
|
—
|
|
|
(141
|
)
|
|
(226
|
)
|
|
—
|
|
|
(448
|
)
|
|||||||
Proceeds from sale or disposal of assets
|
—
|
|
|
133
|
|
|
—
|
|
|
105
|
|
|
360
|
|
|
—
|
|
|
598
|
|
|||||||
Prepayments on flight equipment
|
—
|
|
|
(184
|
)
|
|
—
|
|
|
—
|
|
|
(497
|
)
|
|
—
|
|
|
(681
|
)
|
|||||||
Collections of finance and sales-type leases
|
—
|
|
|
12
|
|
|
—
|
|
|
7
|
|
|
2
|
|
|
—
|
|
|
21
|
|
|||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
(13
|
)
|
|||||||
Net cash used in investing activities
|
—
|
|
|
(120
|
)
|
|
—
|
|
|
(29
|
)
|
|
(374
|
)
|
|
—
|
|
|
(523
|
)
|
|||||||
Issuance of debt
|
—
|
|
|
1,154
|
|
|
—
|
|
|
—
|
|
|
441
|
|
|
—
|
|
|
1,595
|
|
|||||||
Repayment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
(1,070
|
)
|
|
—
|
|
|
(1,085
|
)
|
|||||||
Debt issuance costs paid
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
(1
|
)
|
|
(14
|
)
|
|
—
|
|
|
(26
|
)
|
|||||||
Maintenance payments received
|
—
|
|
|
64
|
|
|
—
|
|
|
19
|
|
|
99
|
|
|
—
|
|
|
182
|
|
|||||||
Maintenance payments returned
|
—
|
|
|
(45
|
)
|
|
—
|
|
|
(1
|
)
|
|
(103
|
)
|
|
—
|
|
|
(149
|
)
|
|||||||
Security deposits received
|
—
|
|
|
10
|
|
|
—
|
|
|
19
|
|
|
13
|
|
|
—
|
|
|
42
|
|
|||||||
Security deposits returned
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(4
|
)
|
|
(11
|
)
|
|
—
|
|
|
(30
|
)
|
|||||||
Dividend paid to non-controlling interest holders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|||||||
Repurchase of shares and tax withholdings on share-based compensation
|
(313
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(313
|
)
|
|||||||
Net cash (used in) provided by financing activities
|
(313
|
)
|
|
1,157
|
|
|
—
|
|
|
17
|
|
|
(648
|
)
|
|
—
|
|
|
213
|
|
|||||||
Net (decrease) increase in cash, cash equivalents and restricted cash
|
(17
|
)
|
|
38
|
|
|
19
|
|
|
442
|
|
|
(54
|
)
|
|
—
|
|
|
428
|
|
|||||||
Cash, cash equivalents and restricted cash at beginning of period
|
21
|
|
|
222
|
|
|
14
|
|
|
1,237
|
|
|
530
|
|
|
—
|
|
|
2,024
|
|
|||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
4
|
|
|
$
|
260
|
|
|
$
|
33
|
|
|
$
|
1,679
|
|
|
$
|
476
|
|
|
$
|
—
|
|
|
$
|
2,452
|
|
|
(a)
|
Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC
.
|
|
|
•
|
the availability of capital to us and to our customers and changes in interest rates;
|
•
|
the ability of our lessees and potential lessees to make operating lease payments to us;
|
•
|
our ability to successfully negotiate aircraft purchases, sales and leases, to collect outstanding amounts due and to repossess aircraft under defaulted leases, and to control costs and expenses;
|
•
|
changes in the overall demand for commercial aircraft leasing and aircraft management services;
|
•
|
the effects of terrorist attacks on the aviation industry and on our operations;
|
•
|
the economic condition of the global airline and cargo industry and economic and political conditions;
|
•
|
development of increased government regulation, including regulation of trade and the imposition of import and export controls, tariffs and other trade barriers;
|
•
|
competitive pressures within the industry;
|
•
|
the negotiation of aircraft management services contracts;
|
•
|
regulatory changes affecting commercial aircraft operators, aircraft maintenance, engine standards, accounting standards and taxes; and
|
•
|
the risks set forth or referred to in “Part II. Other Information—Item 1A. Risk Factors” included below.
|
|
Aircraft type
|
|
Number of
owned aircraft |
|
Percentage of
total net book value |
|
Number of
managed aircraft |
|
Number of on
order aircraft |
|
Total owned,
managed and on order aircraft |
|||||
Airbus A320 Family
|
|
311
|
|
|
16
|
%
|
|
39
|
|
|
—
|
|
|
350
|
|
Airbus A320neo Family
|
|
109
|
|
|
15
|
%
|
|
—
|
|
|
161
|
|
|
270
|
|
Airbus A330
|
|
71
|
|
|
8
|
%
|
|
11
|
|
|
—
|
|
|
82
|
|
Airbus A350
|
|
25
|
|
|
10
|
%
|
|
—
|
|
|
1
|
|
|
26
|
|
Boeing 737NG
|
|
255
|
|
|
18
|
%
|
|
36
|
|
|
—
|
|
|
291
|
|
Boeing 737 MAX
|
|
5
|
|
|
1
|
%
|
|
—
|
|
|
99
|
|
|
104
|
|
Boeing 767
|
|
30
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
Boeing 777-200ER
|
|
18
|
|
|
1
|
%
|
|
4
|
|
|
—
|
|
|
22
|
|
Boeing 777-300/300ER
|
|
26
|
|
|
5
|
%
|
|
2
|
|
|
—
|
|
|
28
|
|
Boeing 787
|
|
79
|
|
|
26
|
%
|
|
1
|
|
|
37
|
|
|
117
|
|
Embraer E190/195-E2
|
|
2
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|
50
|
|
Other
|
|
29
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
30
|
|
Total
|
|
960
|
|
|
100
|
%
|
|
94
|
|
|
346
|
|
|
1,400
|
|
|
Held for
operating leases |
|
Net investment in
finance and sales-type leases |
|
Held for
sale |
|
Total
owned aircraft |
||||
Number of owned aircraft at beginning of period
|
884
|
|
|
71
|
|
|
7
|
|
|
962
|
|
Aircraft purchases
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
Aircraft reclassified to held for sale
|
(29
|
)
|
|
—
|
|
|
29
|
|
|
—
|
|
Aircraft sold or designated for part-out
|
(8
|
)
|
|
—
|
|
|
(11
|
)
|
|
(19
|
)
|
Aircraft reclassified to net investment in finance and sales-type leases
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
Number of owned aircraft at end of period
|
863
|
|
|
72
|
|
|
25
|
|
|
960
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(U.S. Dollars in thousands)
|
||||||
Revenues and other income
|
|
|
|
||||
Basic lease rents
|
$
|
1,075,282
|
|
|
$
|
1,032,875
|
|
Maintenance rents and other receipts
|
86,811
|
|
|
87,419
|
|
||
Net gain on sale of assets
|
21,541
|
|
|
89,300
|
|
||
Other income
|
21,393
|
|
|
9,532
|
|
||
Total Revenues and other income
|
1,205,027
|
|
|
1,219,126
|
|
||
Expenses
|
|
|
|
||||
Depreciation and amortization
|
425,849
|
|
|
422,713
|
|
||
Asset impairment
|
5,031
|
|
|
2,108
|
|
||
Interest expense
|
334,179
|
|
|
274,449
|
|
||
Leasing expenses
|
91,721
|
|
|
132,468
|
|
||
Selling, general and administrative expenses
|
66,873
|
|
|
85,782
|
|
||
Total Expenses
|
923,653
|
|
|
917,520
|
|
||
Income before income taxes and income of investments accounted for under the equity method
|
281,374
|
|
|
301,606
|
|
||
Provision for income taxes
|
(36,579
|
)
|
|
(39,228
|
)
|
||
Equity in net earnings of investments accounted for under the equity method
|
2,102
|
|
|
3,341
|
|
||
Net income
|
$
|
246,897
|
|
|
$
|
265,719
|
|
Net income attributable to non-controlling interest
|
(12,711
|
)
|
|
(320
|
)
|
||
Net income attributable to AerCap Holdings N.V.
|
$
|
234,186
|
|
|
$
|
265,399
|
|
|
|
|
|
||||
Diluted earnings per share
|
$
|
1.68
|
|
|
$
|
1.72
|
|
•
|
the acquisition of 93 aircraft between January 1, 2018 and
March 31, 2019
with an aggregate net book value of $7.1 billion on their respective acquisition dates, resulting in an increase in basic lease rents of $141.5 million,
|
•
|
the sale of 110 aircraft between January 1, 2018 and
March 31, 2019
with an aggregate net book value of $2.2 billion on their sale dates, resulting in a decrease in basic lease rents of $77.9 million; and
|
•
|
a decrease in basic lease rents of $21.2 million primarily due to re-leases and extensions at lower rates. The accounting for the extensions requires the remaining rental payments to be recorded on a straight-line basis over the remaining term of the original lease plus the extension period. This results in a decrease in basic lease rents recognized as revenue during the remaining term of the original lease that will be offset by an increase in basic lease rents during the extension period. In addition, the contracted lease rates of extensions or re-leases of an aircraft tend to be lower than their previous lease rates as the aircraft are older.
|
|
•
|
a decrease of $6.9 million in regular maintenance rents, primarily due to lower recurring revenue due to one-time adjustments related to lease extensions, partially offset by higher revenue recognized upon lease expirations, at which time we recognize any retained maintenance-related balances as revenue,
|
•
|
an increase of $6.3 million in maintenance revenue and other receipts from early lease terminations.
|
•
|
a $32.4 million increase in interest expense attributable to an increase in mark-to-market losses on derivatives. For the
three months ended March 31, 2019
, we recognized a loss of $15.9 million related to mark-to-market movements on derivative contracts compared to a gain of $16.5 million recognized during the
three months ended March 31, 2018
;
|
•
|
an increase in the average outstanding debt balance by $1.5 billion to $30.4 billion during the
three months ended March 31, 2019
from $28.9 billion during the
three months ended March 31, 2018
, resulting in an $15.2 million increase in interest expense; and
|
•
|
an increase in the average cost of debt to 4.2% for the
three months ended March 31, 2019
as compared to 4.0% for the
three months ended March 31, 2018
. The average cost of debt excludes the effect of mark-to-market movements on interest rate caps. The increase in the average cost of debt was primarily due to the issuance of new longer-term bonds to replace shorter-term notes assumed as part of the ILFC Transaction, which had lower reported interest expense as a result of the application of the acquisition method of accounting to the debt. The increase in the average cost of debt resulted in a $12.1 million increase in interest expense.
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(U.S. Dollars in millions)
|
||||||
Net cash provided by operating activities
|
$
|
745.7
|
|
|
$
|
738.0
|
|
Net cash used in investing activities
|
(783.2
|
)
|
|
(522.9
|
)
|
||
Net cash provided by financing activities
|
1,197.1
|
|
|
212.8
|
|
|
|
|
2019 - remaining
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
|
(U.S. Dollars in millions)
|
||||||||||||||||||||||||||
Unsecured debt facilities
|
|
$
|
3,099.9
|
|
|
$
|
2,650.0
|
|
|
$
|
3,550.0
|
|
|
$
|
4,150.0
|
|
|
$
|
1,366.0
|
|
|
$
|
3,350.0
|
|
|
$
|
18,165.9
|
|
Secured debt facilities
|
|
794.6
|
|
|
1,371.2
|
|
|
937.3
|
|
|
3,018.0
|
|
|
2,198.0
|
|
|
2,739.1
|
|
|
11,058.2
|
|
|||||||
Subordinated debt facilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,548.2
|
|
|
1,548.2
|
|
|||||||
Estimated interest payments (a)
|
|
1,010.9
|
|
|
1,191.5
|
|
|
943.6
|
|
|
731.3
|
|
|
429.1
|
|
|
3,300.2
|
|
|
7,606.6
|
|
|||||||
Purchase obligations (b)
|
|
4,275.1
|
|
|
4,842.2
|
|
|
3,960.2
|
|
|
2,536.6
|
|
|
1,705.7
|
|
|
—
|
|
|
17,319.8
|
|
|||||||
Operating leases (c)
|
|
7.8
|
|
|
9.1
|
|
|
8.4
|
|
|
8.5
|
|
|
8.6
|
|
|
34.3
|
|
|
76.7
|
|
|||||||
Total
|
|
$
|
9,188.3
|
|
|
$
|
10,064.0
|
|
|
$
|
9,399.5
|
|
|
$
|
10,444.4
|
|
|
$
|
5,707.4
|
|
|
$
|
10,971.8
|
|
|
$
|
55,775.4
|
|
|
(a)
|
Estimated interest payments for floating rate debt are based on rates as of
March 31, 2019
. Estimated interest payments include the estimated impact of our interest rate swap agreements.
|
(b)
|
Includes commitments to purchase 338 aircraft and eight purchase and leaseback transactions.
|
(c)
|
Represents contractual payments on our office and facility leases.
|
|
|
March 31, 2019
|
|
December 31, 2018
|
|
March 31, 2018
|
||||||
|
(U.S. Dollars in millions, except share and per share data)
|
||||||||||
Total AerCap Holdings N.V. shareholders’ equity
|
$
|
8,906.2
|
|
|
$
|
8,828.0
|
|
|
$
|
8,592.6
|
|
|
|
|
|
|
|
||||||
Ordinary shares issued
|
151,847,345
|
|
|
151,847,345
|
|
|
156,847,345
|
|
|||
Treasury shares
|
(12,249,540
|
)
|
|
(9,172,681
|
)
|
|
(9,691,103
|
)
|
|||
Ordinary shares outstanding
|
139,597,805
|
|
|
142,674,664
|
|
|
147,156,242
|
|
|||
Shares of unvested restricted stock
|
(2,418,788
|
)
|
|
(2,429,442
|
)
|
|
(2,991,371
|
)
|
|||
Ordinary shares outstanding, excluding shares of unvested restricted stock
|
137,179,017
|
|
|
140,245,222
|
|
|
144,164,871
|
|
|||
|
|
|
|
|
|
||||||
Book value per ordinary share outstanding, excluding shares of unvested restricted stock
|
$
|
64.92
|
|
|
$
|
62.95
|
|
|
$
|
59.60
|
|
|
Three Months Ended March 31,
|
|
Percentage
Difference |
|||||||
|
2019
|
|
2018
|
|
||||||
|
(U.S. Dollars in millions)
|
|
|
|||||||
Basic lease rents
|
$
|
1,075.3
|
|
|
$
|
1,032.9
|
|
|
4
|
%
|
Interest expense
|
334.2
|
|
|
274.4
|
|
|
22
|
%
|
||
Adjusted for:
|
|
|
|
|
|
|||||
Mark-to-market of interest rate caps
|
(15.9
|
)
|
|
16.5
|
|
|
NA
|
|
||
Interest expense excluding mark-to-market of interest rate caps
|
318.3
|
|
|
290.9
|
|
|
9
|
%
|
||
Net interest margin
|
757.0
|
|
|
742.0
|
|
|
2
|
%
|
||
Depreciation and amortization, including maintenance rights expense
|
(447.2
|
)
|
|
(476.4
|
)
|
|
(6
|
)%
|
||
Net interest margin less depreciation and amortization
|
$
|
309.8
|
|
|
$
|
265.6
|
|
|
17
|
%
|
|
|
|
|
|
|
|||||
Average lease assets
|
$
|
37,266
|
|
|
$
|
34,934
|
|
|
7
|
%
|
|
|
|
|
|
|
|||||
Annualized net spread
|
8.1
|
%
|
|
8.5
|
%
|
|
|
|||
Annualized net spread less depreciation and amortization
|
3.3
|
%
|
|
3.0
|
%
|
|
|
|
|
March 31, 2019
|
||
|
(U.S. Dollars in millions, except debt/equity ratio)
|
||
Debt
|
$
|
30,759
|
|
Adjusted for:
|
|
||
Cash and cash equivalents
|
(2,348
|
)
|
|
50% credit for long-term subordinated debt
|
(750
|
)
|
|
Adjusted debt
|
$
|
27,661
|
|
|
|
||
Equity
|
$
|
8,970
|
|
Adjusted for:
|
|
||
50% credit for long-term subordinated debt
|
750
|
|
|
Adjusted equity
|
$
|
9,720
|
|
|
|
||
Adjusted debt/equity ratio
|
2.8 to 1
|
|
|
|
2019 - remaining
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Fair value
|
||||||||||||
|
(U.S. Dollars in millions)
|
||||||||||||||||||||||
Interest rate caps
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average notional amounts
|
$
|
2,440.4
|
|
|
$
|
2,405.2
|
|
|
$
|
1,865.7
|
|
|
$
|
1,361.2
|
|
|
$
|
812.9
|
|
|
$
|
17.6
|
|
Weighted average strike rate
|
2.5
|
%
|
|
2.5
|
%
|
|
2.6
|
%
|
|
2.6
|
%
|
|
2.8
|
%
|
|
|
|
2019 - remaining
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Fair value
|
||||||||||||
|
(U.S. Dollars in millions)
|
||||||||||||||||||||||
Interest rate swaps
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average notional amounts
|
$
|
4,246.3
|
|
|
$
|
3,945.4
|
|
|
$
|
3,406.0
|
|
|
$
|
2,453.1
|
|
|
$
|
694.3
|
|
|
$
|
(33.5
|
)
|
Weighted average pay rate
|
2.4
|
%
|
|
2.4
|
%
|
|
2.6
|
%
|
|
2.8
|
%
|
|
3.0
|
%
|
|
|
|
|
|
Number of ordinary shares purchased
|
|
Average price paid per ordinary share
|
|
Total number of ordinary shares purchased as part of our publicly announced program
|
|
Maximum dollar value of ordinary shares that may yet be purchased under the program (U.S. Dollars in millions) (a)
|
||||||
January 2019
|
2,044,932
|
|
|
$
|
44.02
|
|
|
2,044,932
|
|
|
$
|
42.6
|
|
February 2019
|
529,252
|
|
|
46.90
|
|
|
529,252
|
|
|
217.8
|
|
||
March 2019
|
513,720
|
|
|
43.43
|
|
|
513,720
|
|
|
195.5
|
|
||
|
3,087,904
|
|
|
$
|
44.42
|
|
|
3,087,904
|
|
|
$
|
195.5
|
|
|
(a)
|
For further detail on our share repurchase programs, please refer to Note
16
—
Equity.
|
|
AERCAP HOLDINGS N.V.
|
||
By:
|
/s/ Aengus Kelly
|
|
Name:
|
Aengus Kelly
|
|
Title:
|
Authorized Signatory
|
|
Date: May 1, 2019
|
|
|