UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2021 Commission File Number 001-33159

AERCAP HOLDINGS N.V.

(Translation of Registrant’s Name into English)

AerCap House, 65 St. Stephen’s Green, Dublin D02 YX20, Ireland, +353 1 819 2010

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Note:  Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Other Events

On July 29, 2021, AerCap Holdings N.V. filed its interim financial report for the quarter ended June 30, 2021.

The information contained in this Form 6-K is incorporated by reference into the Company’s Form F-3 Registration Statements File Nos. 333-224192, 333-234028 and 333-235323 and Form S-8 Registration Statements File Nos. 333-180323, 333-154416, 333-165839, 333-194637 and 333-194638, and related Prospectuses, as such Registration Statements and Prospectuses may be amended from time to time.

2

INDEX

PART I	FINANCIAL INFORMATION	4
Item 1.	Financial Statements (Unaudited)	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	49
PART II	OTHER INFORMATION	51
Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	51
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	53
Item 3.	Defaults Upon Senior Securities	53
Item 4.	Mine Safety Disclosures	53
Item 5.	Other Information	53
Item 6.	Exhibits	53
	Signature	54

3

PART I FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)
Unaudited Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020	5
Unaudited Condensed Consolidated Income Statements for the Three and Six Months ended June 30, 2021 and 2020 ...........................................................................................................................................................................	6
Unaudited Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months ended June 30, 2021 and 2020	7
Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30, 2021 and 2020	8
Unaudited Condensed Consolidated Statements of Equity for the Three and Six Months ended June 30, 2021 and 2020	11
Notes to the Unaudited Condensed Consolidated Financial Statements	13

4

AerCap Holdings N.V. and Subsidiaries

Unaudited Condensed Consolidated Balance Sheets

As of June 30, 2021 and December 31, 2020

	Note	June 30, 2021		December 31, 2020
		(U.S. Dollars in thousands, except share data)
Assets
Cash and cash equivalents	4	$	1,402,918	$	1,248,772
Restricted cash	4	190,447		246,518
Trade receivables		150,431		170,675
Flight equipment held for operating leases, net	5	34,740,867		35,156,450
Investment in finance and sales-type leases, net	6, 18	859,153		878,451
Flight equipment held for sale		51,441		—
Prepayments on flight equipment	22	1,871,816		2,111,659
Maintenance rights and lease premium, net	7	614,171		649,914
Other intangibles, net	7	214,046		224,634
Deferred income tax assets	13	126,138		131,532
Other assets	8	1,602,665		1,229,434
Total Assets		$	41,824,093	$	42,048,039
Liabilities and Equity
Accounts payable, accrued expenses and other liabilities	10	$	1,042,419	$	1,109,325
Accrued maintenance liability	11	1,648,197		1,750,395
Lessee deposit liability		587,335		600,321
Debt	12	28,098,620		28,742,081
Deferred income tax liabilities	13	996,023		913,431
Commitments and contingencies	22
Total Liabilities		32,372,594		33,115,553
Ordinary share capital, €0.01 par value, 450,000,000 and 350,000,000 ordinary shares authorized as of June 30, 2021 and December 31, 2020, respectively; 138,847,345 and 138,847,345 ordinary shares issued and 133,378,888 and 130,398,538 ordinary shares outstanding (including 5,254,512 and 2,552,346 shares of unvested restricted stock) as of June 30, 2021 and December 31, 2020, respectively	19	1,721		1,721
Additional paid-in capital		1,924,771		2,078,125
Treasury shares, at cost (5,468,457 and 8,448,807 ordinary shares as of June 30, 2021 and December 31, 2020, respectively)		(313,952)		(459,994)
Accumulated other comprehensive loss		(117,713)		(155,085)
Accumulated retained earnings		7,888,710		7,399,703
Total AerCap Holdings N.V. shareholders’ equity		9,383,537		8,864,470
Non-controlling interest		67,962		68,016
Total Equity		9,451,499		8,932,486
Total Liabilities and Equity		$	41,824,093	$	42,048,039
Supplemental balance sheet information—amounts related to assets and liabilities of consolidated Variable Interest Entities (“VIE”) for which creditors do not have recourse to our general credit:
Restricted cash		$	112,709	$	163,596
Flight equipment held for operating leases and held for sale		4,067,704		4,339,176
Other assets		123,971		97,417
Accrued maintenance liability		$	129,582	$	115,079
Debt		1,622,837		2,454,187
Other liabilities		99,023		109,606

The accompanying notes are an integral part of these Unaudited Financial Statements.

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AerCap Holdings N.V. and Subsidiaries

Unaudited Condensed Consolidated Income Statements

For the Three and Six Months Ended June 30, 2021 and 2020

		Three Months Ended June 30,				Six Months Ended June 30,
	Note	2021		2020		2021		2020
		(U.S. Dollars in thousands, except share and per share data)
Revenues and other income
Lease revenue:
Basic lease rents		$	871,237	$	948,126	$	1,760,324	$	1,978,920
Maintenance rents and other receipts		130,934		224,224		313,829		358,509
Total lease revenue		1,002,171		1,172,350		2,074,153		2,337,429
Net gain on sale of assets		22,453		10,002		27,248		68,368
Other income	16	207,444		14,927		226,017		29,659
Total Revenues and other income		1,232,068		1,197,279		2,327,418		2,435,456
Expenses
Depreciation and amortization	5, 7	392,162		411,818		788,720		827,616
Asset impairment	17	57,054		73,421		73,386		87,368
Interest expense		292,887		311,758		573,704		630,375
Loss on debt extinguishment		—		—		6,061		—
Leasing expenses		59,010		77,574		103,542		180,871
Selling, general and administrative expenses	14	73,071		52,913		130,422		117,497
Transaction-related expenses	15	69,197		—		94,675		—
Total Expenses		943,381		927,484		1,770,510		1,843,727
Gain (loss) on investment at fair value		—		13,942		(2,463)		13,942
Income before income taxes and income of investments accounted for under the equity method		288,687		283,737		554,445		605,671
Income tax expense	13	(40,531)		(38,305)		(80,395)		(81,766)
Equity in net earnings of investments accounted for under the equity method		1,703		2,173		3,855		3,504
Net income		$	249,859	$	247,605	$	477,905	$	527,409
Net income attributable to non-controlling interest		(108)		(1,544)		(129)		(4,524)
Net income attributable to AerCap Holdings N.V.		$	249,751	$	246,061	$	477,776	$	522,885
Basic earnings per share	19	$	1.95	$	1.93	$	3.73	$	4.09
Diluted earnings per share	19	$	1.92	$	1.92	$	3.68	$	4.06
Weighted average shares outstanding - basic		128,243,450		127,425,886		128,064,564		127,862,816
Weighted average shares outstanding - diluted		129,896,210		128,131,663		129,690,334		128,938,138

The accompanying notes are an integral part of these Unaudited Financial Statements.

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AerCap Holdings N.V. and Subsidiaries

Unaudited Condensed Consolidated Statements of Comprehensive Income

For the Three and Six Months Ended June 30, 2021 and 2020

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(U.S. Dollars in thousands)
Net income	$	249,859	$	247,605	$	477,905	$	527,409
Other comprehensive income (loss):
Net gain (loss) on derivatives (Note 9), net of tax of $(2,274), $795, $(5,339) and $12,366, respectively	15,920		(5,565)		37,372		(86,559)
Total other comprehensive income (loss)	15,920		(5,565)		37,372		(86,559)
Comprehensive income	265,779		242,040		515,277		440,850
Comprehensive income attributable to non-controlling interest	(108)		(1,544)		(129)		(4,524)
Total comprehensive income attributable to AerCap Holdings N.V.	$	265,671	$	240,496	$	515,148	$	436,326

The accompanying notes are an integral part of these Unaudited Financial Statements.

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AerCap Holdings N.V. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows

For the Six Months Ended June 30, 2021 and 2020

	Six Months Ended June 30,
	2021		2020
	(U.S. Dollars in thousands)
Net income	$	477,905	$	527,409
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	788,720		827,616
Asset impairment	73,386		87,368
Amortization of debt issuance costs, debt discount, debt premium and lease premium	33,932		31,242
Amortization of fair value adjustments on debt	(8,254)		(32,740)
Maintenance rights write-off (a)	30,211		65,265
Maintenance liability release to income	(140,047)		(228,640)
Net gain on sale of assets	(27,248)		(68,368)
Deferred income taxes	82,388		84,658
Share-based compensation	41,986		32,508
Collections of finance and sales-type leases	42,344		26,991
Loss (gain) on investment at fair value	2,463		(13,942)
Loss on debt extinguishment	6,061		—
Transaction-related expenses	74,601		—
Other	2,863		101,368
Changes in operating assets and liabilities:
Trade receivables	21,394		(157,410)
Other assets	(198,019)		(349,746)
Accounts payable, accrued expenses and other liabilities	(133,183)		3,229
Net cash provided by operating activities	1,171,503		936,808
Purchase of flight equipment	(470,584)		(159,930)
Proceeds from sale or disposal of assets	267,779		322,241
Prepayments on flight equipment	(30,537)		(723,729)
Net cash used in investing activities	(233,342)		(561,418)
Issuance of debt	1,320,537		6,890,002
Repayment of debt	(1,945,210)		(5,652,418)
Debt issuance and extinguishment costs paid, net of debt premium received	(221,037)		(27,157)
Maintenance payments received	163,280		194,779
Maintenance payments returned	(91,957)		(208,630)
Security deposits received	108,057		43,791
Security deposits returned	(156,314)		(150,767)
Dividend paid to non-controlling interest holders and others	(183)		(2,746)
Repurchase of shares and tax withholdings on share-based compensation	(16,503)		(118,836)
Net cash (used in) provided by financing activities	(839,330)		968,018
Net increase in cash, cash equivalents and restricted cash	98,831		1,343,408
Effect of exchange rate changes	(756)		(634)
Cash, cash equivalents and restricted cash at beginning of period	1,495,290		1,300,347
Cash, cash equivalents and restricted cash at end of period	$	1,593,365	$	2,643,121

The accompanying notes are an integral part of these Unaudited Financial Statements.

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AerCap Holdings N.V. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows (Continued)

For the Six Months Ended June 30, 2021 and 2020

	Six Months Ended June 30,
	2021		2020
	(U.S. Dollars in thousands)
Supplemental cash flow information:
Interest paid, net of amounts capitalized	$	564,071	$	625,668
Income taxes refunded, net	(201)		(9,587)

(a)Maintenance rights write-off consisted of the following:

End of Lease (“EOL”) and Maintenance Reserved (“MR”) contract maintenance rights expense	$	6,170	$	28,078
MR contract maintenance rights write-off due to maintenance liability release	7,340		1,841
EOL contract maintenance rights write-off due to cash receipt	16,701		35,346
Maintenance rights write-off	$	30,211	$	65,265

The accompanying notes are an integral part of these Unaudited Financial Statements.

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AerCap Holdings N.V. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows (Continued)

For the Six Months Ended June 30, 2021 and 2020

Non-Cash Investing and Financing Activities

Six Months Ended June 30, 2021:

Flight equipment held for operating leases in the amount of $19.9 million was reclassified to investment in finance and sales-type leases, net.

Flight equipment held for operating leases in the amount of $84.7 million was reclassified to flight equipment held for sale.

Accrued maintenance liability in the amount of $13.6 million was settled with buyers upon sale or disposal of assets.

Six Months Ended June 30, 2020:

Flight equipment held for operating leases in the amount of $38.7 million was reclassified to investment in finance and sales-type leases, net.

Flight equipment held for operating leases in the amount of $83.5 million was reclassified to flight equipment held for sale.

Accrued maintenance liability in the amount of $86.6 million was settled with buyers upon sale or disposal of assets.

Other assets and Accounts payable, accrued expenses and other liabilities each increased by $185.7 million due to the Norwegian Air Shuttle ASA recapitalization.

The accompanying notes are an integral part of these Unaudited Financial Statements.

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AerCap Holdings N.V. and Subsidiaries

Unaudited Condensed Consolidated Statements of Equity

For the Three Months Ended June 30, 2021 and 2020

	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		Non-controlling interest		Total equity
	(U.S. Dollars in thousands, except share data)
Balance as of March 31, 2021	138,847,345	$	1,721	$	2,088,760	$	(443,228)	$	(133,633)	$	7,625,705	$	9,139,325	$	67,909	$	9,207,234
Dividends paid	—	—		—		—		—		—		—		(55)		(55)
Repurchase of shares	—	—		—		(28,668)		—		—		(28,668)		—		(28,668)
Ordinary shares issued, net of tax withholdings	—	—		(190,049)		157,944		—		13,254		(18,851)		—		(18,851)
Share-based compensation	—	—		26,060		—		—		—		26,060		—		26,060
Total comprehensive income	—	—		—		—		15,920		249,751		265,671		108		265,779
Balance as of June 30, 2021	138,847,345	$	1,721	$	1,924,771	$	(313,952)	$	(117,713)	$	7,888,710	$	9,383,537	$	67,962	$	9,451,499

	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		Non-controlling interest		Total equity
	(U.S. Dollars in thousands, except share data)
Balance as of March 31, 2020	138,847,345	$	1,721	$	2,067,647	$	(498,003)	$	(174,581)	$	7,986,142	$	9,382,926	$	69,060	$	9,451,986
Dividends paid	—	—		—		—		—		—		—		(1,518)		(1,518)
Ordinary shares issued, net of tax withholdings	—	—		(6,250)		1,786		—		267		(4,197)		—		(4,197)
Share-based compensation	—	—		14,752		—		—		—		14,752		—		14,752
Total comprehensive income (loss)	—	—		—		—		(5,565)		246,061		240,496		1,544		242,040
Balance as of June 30, 2020	138,847,345	$	1,721	$	2,076,149	$	(496,217)	$	(180,146)	$	8,232,470	$	9,633,977	$	69,086	$	9,703,063

The accompanying notes are an integral part of these Unaudited Financial Statements.

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AerCap Holdings N.V. and Subsidiaries

Unaudited Condensed Consolidated Statements of Equity

For the Six Months Ended June 30, 2021 and 2020

	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		Non-controlling interest		Total equity
	(U.S. Dollars in thousands, except share data)
Balance as of December 31, 2020	138,847,345	$	1,721	$	2,078,125	$	(459,994)	$	(155,085)	$	7,399,703	$	8,864,470	$	68,016	$	8,932,486
Dividends paid	—	—		—		—		—		—		—		(183)		(183)
Repurchase of shares	—	—		—		(28,668)		—		—		(28,668)		—		(28,668)
Ordinary shares issued, net of tax withholdings	—	—		(195,340)		174,710		—		11,231		(9,399)		—		(9,399)
Share-based compensation	—	—		41,986		—		—		—		41,986		—		41,986
Total comprehensive income	—	—		—		—		37,372		477,776		515,148		129		515,277
Balance as of June 30, 2021	138,847,345	$	1,721	$	1,924,771	$	(313,952)	$	(117,713)	$	7,888,710	$	9,383,537	$	67,962	$	9,451,499

	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		Non-controlling interest		Total equity
	(U.S. Dollars in thousands, except share data)
Balance as of December 31, 2019	141,847,345	$	1,754	$	2,209,462	$	(537,341)	$	(93,587)	$	7,734,609	$	9,314,897	$	67,308	$	9,382,205
Dividends paid	—	—		—		—		—		—		—		(2,746)		(2,746)
Repurchase of shares	—	—		—		(117,302)		—		—		(117,302)		—		(117,302)
Share cancellation	(3,000,000)	(33)		(149,203)		149,236		—		—		—		—		—
Ordinary shares issued, net of tax withholdings	—	—		(16,618)		9,190		—		754		(6,674)		—		(6,674)
Share-based compensation	—	—		32,508		—		—		—		32,508		—		32,508
Cumulative effect due to adoption of new accounting standard	—	—		—		—		—		(25,778)		(25,778)		—		(25,778)
Total comprehensive income (loss)	—	—		—		—		(86,559)		522,885		436,326		4,524		440,850
Balance as of  June 30, 2020	138,847,345	$	1,721	$	2,076,149	$	(496,217)	$	(180,146)	$	8,232,470	$	9,633,977	$	69,086	$	9,703,063

The accompanying notes are an integral part of these Unaudited Financial Statements.

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AerCap Holdings N.V. and Subsidiaries

Notes to the Unaudited Condensed Consolidated Financial Statements

(U.S. Dollars in thousands or as otherwise stated, except share and per share data)

1. General

The Company

AerCap Holdings N.V., together with its subsidiaries (“AerCap,” “we,” “us” or the “Company”), is the global leader in aircraft leasing. Our ordinary shares are listed on the New York Stock Exchange under the ticker symbol AER. Our headquarters is located in Dublin, and we have offices in Shannon, Los Angeles, Singapore, Amsterdam, Shanghai and Abu Dhabi. We also have representative offices at the world’s largest aircraft manufacturers, The Boeing Company (“Boeing”) in Seattle and Airbus S.A.S. (“Airbus”) in Toulouse.

The Condensed Consolidated Financial Statements presented herein include the accounts of AerCap Holdings N.V. and its subsidiaries. AerCap Holdings N.V. was incorporated in the Netherlands as a public limited liability company (“naamloze vennootschap” or “N.V.”) on July 10, 2006.

On March 10, 2021, AerCap announced that it had entered into a definitive agreement with General Electric (“GE”) (NYSE: GE) pursuant to which AerCap will acquire 100% of GE Capital Aviation Services (“GECAS”), a wholly-owned subsidiary of GE (the “GECAS Transaction”). Under the terms of the agreement, GE will receive 111.5 million newly issued AerCap shares, approximately $24 billion of cash and $1 billion of AerCap subordinated notes, senior notes or cash. The GECAS Transaction is expected to close in the fourth quarter of 2021, subject to receipt of necessary regulatory approvals and satisfaction of other customary closing conditions. Upon completion of the transaction, GE is expected to own approximately 46% of the combined company and will be entitled to nominate two directors to the AerCap Board of Directors.

2. Basis of presentation

General

Our Condensed Consolidated Financial Statements are presented in accordance with Accounting Principles Generally Accepted in the United States of America (“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 Primary Beneficiary (“PB”) under Accounting Standards Codification (“ASC”) 810. All intercompany balances and transactions with consolidated subsidiaries are eliminated. The results of consolidated entities are included from the effective date of control or, in the case of VIEs, from the date that we are or become the PB. The results of subsidiaries sold or otherwise deconsolidated are excluded from the date that we cease to control the subsidiary or, in the case of VIEs, when we cease to be the PB.

Unconsolidated investments where we have significant influence are reported using the equity method of accounting.

Our Condensed Consolidated Financial Statements are stated in U.S. dollars, which is our functional currency.

Our interim financial statements have been prepared pursuant to the rules of the U.S. Securities and Exchange Commission (“SEC”) and U.S. GAAP for interim financial reporting, and reflect all adjustments that are necessary to fairly state the results for the interim periods presented. Certain information and footnote disclosures required by U.S. GAAP for complete annual financial statements have been omitted and, therefore, our interim financial statements should be read in conjunction with our Annual Report on Form 20-F for the year ended December 31, 2020, filed with the SEC on March 2, 2021. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of those for a full fiscal year.

Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

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AerCap Holdings N.V. and Subsidiaries

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(U.S. Dollars in thousands or as otherwise stated, except share and per share data)

2. Basis of presentation (Continued)

Use of estimates

The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The use of estimates is or could be a significant factor affecting the reported carrying values of flight equipment, intangible assets, investment in finance lease and sales type-leases, investments, trade and notes receivables, deferred income tax assets and accruals and reserves. Actual results may differ from our estimates under different conditions, sometimes materially.

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.

3. Summary of significant accounting policies

Our significant accounting policies are described in our Annual Report on Form 20-F for the year ended December 31, 2020, filed with the SEC on March 2, 2021.

Future application of accounting standards:

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASC 848”). ASC 848 provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to reduce the financial reporting burden in light of the market transition from London Interbank Offered Rates (“LIBOR”) and other reference interest rates to alternative reference rates.

Under ASC 848 companies can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform if certain criteria are met. An entity that makes this election would not be required to remeasure the contracts at the modification date or reassess a previous accounting determination. The amendments of ASC 848 apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this ASU are effective from March 12, 2020 through December 31, 2022 and can be adopted prospectively for any interim period that includes or is subsequent to March 12, 2020. We have not adopted ASC 848 for this interim period and are currently evaluating the adoption impact the standard may have on our financial statements.

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AerCap Holdings N.V. and Subsidiaries

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(U.S. Dollars in thousands or as otherwise stated, except share and per share data)

4. Cash, cash equivalents and restricted cash

Our restricted cash balance was $190.4 million and $246.5 million as of June 30, 2021 and December 31, 2020, respectively, and was primarily related to our Export Credit Agency (“ECA”) financings and Export-Import Bank of the United States (“Ex-Im”) financings, our AerFunding revolving credit facility, our Brazilian Development Bank (“BNDES”) financing and other debt. See Note 12—Debt.

The following is a reconciliation of cash, cash equivalents and restricted cash as of June 30, 2021, December 31, 2020 and June 30, 2020:

	June 30, 2021		December 31, 2020		June 30, 2020
Cash and cash equivalents	$	1,402,918	$	1,248,772	$	2,382,655
Restricted cash	190,447		246,518		260,466
Total cash, cash equivalents and restricted cash	$	1,593,365	$	1,495,290	$	2,643,121

5. Flight equipment held for operating leases, net

Movements in flight equipment held for operating leases during the six months ended June 30, 2021 and 2020 were as follows:

	Six Months Ended June 30,
	2021		2020
Net book value at beginning of period	$	35,156,450	$	35,870,781
Additions	785,047		584,229
Depreciation	(776,414)		(814,933)
Disposals and transfers to held for sale	(330,940)		(163,156)
Transfers to investment in finance and sales-type leases, net	(19,890)		(38,707)
Impairment (Note 17)	(73,386)		(81,886)
Net book value at end of period	$	34,740,867	$	35,356,328
Accumulated depreciation and impairment as of June 30, 2021 and 2020	$	(10,335,040)	$	(8,229,943)

6. Investment in finance and sales-type leases, net

Components of investment in finance and sales-type leases, net as of June 30, 2021 and December 31, 2020 were as follows:

	June 30, 2021		December 31, 2020
Future minimum lease payments to be received	$	560,235	$	608,950
Estimated residual values of leased flight equipment	574,383		589,872
Less: Unearned income	(219,277)		(260,708)
Allowance for credit losses (Note 18)	(56,188)		(59,663)
	$	859,153	$	878,451

During the three months ended June 30, 2021 and 2020, we recognized interest income from investment in finance and sales-type leases, net of $12.5 million and $13.6 million, respectively, included in basic lease rents. During the six months ended June 30, 2021 and 2020, we recognized interest income from net investment in finance and sales-type leases of $24.7 million and $27.3 million, respectively, included in basic lease rents.

15

AerCap Holdings N.V. and Subsidiaries

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(U.S. Dollars in thousands or as otherwise stated, except share and per share data)

7. Intangibles

Maintenance rights and lease premium, net

Maintenance rights and lease premium, net consisted of the following as of June 30, 2021 and December 31, 2020:

	June 30, 2021		December 31, 2020
Maintenance rights	$	610,252	$	642,825
Lease premium, net	3,919		7,089
	$	614,171	$	649,914

Movements in maintenance rights during the six months ended June 30, 2021 and 2020 were as follows:

	Six Months Ended June 30,
	2021		2020
Maintenance rights at beginning of period	$	642,825	$	794,798
EOL and MR contract maintenance rights expense	(6,170)		(28,078)
MR contract maintenance rights write-off due to maintenance liability release	(7,340)		(1,841)
EOL contract maintenance rights write-off due to cash receipt	(16,701)		(35,346)
EOL and MR contract maintenance rights write-off due to sale of aircraft	(2,362)		(1,860)
Maintenance rights at end of period	$	610,252	$	727,673

Other intangibles

Other intangibles consisted of the following as of June 30, 2021 and December 31, 2020:

	June 30, 2021		December 31, 2020
Customer relationships, net	$	209,001	$	219,589
Contractual vendor intangible assets	5,045		5,045
	$	214,046	$	224,634

The following tables present details of customer relationships and related accumulated amortization as of June 30, 2021 and December 31, 2020:

	June 30, 2021
	Gross carrying amount		Accumulated amortization		Net carrying amount
Customer relationships	$	360,000	$	(150,999)	$	209,001
	December 31, 2020
	Gross carrying amount		Accumulated amortization		Net carrying amount
Customer relationships	$	360,000	$	(140,411)	$	219,589

During the three months ended June 30, 2021 and 2020, we recorded amortization expense for customer relationships of $5.3 million. During the six months ended June 30, 2021 and 2020, we recorded amortization expense for customer relationships of $10.6 million.

16

AerCap Holdings N.V. and Subsidiaries

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(U.S. Dollars in thousands or as otherwise stated, except share and per share data)

8. Other assets

Other assets consisted of the following as of June 30, 2021 and December 31, 2020:

	June 30, 2021			December 31, 2020
Notes receivable, net of allowance for credit losses (a) (b)	$	517,302		$	529,172
Straight-line rents, prepaid expenses and other	206,807			125,541
Lease incentives	163,100			177,028
Debt issuance costs	144,414		(c)	20,722
Investments	129,512			138,065
Operating lease right of use assets	35,110			40,603
Other tangible fixed assets	21,105			22,512
Derivative assets (Note 9)	10,383			3,303
Other receivables	374,932		(d)	172,488
	$	1,602,665		$	1,229,434

(a)Notes receivable as of June 30, 2021 and December 31, 2020 included $463 million and $490 million, respectively, related to agreements we have executed with customers to reschedule certain lease payments under our leases that are due at the reporting dates. Notes receivable as of June 30, 2021 and December 31, 2020 also included $54 million and $39 million, respectively, related to aircraft sale transactions.

(b)As of June 30, 2021 and December 31, 2020, we had a $28 million and $7 million, respectively, allowance for credit losses on notes receivable. Please refer to Note 18—Allowance for credit losses for further details.

(c)Debt issuance costs as of June 30, 2021 included $130 million related to fees associated with the bridge financing for the GECAS Transaction.

(d)Other receivables as of June 30, 2021 included $186 million related to proceeds from unsecured claims that were received in July 2021.

17

AerCap Holdings N.V. and Subsidiaries

Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)

(U.S. Dollars in thousands or as otherwise stated, except share and per share data)

9. Derivative financial instruments

We have entered into interest rate derivatives to hedge the current and future interest rate payments on our variable rate debt. These derivative financial instruments can include interest rate swaps, caps, floors, options and forward contracts.

As of June 30, 2021, we had interest rate caps and swaps outstanding, with underlying variable benchmark interest rates ranging from one to six-month U.S. dollar LIBOR.

Some of our agreements with derivative counterparties require a two-way cash collateralization of derivative fair values. We had not advanced any cash collateral to counterparties as of June 30, 2021 or December 31, 2020.

The counterparties to our interest rate derivatives are primarily major international financial institutions. We continually monitor our positions and the credit ratings of the counterparties involved and limit the amount of credit exposure to any one party. We could be exposed to potential losses due to the credit risk of non-performance by these counterparties. We have not experienced any 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 Condensed Consolidated Balance Sheets. The following tables present notional amounts and fair values of derivatives outstanding as of June 30, 2021 and December 31, 2020:

	June 30, 2021				December 31, 2020
	Notional amount (a)		Fair value		Notional amount (a)		Fair value
Derivative assets not designated as accounting hedges:
Interest rate caps	$	2,918,000	$	8,727	$	3,022,000	$	2,790
Derivative assets designated as accounting cash flow hedges:
Interest rate swaps	$	—	$	—	$	—	$	—
Interest rate caps	475,000		1,656		475,000		513
Total derivative assets			$	10,383			$