Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Ordinary Shares, Euro 0.01 par value |
☒ | Accelerated filer | ☐ | Non accelerated filer (Do not check if a smaller reporting company) | ☐ | Emerging growth company |
☒ | International Financial Reporting Standards as issued by the International Accounting Standards Board | ☐ | Other | ☐ |
F-1 |
Year Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | 2021 (a) | Total | ||||||||||||||||||||
Owned portfolio | |||||||||||||||||||||||
New leases on new assets | 202 | 100 | 45 | 347 | |||||||||||||||||||
New leases on used assets | 113 | 170 | 107 | 390 | |||||||||||||||||||
Extensions of lease contracts | 243 | 256 | 131 | 630 | |||||||||||||||||||
New asset purchases | 173 | 109 | 58 | 340 | |||||||||||||||||||
Asset sales | 167 | 165 | 56 | 388 | |||||||||||||||||||
Managed portfolio | |||||||||||||||||||||||
New leases on new assets | — | 4 | — | 4 | |||||||||||||||||||
New leases on used assets | 13 | 17 | 14 | 44 | |||||||||||||||||||
Extensions of lease contracts | 21 | 23 | 14 | 58 | |||||||||||||||||||
New asset purchases | — | 9 | 7 | 16 | |||||||||||||||||||
Asset sales | 21 | 42 | 6 | 69 | |||||||||||||||||||
Total transactions | 953 | 895 | 438 | 2,286 |
Aircraft type | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Passenger Aircraft | 65 | 130 | 169 | 184 | 113 | 86 | 87 | 104 | 99 | 88 | 226 | 1,351 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Airbus A220 Family | — | — | — | — | — | — | — | — | — | — | 9 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Airbus A320 Family | 31 | 67 | 78 | 99 | 54 | 25 | 5 | 10 | 4 | — | 2 | 375 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Airbus A320neo Family | — | 5 | 6 | 7 | 9 | 25 | 40 | 48 | 62 | 47 | 135 | 384 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Airbus A330 | 1 | 14 | 12 | 9 | 5 | — | 3 | — | 1 | 1 | — | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Airbus A330neo Family | — | — | — | — | — | — | — | — | — | — | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Airbus A350 | — | — | — | 1 | 7 | 6 | 6 | 9 | — | 5 | 7 | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Boeing 737 MAX | — | — | — | — | — | — | 5 | 2 | — | 16 | 28 | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Boeing 737NG | 19 | 30 | 57 | 45 | 16 | 3 | 15 | 13 | 13 | 6 | 8 | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Boeing 777-200ER | — | — | 3 | — | — | — | — | — | — | — | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Boeing 777-300ER | 1 | 7 | 4 | 5 | 4 | 5 | — | — | — | 6 | 10 | 42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Boeing 787 | 1 | 4 | 2 | 6 | 10 | 15 | 13 | 17 | 12 | 7 | 18 | 105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embraer E190/E195/E2 | 8 | — | 2 | 4 | 5 | 4 | — | 3 | 6 | — | 5 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 4 | 3 | 5 | 8 | 3 | 3 | — | 2 | 1 | — | — | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Freighter Aircraft | 2 | 1 | 1 | 3 | 8 | 5 | 17 | 2 | 8 | 7 | 5 | 59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Airbus A321 | — | — | — | — | — | — | — | — | — | 1 | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Boeing 737 | 2 | 1 | — | 2 | 3 | 5 | 17 | 1 | 8 | 6 | 5 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Boeing 747 / 767 / 777 | — | — | 1 | 1 | 5 | — | — | 1 | — | — | — | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total (a) (b) | 67 | 131 | 170 | 187 | 121 | 91 | 104 | 106 | 107 | 95 | 231 | 1,410 |
Lessee | Percentage of 2023 lease revenue | |||||||
American Airlines | 6.6 | % | ||||||
China Southern Airlines | 4.5 | % | ||||||
Azul Airlines | 3.8 | % | ||||||
Hainan Airlines | 2.7 | % | ||||||
Ethiopian Airlines | 2.6 | % | ||||||
Total | 20.2 | % |
Year Ended December 31, | ||||||||||||||||||||
Region | 2023 | 2022 | 2021 | |||||||||||||||||
Asia/Pacific/Russia (a) | 34 | % | 33 | % | 36 | % | ||||||||||||||
Europe | 23 | % | 24 | % | 26 | % | ||||||||||||||
United States/Canada/Caribbean | 19 | % | 20 | % | 16 | % | ||||||||||||||
Latin America | 12 | % | 12 | % | 12 | % | ||||||||||||||
Africa/Middle East | 12 | % | 11 | % | 10 | % | ||||||||||||||
Total | 100 | % | 100 | % | 100 | % |
Type | Number of owned assets | % Net Book Value | Number of managed assets | Number of assets on order | Total assets owned, managed and on order | |||||||||||||||||||||||||||
Passenger Aircraft | 1,487 | 85 | % | 177 | 338 | 2,002 | ||||||||||||||||||||||||||
Airbus A220 Family | 9 | 1 | % | 6 | 10 | 25 | ||||||||||||||||||||||||||
Airbus A320neo Family | 384 | 29 | % | 23 | 148 | 555 | ||||||||||||||||||||||||||
Airbus A320 Family | 428 | 9 | % | 63 | — | 491 | ||||||||||||||||||||||||||
Airbus A330neo Family | 4 | 1 | % | 1 | 8 | 13 | ||||||||||||||||||||||||||
Airbus A330 | 48 | 2 | % | 9 | — | 57 | ||||||||||||||||||||||||||
Airbus A350 | 41 | 8 | % | 6 | — | 47 | ||||||||||||||||||||||||||
Boeing 737 MAX | 59 | 4 | % | 8 | 120 | 187 | ||||||||||||||||||||||||||
Boeing 737NG | 264 | 9 | % | 59 | — | 323 | ||||||||||||||||||||||||||
Boeing 777-200ER | 4 | — | — | — | 4 | |||||||||||||||||||||||||||
Boeing 777-300ER | 45 | 3 | % | 1 | — | 46 | ||||||||||||||||||||||||||
Boeing 787 | 106 | 18 | % | 1 | 19 | 126 | ||||||||||||||||||||||||||
Embraer E190/E195/E2 | 66 | 1 | % | — | 28 | 94 | ||||||||||||||||||||||||||
Other (a) | 29 | — | — | 5 | 34 | |||||||||||||||||||||||||||
Freighter Aircraft | 69 | 2 | % | 7 | — | 76 | ||||||||||||||||||||||||||
Airbus A321 | 1 | — | — | — | 1 | |||||||||||||||||||||||||||
Boeing 737 | 51 | 1 | % | 7 | — | 58 | ||||||||||||||||||||||||||
Boeing 747/767/777 | 17 | 1 | % | — | — | 17 | ||||||||||||||||||||||||||
Engines | 439 | 7 | % | 577 | 37 | 1,053 | ||||||||||||||||||||||||||
Helicopters | 313 | 6 | % | — | 8 | 321 | ||||||||||||||||||||||||||
Total | 2,308 | 100 | % | 761 | 383 | 3,452 |
As of December 31, | ||||||||||||||||||||||||||||||||
Aircraft type | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Passenger Aircraft | 97 | % | 98 | % | 97 | % | 100 | % | 100 | % | ||||||||||||||||||||||
Airbus A220 Family | 1 | % | — | — | — | — | ||||||||||||||||||||||||||
Airbus A320neo Family | 34 | % | 31 | % | 27 | % | 23 | % | 18 | % | ||||||||||||||||||||||
Airbus A320 Family | 10 | % | 12 | % | 13 | % | 13 | % | 14 | % | ||||||||||||||||||||||
Airbus A330neo Family | 1 | % | — | — | — | — | ||||||||||||||||||||||||||
Airbus A330 | 2 | % | 2 | % | 3 | % | 4 | % | 7 | % | ||||||||||||||||||||||
Airbus A350 | 9 | % | 10 | % | 10 | % | 10 | % | 10 | % | ||||||||||||||||||||||
Boeing 737 MAX | 5 | % | 4 | % | 3 | % | 1 | % | 1 | % | ||||||||||||||||||||||
Boeing 737NG | 10 | % | 12 | % | 13 | % | 15 | % | 16 | % | ||||||||||||||||||||||
Boeing 777-200ER | — | — | — | 1 | % | 1 | % | |||||||||||||||||||||||||
Boeing 777-300/300ER | 4 | % | 4 | % | 5 | % | 3 | % | 4 | % | ||||||||||||||||||||||
Boeing 787 | 20 | % | 21 | % | 20 | % | 29 | % | 28 | % | ||||||||||||||||||||||
Embraer E190/195/E2 | 1 | % | 1 | % | 2 | % | 1 | % | 1 | % | ||||||||||||||||||||||
Other | — | 1 | % | 1 | % | — | — | |||||||||||||||||||||||||
Freighter Aircraft | 3 | % | 2 | % | 3 | % | — | — | ||||||||||||||||||||||||
Airbus A321 | — | — | — | — | — | |||||||||||||||||||||||||||
Boeing 737 | 2 | % | 1 | % | 2 | % | — | — | ||||||||||||||||||||||||
Boeing 747/767/777 | 1 | % | 1 | % | 1 | % | — | — | ||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||
New technology aircraft (a) | 70 | % | 66 | % | 61 | % | 63 | % | 58 | % |
Held for operating leases | Investment in finance leases, net | Held for sale | Total owned aircraft | ||||||||||||||||||||
Number of owned aircraft at beginning of period | 1,422 | 136 | 14 | 1,572 | |||||||||||||||||||
Aircraft purchases (a) | 83 | — | — | 83 | |||||||||||||||||||
Aircraft reclassified to held for sale | (27) | — | 27 | — | |||||||||||||||||||
Aircraft sold or designated for part-out (b) | (50) | (21) | (28) | (99) | |||||||||||||||||||
Aircraft reclassified from investment in finance leases, net | (6) | 6 | — | — | |||||||||||||||||||
Number of owned aircraft at end of period | 1,422 | 121 | 13 | 1,556 |
Aircraft type | 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
Airbus A220 Family | 10 | — | — | — | — | — | 10 | |||||||||||||||||||||||||||||||||||||
Airbus A320neo Family | 43 | 45 | 33 | 22 | 5 | — | 148 | |||||||||||||||||||||||||||||||||||||
Airbus A330neo Family | 8 | — | — | — | — | — | 8 | |||||||||||||||||||||||||||||||||||||
Boeing 737 MAX | 17 | 32 | 38 | 33 | — | — | 120 | |||||||||||||||||||||||||||||||||||||
Boeing 787 | 4 | 10 | 5 | — | — | — | 19 | |||||||||||||||||||||||||||||||||||||
Embraer E190/195-E2 | 10 | 18 | — | — | — | — | 28 | |||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | 5 | 5 | |||||||||||||||||||||||||||||||||||||
Total | 92 | 105 | 76 | 55 | 5 | 5 | 338 |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||
Purchase of flight equipment | $ | 4,662,680 | $ | 3,480,074 | $ | 1,703,395 | |||||||||||
Prepayments on flight equipment | 1,569,706 | 391,498 | 86,386 |
Useful Life (a) | Residual Value (b) | ||||||||||
Passenger aircraft | 25 years | 15 | % | ||||||||
Freighter aircraft | 35 years | 15 | % | ||||||||
Helicopters | 30 years | 20 | % | ||||||||
Engines | 20 years | 60 | % |
Year Ended December 31, | Increase/ (Decrease) | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||
Revenues and other income | |||||||||||||||||
Lease revenue: | |||||||||||||||||
Basic lease rents | $ | 6,248,994 | $ | 5,981,812 | $ | 267,182 | |||||||||||
Maintenance rents and other receipts | 611,326 | 548,734 | 62,592 | ||||||||||||||
Lease revenue | 6,860,320 | 6,530,546 | 329,774 | ||||||||||||||
Net gain on sale of assets | 489,620 | 228,930 | 260,690 | ||||||||||||||
Other income | 230,478 | 254,074 | (23,596) | ||||||||||||||
Total Revenues and other income | 7,580,418 | 7,013,550 | 566,868 | ||||||||||||||
Expenses | |||||||||||||||||
Depreciation and amortization | 2,480,578 | 2,389,807 | 90,771 | ||||||||||||||
Net (recoveries) charges related to Ukraine Conflict | (1,287,972) | 2,665,651 | (3,953,623) | ||||||||||||||
Asset impairment | 86,855 | 96,591 | (9,736) | ||||||||||||||
Interest expense | 1,806,442 | 1,591,870 | 214,572 | ||||||||||||||
Loss (gain) on debt extinguishment | 4,097 | (2,041) | 6,138 | ||||||||||||||
Leasing expenses | 756,438 | 823,600 | (67,162) | ||||||||||||||
Selling, general and administrative expenses | 464,128 | 399,530 | 64,598 | ||||||||||||||
Transaction and integration-related expenses | — | 33,286 | (33,286) | ||||||||||||||
Total Expenses | 4,310,566 | 7,998,294 | (3,687,728) | ||||||||||||||
Gain (loss) on investments at fair value | 2,334 | (17,676) | 20,010 | ||||||||||||||
Income (loss) before income taxes and income of investments accounted for under the equity method | 3,272,186 | (1,002,420) | 4,274,606 | ||||||||||||||
Income tax (expense) benefit | (291,056) | 164,097 | (455,153) | ||||||||||||||
Equity in net earnings of investments accounted for under the equity method | 166,715 | 117,165 | 49,550 | ||||||||||||||
Net income (loss) | $ | 3,147,845 | $ | (721,158) | $ | 3,869,003 | |||||||||||
Net income attributable to non-controlling interest | (11,754) | (4,883) | (6,871) | ||||||||||||||
Net income (loss) attributable to AerCap Holdings N.V. | $ | 3,136,091 | $ | (726,041) | $ | 3,862,132 | |||||||||||
2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
(U.S. Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
Unsecured debt facilities | $ | 5,245.4 | $ | 3,650.0 | $ | 7,294.5 | $ | 4,755.5 | $ | 5,500.0 | $ | 7,850.0 | $ | 34,295.4 | |||||||||||||||||||||||||||
Secured debt facilities | 966.3 | 2,308.4 | 1,197.1 | 2,040.4 | 2,244.1 | 1,393.9 | 10,150.2 | ||||||||||||||||||||||||||||||||||
Subordinated debt facilities | — | — | — | — | — | 2,250.0 | 2,250.0 | ||||||||||||||||||||||||||||||||||
Estimated interest payments (a) | 1,926.2 | 1,795.6 | 1,499.0 | 1,140.9 | 830.4 | 8,481.4 | 15,673.5 | ||||||||||||||||||||||||||||||||||
Purchase obligations (b) | 7,220.9 | 5,817.1 | 2,859.9 | 1,551.0 | 254.7 | 162.1 | 17,865.7 | ||||||||||||||||||||||||||||||||||
Operating leases (c) | 50.2 | 13.2 | 8.7 | 8.7 | 8.3 | 18.7 | 107.8 | ||||||||||||||||||||||||||||||||||
Total | $ | 15,409.0 | $ | 13,584.3 | $ | 12,859.2 | $ | 9,496.5 | $ | 8,837.5 | $ | 20,156.1 | $ | 80,342.6 |
Year Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
(U.S. Dollars in millions) | |||||||||||
Net cash provided by operating activities | $ | 5,261 | $ | 5,171 | |||||||
Net cash used in investing activities | (3,183) | (2,160) | |||||||||
Net cash used in financing activities | (2,012) | (3,161) |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
(U.S. Dollars in millions, except share and per share data) | |||||||||||
Total AerCap Holdings N.V. shareholders’ equity | $ | 16,589 | $ | 16,118 | |||||||
Ordinary shares issued | 215,543,739 | 250,347,345 | |||||||||
Treasury shares | (13,050,571) | (4,416,070) | |||||||||
Ordinary shares outstanding | 202,493,168 | 245,931,275 | |||||||||
Shares of unvested restricted stock | (4,561,249) | (4,837,602) | |||||||||
Ordinary shares outstanding, excluding shares of unvested restricted stock | 197,931,919 | 241,093,673 | |||||||||
Book value per ordinary share outstanding, excluding shares of unvested restricted stock | $ | 83.81 | $ | 66.85 |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
(U.S. Dollars in millions except debt/equity ratio) | |||||||||||
Debt | $ | 46,484 | $ | 46,533 | |||||||
Adjusted for: | |||||||||||
Cash and cash equivalents | (1,627) | (1,597) | |||||||||
50% credit for long-term subordinated debt | (1,125) | (1,125) | |||||||||
Adjusted debt | $ | 43,732 | $ | 43,811 | |||||||
Equity | $ | 16,589 | $ | 16,195 | |||||||
Adjusted for: | |||||||||||
50% credit for long-term subordinated debt | 1,125 | 1,125 | |||||||||
Adjusted equity | $ | 17,714 | $ | 17,320 | |||||||
Adjusted debt/equity ratio | 2.47 to 1 | 2.53 to 1 |
Year Ended December 31, | Percentage Difference | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
(U.S. Dollars in millions) | |||||||||||||||||
Interest expense | $ | 1,806 | $ | 1,592 | 13% | ||||||||||||
Adjusted for: | |||||||||||||||||
Mark-to-market on interest rate caps and swaps | (37) | 69 | NA | ||||||||||||||
Debt issuance costs, upfront fees and other impacts | (144) | (149) | (3%) | ||||||||||||||
Interest expense excluding mark-to-market on interest rate caps and swaps, debt issuance costs, upfront fees and other impacts | 1,625 | 1,512 | 7% | ||||||||||||||
Average debt balance | $ | 46,720 | $ | 48,540 | (4%) | ||||||||||||
Average cost of debt | 3.5% | 3.1% | 13% |
Summarized combined financial information of issuers and guarantors | ||||||||
December 31, 2023 | ||||||||
(U.S. Dollars in millions) | ||||||||
Flight equipment held for operating leases, net | $ | 8,330 | ||||||
Intercompany receivables | 35,692 | |||||||
Total assets | 46,858 | |||||||
Debt | 35,863 | |||||||
Intercompany payables | 3,378 | |||||||
Total liabilities | 41,945 | |||||||
Year Ended | ||||||||
December 31, 2023 | ||||||||
(U.S. Dollars in millions) | ||||||||
Total revenues and other income (a) | $ | 6,911 | ||||||
Total expenses (b) | 2,156 | |||||||
Income before income taxes and income of investments accounted for under the equity method | 4,755 | |||||||
Net income | 4,637 | |||||||
Net income attributable to AerCap Holdings N.V. | 4,625 |
Name | Age | Position | Date of First Appointment | End Current Term (a) | ||||||||||||||||||||||
Directors | ||||||||||||||||||||||||||
Paul Dacier | 66 | Non-Executive Chairman of the Board of Directors | May 2010 | 2025 AGM | ||||||||||||||||||||||
Aengus Kelly | 50 | Executive Director and Chief Executive Officer | May 2011 | 2026 AGM | ||||||||||||||||||||||
Julian (Brad) Branch | 69 | Non-Executive Director | April 2018 | 2026 AGM | ||||||||||||||||||||||
Stacey Cartwright | 60 | Non-Executive Director | April 2019 | 2026 AGM | ||||||||||||||||||||||
Rita Forst | 68 | Non-Executive Director | April 2019 | 2026 AGM | ||||||||||||||||||||||
Richard (Michael) Gradon | 64 | Non-Executive Director | May 2010 | 2026 AGM | ||||||||||||||||||||||
James (Jim) Lawrence | 71 | Non-Executive Director | May 2017 | 2025 AGM | ||||||||||||||||||||||
Jennifer VanBelle | 55 | Non-Executive Director | November 2021 | 2025 AGM | ||||||||||||||||||||||
Michael Walsh | 57 | Non-Executive Director | May 2017 | 2025 AGM | ||||||||||||||||||||||
Robert (Bob) Warden | 51 | Non-Executive Director | July 2006 | 2026 AGM | ||||||||||||||||||||||
Officers | ||||||||||||||||||||||||||
Peter Juhas | 52 | Chief Financial Officer | ||||||||||||||||||||||||
Peter Anderson | 47 | Chief Commercial Officer | ||||||||||||||||||||||||
Vincent Drouillard | 48 | General Counsel | ||||||||||||||||||||||||
Brian Canniffe | 51 | Group Treasurer | ||||||||||||||||||||||||
Anton Joiner | 53 | Chief Risk Officer | ||||||||||||||||||||||||
John Burke | 53 | Chief Technical Officer | ||||||||||||||||||||||||
Jorg Koletzki | 56 | Chief Information Officer and Chief Information Security Officer | ||||||||||||||||||||||||
Risteard Sheridan | 49 | Company Secretary and Chief Compliance Officer | ||||||||||||||||||||||||
Theresa Murray | 56 | Head of Human Resources | ||||||||||||||||||||||||
Bart Ligthart | 42 | Chief Investment Officer | ||||||||||||||||||||||||
Martin Olson | 61 | Head of OEM Relations | ||||||||||||||||||||||||
John Govan | 52 | Head of EMEA | ||||||||||||||||||||||||
Bashir Hajir | 56 | Head of Americas | ||||||||||||||||||||||||
Emmanuel Herinckx | 51 | Head of Asia Pacific | ||||||||||||||||||||||||
Richard Greener | 52 | Head of Cargo | ||||||||||||||||||||||||
Pat Sheedy | 45 | President and CEO, Milestone Aviation Group | ||||||||||||||||||||||||
Tom Slattery | 53 | Executive Vice President Engines | ||||||||||||||||||||||||
Dermot Manifold | 57 | Head of Commercial Operations | ||||||||||||||||||||||||
Aimee Craig | 52 | Chief Executive Officer, AerCap Materials | ||||||||||||||||||||||||
Julie Dickerson | 57 | Chief Executive Officer, Shannon Engine Support |
Compensation goal | How goal is accomplished | |||||||
Attract and retain leading executive talent | • Design compensation elements to enable us to compete effectively for executive talent | |||||||
• Selectively retain executives acquired through business transactions considering industry and functional knowledge, leadership abilities and fit with Company culture | ||||||||
• Perform market analysis to stay informed of compensation trends and practices | ||||||||
Align executive pay with shareholder interests | • Concentrate executive pay heavily in equity compensation | |||||||
• Require robust equity ownership and retention | ||||||||
• Motivate senior executives with meaningful incentives to generate long-term returns | ||||||||
Pay for performance | • Pay annual bonuses based on performance against one-year budgeted target set by the Nomination and Compensation Committee | |||||||
• Reward long-term growth and value creation | ||||||||
• Tie long-term incentive program awards to the achievement of earnings per share (“EPS”) targets set by the Nomination and Compensation Committee | ||||||||
• Reward high performers with above-target pay when predetermined goals are exceeded | ||||||||
Manage risk | • Prohibit hedging of Company securities and pledging of AerCap equity prior to vesting | |||||||
• Emphasize long-term performance by designing equity award opportunities to minimize short-term focus and influence on compensation payouts | ||||||||
• Subject the executive director’s incentive compensation to clawback provisions under SEC rules and Dutch law |
2023 Granted | 2023 Vested | ||||||||||||||||
Aengus Kelly | 28,890 | (a) | 684,812 | (b) | |||||||||||||
Peter Juhas | — | — | |||||||||||||||
Peter Anderson | — | — |
2025 | 2026 | ||||||||||
Aengus Kelly | 2,053,996 | 1,453,308 | |||||||||
Peter Juhas | 151,625 | 136,055 | |||||||||
Peter Anderson | 313,953 | — |
Ordinary shares (unrestricted) | Restricted stock (a) | Restricted stock units (a) (b) | Fully diluted ownership percentage (c) | ||||||||||||||||||||
Directors: | |||||||||||||||||||||||
Paul Dacier (Chairman) | 24,275 | — | 28,919 | * | |||||||||||||||||||
Aengus Kelly (d) | 2,131,648 | 3,283,054 | 250,000 | 2.7 | % | ||||||||||||||||||
Julian (Brad) Branch | 22,466 | — | 22,732 | * | |||||||||||||||||||
Stacey Cartwright | 13,602 | — | 21,813 | * | |||||||||||||||||||
Rita Forst | 15,602 | — | 21,813 | * | |||||||||||||||||||
Richard (Michael) Gradon | 10,600 | — | 22,732 | * | |||||||||||||||||||
James (Jim) Lawrence | 10,400 | — | 26,199 | * | |||||||||||||||||||
Michael Walsh | 17,250 | — | 25,307 | * | |||||||||||||||||||
Robert (Bob) Warden | 29,085 | — | 21,813 | * | |||||||||||||||||||
Jennifer VanBelle | — | — | 20,000 | * | |||||||||||||||||||
Total Directors | 2,274,928 | 3,283,054 | 461,328 | ||||||||||||||||||||
Group Executive Committee (GEC) Members: | |||||||||||||||||||||||
Peter Juhas | 145,148 | 327,237 | 37,500 | * | |||||||||||||||||||
Peter Anderson | 36,296 | 382,238 | — | * | |||||||||||||||||||
Total Directors and GEC Members | 2,456,372 | 3,992,529 | 498,828 |
Vesting year | 2025 | 2026 | Total | |||||||||||||||||
(in shares) | ||||||||||||||||||||
Restricted stock and Restricted stock units | 2,655,504 | 1,835,853 | 4,491,357 |
As of December 31, | ||||||||||||||||||||
Location | 2023 | 2022 | 2021 | |||||||||||||||||
Ireland | 468 | 431 | 479 | |||||||||||||||||
United States | 121 | 120 | 141 | |||||||||||||||||
Singapore | 59 | 57 | 65 | |||||||||||||||||
Other (a) | 31 | 33 | 51 | |||||||||||||||||
Total (b) | 679 | 641 | 736 |
2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Fair value | |||||||||||||||||||||||||||||||||||
(U.S. Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
Interest rate caps | |||||||||||||||||||||||||||||||||||||||||
Average notional amounts | $ | 1,903.3 | $ | 1,129.2 | $ | 469.3 | $ | 35.2 | $ | — | $ | — | $ | 82.1 | |||||||||||||||||||||||||||
Weighted average strike rate | 1.6 | % | 2.2 | % | 2.4 | % | 2.3 | % | — | — |
2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Fair value | |||||||||||||||||||||||||||||||||||
(U.S. Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||||||||||||||
Average notional amounts | $ | 4,630.0 | $ | 4,605.0 | $ | 3,442.5 | $ | 2,582.5 | $ | 1,004.2 | $ | — | $ | (7.9) | |||||||||||||||||||||||||||
Weighted average pay rate | 3.6 | % | 3.6 | % | 3.9 | % | 4.0 | % | 4.1 | % | — |
Year Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
(U.S. Dollars in thousands) | |||||||||||
Audit fees | $ | 8,173 | $ | 7,525 | |||||||
Tax fees | 1,658 | 1,414 | |||||||||
All other fees | — | 44 | |||||||||
Total | $ | 9,831 | $ | 8,983 |
Number of ordinary shares purchased | Average price paid per ordinary share | Total number of ordinary shares purchased as part of our publicly announced programs | Maximum dollar value of ordinary shares that may yet be purchased under the programs (U.S. Dollars in millions) (a) | |||||||||||||||||||||||
January 2023 | — | $ | — | — | $ | — | ||||||||||||||||||||
February 2023 | — | — | — | — | ||||||||||||||||||||||
March 2023 | 8,788,890 | 56.89 | 8,788,890 | — | ||||||||||||||||||||||
April 2023 | — | — | — | — | ||||||||||||||||||||||
May 2023 | 2,926,102 | 57.12 | 2,926,102 | 332.9 | ||||||||||||||||||||||
June 2023 | 2,131,790 | 60.50 | 2,131,790 | 203.9 | ||||||||||||||||||||||
July 2023 | 956,824 | 63.85 | 956,824 | 642.9 | ||||||||||||||||||||||
August 2023 | — | — | — | 642.9 | ||||||||||||||||||||||
September 2023 | 19,168,834 | 57.97 | 19,168,834 | 181.7 | ||||||||||||||||||||||
October 2023 | 2,161,041 | 59.87 | 2,161,041 | 552.3 | ||||||||||||||||||||||
November 2023 | 8,170,413 | 63.64 | 8,170,413 | 32.3 | ||||||||||||||||||||||
December 2023 | — | — | — | 282.3 | ||||||||||||||||||||||
Total | 44,303,894 | $ | 59.09 | 44,303,894 | $ | 282.3 |
Exhibit Number | Description of Exhibit | |||||||
1.1 | ||||||||
2.1 | ||||||||
2.2 | ||||||||
2.3 | ||||||||
2.4 | ||||||||
2.5 | ||||||||
2.6 | ||||||||
2.7 | ||||||||
2.8 | ||||||||
2.9 | ||||||||
Exhibit Number | Description of Exhibit | |||||||
2.10 | ||||||||
2.11 | ||||||||
2.12 | ||||||||
2.13 | ||||||||
2.14 | ||||||||
2.15 | ||||||||
2.16 | ||||||||
2.17 | ||||||||
2.18 | ||||||||
2.19 | ||||||||
2.20 | ||||||||
2.21 | ||||||||
2.22 | ||||||||
Exhibit Number | Description of Exhibit | |||||||
2.23 | ||||||||
2.24 | ||||||||
2.25 | ||||||||
2.26 | ||||||||
2.27 | ||||||||
2.28 | ||||||||
2.29 | ||||||||
2.30 | ||||||||
2.31 | ||||||||
2.32 | ||||||||
2.33 | ||||||||
2.34 | ||||||||
2.35 | ||||||||
2.36 | ||||||||
2.37 | ||||||||
Exhibit Number | Description of Exhibit | |||||||
2.38 | ||||||||
2.39 | ||||||||
2.40 | ||||||||
2.41 | ||||||||
2.42 | ||||||||
2.43 | ||||||||
2.44 | The Company agrees to furnish to the SEC upon request a copy of each instrument with respect to issues of long-term debt of the Company and its subsidiaries, the authorized principal amount of which does not exceed 10% of the consolidated assets of the Company and its subsidiaries | |||||||
2.45 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
4.6 | Amendment No. 1 to Transaction Agreement, dated as of November 1, 2021, by and among GE Ireland USD Holdings ULC, GE Financial Holdings ULC, GE Capital US Holdings, GE, the Issuer, AerCap US Aviation LLC, AerCap Ireland Capital DAC and AerCap Aviation Leasing Limited (incorporated by reference to Exhibit 4 to Schedule 13D (File No 005-82221) filed by AerCap Holdings N.V. with the Securities and Exchange Commission on November 10, 2021) | |||||||
4.7 | ||||||||
4.8 | ||||||||
Exhibit Number | Description of Exhibit | |||||||
4.9 | ||||||||
8.1 | ||||||||
10.1 | ||||||||
12.1 | ||||||||
12.2 | ||||||||
13.1 | ||||||||
15.1 | ||||||||
17.1 | ||||||||
101 | The following financial information formatted in Inline eXtensible Business Reporting Language (iXBRL): | |||||||
(1) Consolidated Balance Sheets as of December 31, 2023 and 2022 | ||||||||
(2) Consolidated Income Statements for the Years Ended December 31, 2023, 2022 and 2021 | ||||||||
(3) Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2023, 2022 and 2021 | ||||||||
(4) Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021 | ||||||||
(5) Consolidated Statements of Equity for the Years Ended December 31, 2023, 2022 and 2021 | ||||||||
(6) Notes to the Consolidated Financial Statements, tagged as blocks of text and including detailed tags | ||||||||
104 | The cover page from the Company’s annual report on Form 20-F for the year ended December 31, 2023, formatted in Inline XBRL (included in Exhibit 101) |
AERCAP HOLDINGS N.V. | ||||||||
By: | /s/ AENGUS KELLY | |||||||
Aengus Kelly Chief Executive Officer |
AerCap Holdings N.V. Consolidated Financial Statements | |||||
Report of Independent Registered Public Accounting Firm (Auditor Name: | F-2 | ||||
As of December 31, | |||||||||||||||||
Note | 2023 | 2022 | |||||||||||||||
(U.S. Dollars in thousands, except share data) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | 4 | $ | $ | ||||||||||||||
Restricted cash | 4 | ||||||||||||||||
Trade receivables | |||||||||||||||||
Flight equipment held for operating leases, net | 5 | ||||||||||||||||
Investment in finance leases, net | 6 | ||||||||||||||||
Flight equipment held for sale | 7 | ||||||||||||||||
Prepayments on flight equipment | 31 | ||||||||||||||||
Maintenance rights and lease premium, net | 8 | ||||||||||||||||
Other intangibles, net | 9 | ||||||||||||||||
Deferred tax assets | 16 | ||||||||||||||||
Associated companies | 10 | ||||||||||||||||
Other assets | 11 | ||||||||||||||||
Total Assets | $ | $ | |||||||||||||||
Liabilities and Equity | |||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 13 | $ | $ | ||||||||||||||
Accrued maintenance liability | 14 | ||||||||||||||||
Lessee deposit liability | |||||||||||||||||
Debt | 15 | ||||||||||||||||
Deferred tax liabilities | 16 | ||||||||||||||||
Commitments and contingencies | 31 | ||||||||||||||||
Total Liabilities | |||||||||||||||||
Ordinary share capital, € | 18, 28 | ||||||||||||||||
Additional paid-in capital | |||||||||||||||||
Treasury shares, at cost ( 2023 and 2022, respectively) | ( | ( | |||||||||||||||
Accumulated other comprehensive income | |||||||||||||||||
Accumulated retained earnings | |||||||||||||||||
Total AerCap Holdings N.V. shareholders’ equity | |||||||||||||||||
Non-controlling interest | |||||||||||||||||
Total Equity | |||||||||||||||||
Total Liabilities and Equity | $ | $ | |||||||||||||||
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 | $ | $ | |||||||||||||||
Flight equipment held for operating leases and held for sale | |||||||||||||||||
Other assets | |||||||||||||||||
Accrued maintenance liability | $ | $ | |||||||||||||||
Debt | |||||||||||||||||
Other liabilities |
Year Ended December 31, | |||||||||||||||||||||||
Note | 2023 | 2022 | 2021 | ||||||||||||||||||||
(U.S. Dollars in thousands, except share and per share data) | |||||||||||||||||||||||
Revenues and other income | |||||||||||||||||||||||
Lease revenue: | |||||||||||||||||||||||
Basic lease rents | 21, 24 | $ | $ | $ | |||||||||||||||||||
Maintenance rents and other receipts | |||||||||||||||||||||||
Total lease revenue | |||||||||||||||||||||||
Net gain on sale of assets | |||||||||||||||||||||||
Other income | 22 | ||||||||||||||||||||||
Total Revenues and other income | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||
Depreciation and amortization | 5, 8, 9 | ||||||||||||||||||||||
Net (recoveries) charges related to Ukraine Conflict | 25 | ( | |||||||||||||||||||||
Asset impairment | 26 | ||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Loss (gain) on debt extinguishment | 15 | ( | |||||||||||||||||||||
Leasing expenses | |||||||||||||||||||||||
Selling, general and administrative expenses | 19, 20, 23 | ||||||||||||||||||||||
Transaction and integration-related expenses | |||||||||||||||||||||||
Total Expenses | |||||||||||||||||||||||
Gain (loss) on investments at fair value | ( | ||||||||||||||||||||||
Income (loss) before income taxes and income of investments accounted for under the equity method | ( | ||||||||||||||||||||||
Income tax (expense) benefit | 16 | ( | ( | ||||||||||||||||||||
Equity in net earnings of investments accounted for under the equity method | |||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | |||||||||||||||||||
Net income attributable to non-controlling interest | ( | ( | ( | ||||||||||||||||||||
Net income (loss) attributable to AerCap Holdings N.V. | $ | $ | ( | $ | |||||||||||||||||||
Basic earnings (loss) per share | 28 | $ | $ | ( | $ | ||||||||||||||||||
Diluted earnings (loss) per share | 28 | $ | $ | ( | $ | ||||||||||||||||||
Weighted average shares outstanding—basic | |||||||||||||||||||||||
Weighted average shares outstanding—diluted |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||
Net income (loss) | $ | $ | ( | $ | |||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||
Net (loss) gain on derivatives (Note 12), net of tax of $ | ( | ||||||||||||||||
Actuarial (loss) gain on pension obligations (Note 20), net of tax of $ | ( | ||||||||||||||||
Foreign currency translation adjustments | ( | ||||||||||||||||
Total other comprehensive (loss) income | ( | ||||||||||||||||
Comprehensive income (loss) | ( | ||||||||||||||||
Comprehensive income attributable to non-controlling interest | ( | ( | ( | ||||||||||||||
Total comprehensive income (loss) attributable to AerCap Holdings N.V. | $ | $ | ( | $ |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||
Net income (loss) | $ | $ | ( | $ | |||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Net (recoveries) charges related to Ukraine Conflict | ( | ||||||||||||||||
Asset impairment | |||||||||||||||||
Amortization of debt issuance costs, debt discount, debt premium and lease premium | |||||||||||||||||
Maintenance rights write-off (a) | |||||||||||||||||
Maintenance liability release to income | ( | ( | ( | ||||||||||||||
Net gain on sale of assets | ( | ( | ( | ||||||||||||||
Deferred tax expense (benefit) | ( | ( | |||||||||||||||
Share-based compensation | |||||||||||||||||
Collections of finance leases | |||||||||||||||||
(Gain) loss on investments at fair value | ( | ( | |||||||||||||||
Loss (gain) on debt extinguishment | ( | ||||||||||||||||
Transaction and integration-related expenses | |||||||||||||||||
Other | ( | ( | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Trade receivables | |||||||||||||||||
Other assets | ( | ||||||||||||||||
Accounts payable, accrued expenses and other liabilities | ( | ||||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Purchase of flight equipment | ( | ( | ( | ||||||||||||||
Proceeds from sale or disposal of assets | |||||||||||||||||
Prepayments on flight equipment | ( | ( | ( | ||||||||||||||
Acquisition of GECAS, net of cash acquired | ( | ||||||||||||||||
Cash proceeds from insurance claim settlements | |||||||||||||||||
Net (disbursements) proceeds from loans receivable | ( | ||||||||||||||||
Other | ( | ( | |||||||||||||||
Net cash used in investing activities | ( | ( | ( | ||||||||||||||
Issuance of debt | |||||||||||||||||
Repayment of debt | ( | ( | ( | ||||||||||||||
Debt issuance and extinguishment costs paid, net of debt premium received | ( | ( | |||||||||||||||
Maintenance payments received | |||||||||||||||||
Maintenance payments returned | ( | ( | ( | ||||||||||||||
Security deposits received | |||||||||||||||||
Security deposits returned | ( | ( | ( | ||||||||||||||
Redemption of non-controlling interest and dividends paid to non-controlling interest holders | ( | ( | ( | ||||||||||||||
Repurchase of shares and tax withholdings on share-based compensation | ( | ( | ( | ||||||||||||||
Net cash (used in) provided by financing activities | ( | ( | |||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ||||||||||||||||
Effect of exchange rate changes | ( | ||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||
Supplemental cash flow information: | |||||||||||||||||
Interest paid, net of amounts capitalized | $ | $ | $ | ||||||||||||||
Income taxes paid (refunded), net | ( |
End-of-lease ("EOL") and Maintenance Reserved ("MR") contract maintenance rights expense | $ | $ | $ | ||||||||||||||
MR contract maintenance rights write-off offset by maintenance liability release | |||||||||||||||||
EOL contract maintenance rights write-off offset by EOL compensation received | |||||||||||||||||
EOL and MR contract maintenance rights write-off related to the Ukraine Conflict | ( | ||||||||||||||||
Maintenance rights write-off | $ | $ | $ |
Number of ordinary shares issued | Ordinary share capital | Additional paid-in capital | Treasury shares | Accumulated other comprehensive income (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 | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
GECAS Transaction | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of shares | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares issued, net of tax withholdings | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Dividends paid | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of shares | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares issued, net of tax withholdings | — | — | ( | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Dividends paid | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Redemption of non-controlling interest | — | — | ( | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of shares | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share cancellation | ( | ( | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares issued, net of tax withholdings | — | — | ( | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive (loss) income | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2023 | $ | $ | $ | ( | $ | $ | $ | $ | $ |
Useful Life (a) | Residual Value (b) | ||||||||||
Passenger aircraft | % | ||||||||||
Freighter aircraft | % | ||||||||||
Helicopters | % | ||||||||||
Engines | % |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Total cash, cash equivalents and restricted cash | $ | $ |
Year Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Net book value at beginning of period | $ | $ | |||||||||
Additions | |||||||||||
Depreciation | ( | ( | |||||||||
Disposals and transfers to held for sale | ( | ( | |||||||||
Transfers from/to investment in finance leases, net/inventory | ( | ( | |||||||||
( | ( | ||||||||||
Net book value at end of period | $ | $ | |||||||||
Accumulated depreciation and impairment as of December 31, 2023 and 2022, respectively: | $ | ( | $ | ( |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Future minimum lease payments to be received, net | $ | $ | |||||||||
Estimated residual values of leased flight equipment | |||||||||||
Less: Unearned income | ( | ( | |||||||||
Less: Allowance for credit losses (Note 27) | ( | ( | |||||||||
$ | $ |
Cash flows receivable | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Undiscounted cash flows receivable | $ | ||||
Less: Unearned income | ( | ||||
Less: Allowance for credit losses | ( | ||||
$ |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Maintenance rights | $ | $ | |||||||||
Lease premium, net | |||||||||||
$ | $ |
Year Ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Maintenance rights at beginning of period | $ | $ | ||||||||||||
EOL and MR contract maintenance rights expense | ( | ( | (a) | |||||||||||
MR contract maintenance rights write-off due to maintenance liability release | ( | ( | (a) | |||||||||||
EOL contract maintenance rights write-off due to cash receipt | ( | ( | ||||||||||||
EOL and MR contract maintenance rights write-off due to sale of aircraft | ( | ( | ||||||||||||
Maintenance rights at end of period | $ | $ |
As of December 31, 2023 | |||||||||||||||||
Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||
Lease premium | $ | $ | ( | $ |
As of December 31, 2022 | |||||||||||||||||
Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||
Lease premium | $ | $ | ( | $ |
Estimated amortization expense | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
$ |
As of December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Customer relationships, net | $ | $ | ||||||||||||
Other intangible assets | ||||||||||||||
$ | $ |
As of December 31, 2023 | |||||||||||||||||
Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||
Customer relationships | $ | $ | ( | $ |
As of December 31, 2022 | |||||||||||||||||
Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||
Customer relationships | $ | $ | ( | $ |
% Ownership as of December 31, 2023 | As of December 31, | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Shannon Engine Support Ltd (“SES”) | $ | $ | |||||||||||||||
AerDragon Aviation Partners Limited and its Subsidiaries (“AerDragon”) | |||||||||||||||||
Other | |||||||||||||||||
$ | $ |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Straight-line rents, prepaid expenses and other | $ | $ | |||||||||
Notes receivable, net of allowance for credit losses (a) (b) | |||||||||||
Loans receivable, net of allowance for credit losses (c) | |||||||||||
Lease incentives | |||||||||||
Derivative assets (Note 12) | |||||||||||
Investments | |||||||||||
Inventory | |||||||||||
Operating lease right of use assets, net (Note 17) | |||||||||||
Other receivables, net | |||||||||||
$ | $ |
As of December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Notional amount (a) | Fair value | Notional amount (a) | Fair value | ||||||||||||||||||||
Derivative assets not designated as accounting cash flow hedges: | |||||||||||||||||||||||
Interest rate contracts | $ | $ | $ | $ | |||||||||||||||||||
Derivative assets designated as accounting cash flow hedges: | |||||||||||||||||||||||
Interest rate contracts | $ | $ | $ | $ | |||||||||||||||||||
Total derivative assets | $ | $ |
As of December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Notional amount (a) | Fair value | Notional amount (a) | Fair value | ||||||||||||||||||||
Derivative liabilities designated as accounting cash flow hedges: | |||||||||||||||||||||||
Interest rate contracts | $ | $ | $ | $ | |||||||||||||||||||
Total derivative liabilities | $ | $ |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(Loss) Gain | |||||||||||||||||
Effective portion of change in fair market value of derivatives designated as accounting cash flow hedges: | |||||||||||||||||
Interest rate contracts | $ | ( | $ | $ | |||||||||||||
Derivative premium and amortization | |||||||||||||||||
Income tax effect | ( | ( | |||||||||||||||
Net (loss) gain on derivatives, net of tax | $ | ( | $ | $ |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Gain (Loss) | |||||||||||||||||
Derivatives not designated as accounting hedges: | |||||||||||||||||
Interest rate contracts | $ | ( | $ | $ | |||||||||||||
Reclassification to Consolidated Income Statements: | |||||||||||||||||
Reclassification of amounts previously recorded in AOCI | ( | ||||||||||||||||
Gain (loss) recognized in interest expense | $ | $ | $ | ( |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Deferred revenue | $ | (a) | $ | ||||||||
Accounts payable and accrued expenses | |||||||||||
Accrued interest | |||||||||||
Operating lease liabilities (Note 17) | |||||||||||
Derivative liabilities (Note 12) | |||||||||||
$ | $ |
Year Ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Accrued maintenance liability at beginning of period | $ | $ | ||||||||||||
Maintenance payments received | ||||||||||||||
Maintenance payments returned | ( | ( | ||||||||||||
Release to income upon sale | ( | ( | ||||||||||||
Release to income other than upon sale | ( | ( | (a) | |||||||||||
Lessor contribution, top ups and other | ( | (a) | ||||||||||||
Accrued maintenance liability at end of period | $ | $ |
As of December 31, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Debt obligation | Collateral (number of aircraft and helicopters) | Commitment | Undrawn amounts | Amount outstanding | Weighted average interest rate (a) | Maturity | Amount outstanding | |||||||||||||||||||||||||||||||||||||
Unsecured | ||||||||||||||||||||||||||||||||||||||||||||
AerCap Trust (b) & AICDC Notes (c) | $ | $ | $ | % | 2024 - 2041 | $ | ||||||||||||||||||||||||||||||||||||||
Revolving credit facilities (d) | % | 2025 - 2027 | ||||||||||||||||||||||||||||||||||||||||||
Other unsecured debt | % | 2024 - 2028 | ||||||||||||||||||||||||||||||||||||||||||
TOTAL UNSECURED | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Secured | ||||||||||||||||||||||||||||||||||||||||||||
Export credit facilities (e) | % | 2025 - 2035 | ||||||||||||||||||||||||||||||||||||||||||
Institutional secured term loans & secured portfolio loans | % | 2024 - 2032 | ||||||||||||||||||||||||||||||||||||||||||
AerFunding Revolving Credit Facility | % | 2027 | ||||||||||||||||||||||||||||||||||||||||||
Other secured debt (f) | % | 2024 - 2041 | ||||||||||||||||||||||||||||||||||||||||||
Fair value adjustment | ||||||||||||||||||||||||||||||||||||||||||||
TOTAL SECURED | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Subordinated | ||||||||||||||||||||||||||||||||||||||||||||
Subordinated notes | % | 2045 - 2079 | ||||||||||||||||||||||||||||||||||||||||||
Subordinated debt issued by VIEs | — | |||||||||||||||||||||||||||||||||||||||||||
Fair value adjustment | ( | |||||||||||||||||||||||||||||||||||||||||||
TOTAL SUBORDINATED | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Debt issuance costs, debt discounts and debt premium | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ |
Maturities of debt financing (a) | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
$ |
Maturities of AGAT/AICDC Notes | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
$ |
As of December 31, | |||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
Collateral (Number of aircraft) (a) | Amount outstanding | Weighted average interest rate | Maturity | Amount outstanding | |||||||||||||||||||||||||
Institutional secured term loans | |||||||||||||||||||||||||||||
Setanta | $ | % | 2028 | $ | |||||||||||||||||||||||||
Hyperion | % | 2027 | |||||||||||||||||||||||||||
Secured portfolio loans | |||||||||||||||||||||||||||||
Celtago & Celtago II | % | 2024-2027 | |||||||||||||||||||||||||||
Rhenium | % | 2030 | |||||||||||||||||||||||||||
Cesium | % | 2025 | |||||||||||||||||||||||||||
Goldfish | % | 2025 | |||||||||||||||||||||||||||
Scandium | % | 2025 | |||||||||||||||||||||||||||
Rhodium | % | 2026 | |||||||||||||||||||||||||||
Other secured facilities | % | 2025-2032 | |||||||||||||||||||||||||||
$ | $ |
As of December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Amount outstanding | Weighted average interest rate | Maturity | Amount outstanding | ||||||||||||||||||||
ECAPS Subordinated Notes (a) | $ | % | 2065 | $ | |||||||||||||||||||
2045 Subordinated Notes | % | 2045 | |||||||||||||||||||||
2079 Subordinated Notes | % | 2079 | |||||||||||||||||||||
$ | $ |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Deferred tax expense (benefit), excluding the net change in valuation allowance | |||||||||||||||||
Ireland | $ | $ | $ | ( | |||||||||||||
Other | ( | ||||||||||||||||
( | |||||||||||||||||
Deferred tax (benefit) expense related to the net change in valuation allowance | |||||||||||||||||
Ireland | |||||||||||||||||
Other | ( | ( | |||||||||||||||
( | ( | ||||||||||||||||
Current tax expense (benefit) | |||||||||||||||||
Ireland | ( | ||||||||||||||||
Other | ( | ||||||||||||||||
( | |||||||||||||||||
Income tax expense (benefit) | $ | $ | ( | $ |
Year Ended December 31, | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||||||||
Income tax expense (benefit) at statutory income tax rate of | $ | % | $ | ( | % | $ | % | ||||||||||||||||||||||
Foreign rate differential | % | ( | %) | % | |||||||||||||||||||||||||
Other reconciling items | % | (a) | ( | % | (d) | % | (e) | ||||||||||||||||||||||
Remeasurement of deferred taxes | ( | ( | %) | (b) | |||||||||||||||||||||||||
Gains not taxable | ( | ( | %) | (c) | |||||||||||||||||||||||||
Valuation allowance | ( | ( | %) | ( | % | % | |||||||||||||||||||||||
( | ( | %) | ( | % | % | ||||||||||||||||||||||||
Income tax expense (benefit) | $ | % | $ | ( | % | $ | % |
As of December 31, 2023 | |||||||||||||||||
Ireland | Other | Total | |||||||||||||||
Deferred tax assets | |||||||||||||||||
Flight equipment | $ | $ | $ | ||||||||||||||
Other intangibles | |||||||||||||||||
Deferred losses on sale of assets | |||||||||||||||||
Operating loss and tax credit carryforwards | |||||||||||||||||
Other | |||||||||||||||||
Total deferred tax assets | |||||||||||||||||
Valuation allowance | ( | ( | ( | ||||||||||||||
Deferred tax assets, net of valuation allowance | $ | $ | $ | ||||||||||||||
Deferred tax liabilities | |||||||||||||||||
Flight equipment | $ | ( | $ | ( | $ | ( | |||||||||||
Other intangibles | ( | ( | |||||||||||||||
Other | ( | ( | ( | ||||||||||||||
Total deferred tax liabilities | $ | ( | $ | ( | $ | ( | |||||||||||
Total net deferred tax (liabilities) assets | $ | ( | $ | $ | ( |
As of December 31, 2022 | |||||||||||||||||
Ireland | Other | Total | |||||||||||||||
Deferred tax assets | |||||||||||||||||
Flight equipment | $ | $ | $ | ||||||||||||||
Other intangibles | |||||||||||||||||
Deferred losses on sale of assets | |||||||||||||||||
Operating loss and tax credit carryforwards | |||||||||||||||||
Other | |||||||||||||||||
Total deferred tax assets | |||||||||||||||||
Valuation allowance | ( | ( | ( | ||||||||||||||
Deferred tax assets, net of valuation allowance | $ | $ | $ | ||||||||||||||
Deferred tax liabilities | |||||||||||||||||
Flight equipment | $ | ( | $ | ( | $ | ( | |||||||||||
Other intangibles | ( | ( | |||||||||||||||
Other | ( | ( | ( | ||||||||||||||
Total deferred tax liabilities | $ | ( | $ | ( | $ | ( | |||||||||||
Total net deferred tax (liabilities) assets | $ | ( | $ | $ | ( |
Year Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Valuation allowance at beginning of period | $ | $ | |||||||||
Increase of allowance included in income tax expense | |||||||||||
Decrease of allowance included in income tax expense | ( | ( | |||||||||
Net decrease in valuation allowance | ( | ( | |||||||||
Valuation allowance at end of period | $ | $ |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Operating leases | Finance leases | Operating leases | Finance leases | ||||||||||||||||||||
Weighted average remaining lease term (years) | |||||||||||||||||||||||
Weighted average discount rate | % | % | % | % |
Operating leases | Finance leases | ||||||||||
2024 | $ | $ | |||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 | |||||||||||
2028 | |||||||||||
Thereafter | |||||||||||
Total lease payments | $ | $ | |||||||||
Less: Imputed interest | ( | ( | |||||||||
Present value of lease liabilities | $ | $ |
Program approval date | Program end date | Authorized amount | Program completion date | |||||||||||||||||
March 2023 | September 30, 2023 | $ | March 13, 2023 | |||||||||||||||||
April 2023 | September 30, 2023 | September 14, 2023 | ||||||||||||||||||
July 2023 | December 31, 2023 | September 14, 2023 | ||||||||||||||||||
September 2023 | December 31, 2023 | November 16, 2023 | ||||||||||||||||||
October 2023 | March 31, 2024 | January 12, 2024 | ||||||||||||||||||
December 2023 | March 31, 2024 | Not yet completed |
Year Ended December 31, 2023 | |||||||||||||||||||||||
Number of service-based restricted stock units and restricted stock | Number of performance-based restricted stock units and restricted stock | Weighted average grant date fair value of service-based grants ($) | Weighted average grant date fair value of performance-based grants ($) | ||||||||||||||||||||
Number at beginning of period | $ | $ | |||||||||||||||||||||
Granted (a) | |||||||||||||||||||||||
Vested (b) | ( | ( | |||||||||||||||||||||
Forfeited | ( | ( | |||||||||||||||||||||
Number at end of period | $ | $ |
Expected share-based compensation expense | |||||
(U.S. Dollars in millions) | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||||||||||||||||
China (a) | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
United States | % | % | % | ||||||||||||||||||||||||||||||||
Other countries (b) | % | % | % | ||||||||||||||||||||||||||||||||
Total | $ | % | $ | % | $ | % |
As of December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||
China (a) | $ | % | $ | % | |||||||||||||||||||
United States | % | % | |||||||||||||||||||||
Other countries (b) | % | % | |||||||||||||||||||||
Total | $ | % | $ | % |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Management fees | $ | $ | $ | ||||||||||||||
Proceeds from unsecured claims | |||||||||||||||||
Interest and other income | |||||||||||||||||
$ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Personnel expenses | $ | $ | $ | ||||||||||||||
Share-based compensation | |||||||||||||||||
Professional services | |||||||||||||||||
Travel expenses | |||||||||||||||||
Office expenses | |||||||||||||||||
Other expenses | |||||||||||||||||
$ | $ | $ |
Contracted minimum future lease payments receivable | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
$ |
Year ended 31 December, | ||||||||||||||
2023 | 2022 | |||||||||||||
(U.S. Dollars in millions) | ||||||||||||||
(Recoveries) write-offs and impairments of flight equipment | $ | ( | $ | (a) | ||||||||||
Insurance proceeds received | ( | |||||||||||||
Derecognition of lease-related assets and liabilities | ( | |||||||||||||
Letters of credit receipts and other collections | ( | ( | ||||||||||||
Net (recoveries) charges related to Ukraine Conflict | $ | ( | $ |
Year Ended December 31, 2023 | |||||||||||||||||||||||
Investment in finance leases | Notes receivable | Loans receivable | Total | ||||||||||||||||||||
Allowance for credit losses at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Current period (decrease) increase in provision for expected credit losses | ( | ( | |||||||||||||||||||||
Write-offs charged against the allowance | ( | ( | |||||||||||||||||||||
Allowance for credit losses at end of period | $ | $ | $ | $ |
Year Ended December 31, 2022 | |||||||||||||||||||||||
Investment in finance leases | Notes receivable | Loans receivable | Total | ||||||||||||||||||||
Allowance for credit losses at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Current period (decrease) increase in provision for expected credit losses | ( | ( | |||||||||||||||||||||
Write-offs charged against the allowance | ( | ( | ( | ||||||||||||||||||||
Allowance for credit losses at end of period | $ | $ | $ | $ |
As of December 31, 2023 | |||||||||||||||||||||||
Category A | Category B | Category C | Total | ||||||||||||||||||||
(U.S. Dollars in millions) | |||||||||||||||||||||||
Investment in finance leases | $ | $ | $ | $ | |||||||||||||||||||
Notes receivable | |||||||||||||||||||||||
Loans receivable | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
As of December 31, 2022 | |||||||||||||||||||||||
Category A | Category B | Category C | Total | ||||||||||||||||||||
(U.S. Dollars in millions) | |||||||||||||||||||||||
Investment in finance leases | $ | $ | $ | $ | |||||||||||||||||||
Notes receivable | |||||||||||||||||||||||
Loans receivable | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net income (loss) for the computation of basic EPS | $ | $ | ( | $ | |||||||||||||
Weighted average ordinary shares outstanding—basic | |||||||||||||||||
Basic EPS | $ | $ | ( | $ |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net income (loss) for the computation of diluted EPS | $ | $ | ( | $ | |||||||||||||
Weighted average ordinary shares outstanding—diluted | |||||||||||||||||
Diluted EPS | $ | $ | ( | $ |
As of December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Number of ordinary shares | |||||||||||||||||
Ordinary shares issued | |||||||||||||||||
Treasury shares | ( | ( | ( | ||||||||||||||
Ordinary shares outstanding | |||||||||||||||||
Shares of unvested restricted stock | ( | ( | ( | ||||||||||||||
Ordinary shares outstanding, excluding shares of unvested restricted stock |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Carrying value of debt and equity investments | $ | $ | |||||||||
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(U.S. Dollars in millions) | |||||||||||||||||
Purchases and provision of services from GE | $ | $ | $ | ||||||||||||||
Sales to GE | |||||||||||||||||
Rental income from engines on lease to GE |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Management fees and other | $ | $ | $ | ||||||||||||||
Dividends | |||||||||||||||||
$ | $ | $ |
Year Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Prepayments on flight equipment at beginning of period | $ | $ | |||||||||
Prepayments and additions during the period, net | |||||||||||
Interest paid and capitalized during the period, net | |||||||||||
Prepayments and capitalized interest applied to the purchase of flight equipment | ( | ( | |||||||||
Prepayments on flight equipment at end of period | $ | $ |
2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
(U.S. Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
Purchase obligations (a) | $ | $ | $ | $ | $ | $ | $ |
December 31, 2023 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Derivative assets | $ | $ | $ | $ | |||||||||||||||||||
Investments, at fair value | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative liabilities | $ | $ | $ | $ |
December 31, 2022 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Derivative assets | $ | $ | $ | $ | |||||||||||||||||||
Investments, at fair value | |||||||||||||||||||||||
Fair value | Valuation technique | Unobservable input | Weighted average | |||||||||||||||||||||||||||||
Flight equipment | $ | Income approach | Discount rate | % | ||||||||||||||||||||||||||||
Non-contractual cash flows as a % of total cash flows | % |
December 31, 2023 | |||||||||||||||||||||||||||||
Carrying value | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Restricted cash | |||||||||||||||||||||||||||||
Loans receivable | |||||||||||||||||||||||||||||
Notes receivable | |||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||
Investments, at fair value | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Debt | $ | (a) | $ | $ | $ | $ | |||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ |
December 31, 2022 | |||||||||||||||||||||||||||||
Carrying value | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Restricted cash | |||||||||||||||||||||||||||||
Loans receivable | |||||||||||||||||||||||||||||
Notes receivable | |||||||||||||||||||||||||||||
Investments, at fair value | |||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Debt | $ | (a) | $ | $ | $ | $ | |||||||||||||||||||||||
$ | $ | $ | $ | $ |
Consolidated | ||||||||
AerCap Australia Pty Ltd. | Australia | |||||||
ILFC Australia Holdings Pty. Ltd. | Australia | |||||||
Wombat 3668 Leasing Pty Ltd | Australia | |||||||
AerCap International Bermuda Limited | Bermuda | |||||||
AerCap Leasing 3034 (Bermuda) Limited | Bermuda | |||||||
AerCap Leasing MSN 2413 (Bermuda) Limited | Bermuda | |||||||
AerCap Ryninch Limited | Bermuda | |||||||
AerFunding Bermuda Leasing Limited | Bermuda | |||||||
Aircraft Lease Securitisation II Limited | Bermuda | |||||||
Aistrigh Limited | Bermuda | |||||||
Aquarius Aircraft Leasing Limited | Bermuda | |||||||
Ararat Aircraft Leasing Limited | Bermuda | |||||||
Belmar Bermuda Leasing Limited | Bermuda | |||||||
CloudFunding III Limited | Bermuda | |||||||
Copperstream Aircraft Leasing Limited | Bermuda | |||||||
Flotlease 973 (Bermuda) Limited | Bermuda | |||||||
Flying Fortress Bermuda Leasing Ltd. | Bermuda | |||||||
Goldstream Aircraft Leasing Limited | Bermuda | |||||||
ILFC (Bermuda) 5, Ltd. | Bermuda | |||||||
ILFC (Bermuda) III, Ltd. | Bermuda | |||||||
Lare Leasing Limited | Bermuda | |||||||
LC (BERMUDA) NO 2 L.P. | Bermuda | |||||||
LC (BERMUDA) NO. 2 LTD | Bermuda | |||||||
Milestone Export Holdings No. 2, Ltd. | Bermuda | |||||||
Poseidon Leasing (Bermuda) Limited | Bermuda | |||||||
Roselawn Leasing Limited | Bermuda | |||||||
Ross Leasing Limited | Bermuda | |||||||
Sierra Leasing Limited | Bermuda | |||||||
Silverstream Aircraft Leasing Limited | Bermuda | |||||||
Skylease Bermuda Limited | Bermuda | |||||||
The Milestone Aviation Asset Holding Group No. 1 Ltd. | Bermuda | |||||||
The Milestone Aviation Asset Holding Group No. 12 Ltd. | Bermuda | |||||||
The Milestone Aviation Asset Holding Group No. 19 Ltd. | Bermuda | |||||||
The Milestone Aviation Asset Holding Group No. 24 Ltd. | Bermuda | |||||||
The Milestone Aviation Asset Holding Group No. 25 Ltd. | Bermuda | |||||||
The Milestone Aviation Asset Holding Group No. 8 Ltd. | Bermuda | |||||||
The Milestone Aviation Group Limited | Bermuda | |||||||
Wahaflot Leasing 3699 (Bermuda) Limited | Bermuda | |||||||
Westpark 1 Aircraft Leasing Limited | Bermuda | |||||||
Whitestream Aircraft Leasing Limited | Bermuda | |||||||
Whitney Leasing Limited | Bermuda |
AerCap do Brasil Serviços de Administração E Marketing Ltda. | Brazil | |||||||
AerCap Aircraft Purchase Limited | Cayman Islands | |||||||
ILFC Cayman Limited | Cayman Islands | |||||||
AerCap Aviation Services (Shanghai) Co., Ltd | China | |||||||
Bright Star Company Limited | China | |||||||
Eaststar Limited | China | |||||||
Lucky Star Company Limited | China | |||||||
North Star Company Limited | China | |||||||
Southstar Limited | China | |||||||
Sunstar Limited | China | |||||||
Vertical Aviation No.1 (Tianjin) Leasing Company Limited | China | |||||||
AerCap Aircraft Leasing Cyprus Limited | Cyprus | |||||||
AerCap Aviation Solutions S.a.r.l | France | |||||||
Calais Location S.A.R.L. | France | |||||||
Celestial France SARL | France | |||||||
Grenoble Location S.A.R.L. | France | |||||||
ILFC France S.A.R.L. | France | |||||||
Milestone Aviation France No. 2 S.A.R.L | France | |||||||
Milestone Aviation France No. 3 S.A.R.L | France | |||||||
Milestone Aviation France S.A.R.L | France | |||||||
Nancy Location S.A.R.L. | France | |||||||
AerCap Hong Kong Limited | Hong Kong | |||||||
Causeway Aviation Finance Limited | Hong Kong | |||||||
GECAS Services India Private Limited | India | |||||||
Aerborne Funding II Limited | Ireland | |||||||
Aerborne Funding III Limited | Ireland | |||||||
AerBorne Funding Limited | Ireland | |||||||
AerCap A330 Holdings Limited | Ireland | |||||||
AerCap Administrative Services Limited | Ireland | |||||||
AerCap Aero Engines Limited | Ireland | |||||||
AerCap Aircraft 32A No.1 Leasing Limited | Ireland | |||||||
AerCap Aircraft 32A No.2 Leasing Limited | Ireland | |||||||
AerCap Aircraft 32A No.3 Leasing Limited | Ireland | |||||||
AerCap Aircraft 32A No.4 Leasing Limited | Ireland | |||||||
AerCap Aircraft 32A No.5 Leasing Limited | Ireland | |||||||
AerCap Aircraft 33A No.1 Leasing Limited | Ireland | |||||||
AerCap Aircraft 73B-32841 Limited | Ireland | |||||||
AerCap Aviation Leasing Limited | Ireland | |||||||
AerCap Cash Manager Limited | Ireland | |||||||
AerCap Finance Limited | Ireland | |||||||
AerCap Financial Services (Ireland) Limited | Ireland | |||||||
AerCap Ireland Asset Investment 1 Limited | Ireland |
AerCap Ireland Asset Investment 2 Limited | Ireland | |||||||
AerCap Ireland Capital Designated Activity Company | Ireland | |||||||
AerCap Ireland Funding 1 Limited | Ireland | |||||||
AerCap Ireland Limited | Ireland | |||||||
AerCap Leasing 1 Limited | Ireland | |||||||
AerCap Leasing 8 Limited | Ireland | |||||||
AerCap Leasing 946 Limited | Ireland | |||||||
AerCap Materials Limited | Ireland | |||||||
AerVenture Export Leasing Limited | Ireland | |||||||
AerVenture Limited | Ireland | |||||||
Aircraft 32A-10078010X (Ireland) Limited | Ireland | |||||||
Aircraft 32A-10078019X (Ireland) Limited | Ireland | |||||||
Aircraft Portfolio Holding Company Limited | Ireland | |||||||
Andes Aircraft Leasing Limited | Ireland | |||||||
Andromeda Aircraft Leasing Limited | Ireland | |||||||
Annamite Aircraft Leasing Limited | Ireland | |||||||
Antares Aircraft Leasing Limited | Ireland | |||||||
Archerfish Aviation Designated Activity Company | Ireland | |||||||
Arctic Leasing No.3 Limited | Ireland | |||||||
Arfaj Aircraft Leasing Limited | Ireland | |||||||
Artemis (Delos) Limited | Ireland | |||||||
Artemis Aircraft 32A-3385 (Ireland) Limited | Ireland | |||||||
Artemis Aircraft 32A-3388 (Ireland) Limited | Ireland | |||||||
Artemis Aircraft 77B-32725 Limited | Ireland | |||||||
Artemis Ireland Leasing Limited | Ireland | |||||||
Ballyfin Aviation II Limited | Ireland | |||||||
Ballyfin Aviation Limited | Ireland | |||||||
Ballymoon Aircraft Solutions Limited | Ireland | |||||||
Ballysky Aircraft Ireland Limited | Ireland | |||||||
Bandeira Aircraft Leasing Limited | Ireland | |||||||
Baunacloka Leasing Limited | Ireland | |||||||
BlowfishFunding Limited | Ireland | |||||||
Brophunding Limited | Ireland | |||||||
Burgundy Aircraft Leasing Limited | Ireland | |||||||
Calliope Limited | Ireland | |||||||
Capella Aircraft Leasing Limited | Ireland | |||||||
Cash Manager Limited | Ireland | |||||||
Castletroy Leasing Limited | Ireland | |||||||
Celestial Aviation Funding Unlimited Company | Ireland | |||||||
Celestial Aviation Holding 101 Limited | Ireland | |||||||
Celestial Aviation Operations Limited | Ireland | |||||||
Celestial Aviation Services Limited | Ireland |
Celestial Aviation Trading 1 Limited | Ireland | |||||||
Celestial Aviation Trading 10 Limited | Ireland | |||||||
Celestial Aviation Trading 100 Limited | Ireland | |||||||
Celestial Aviation Trading 101 Limited | Ireland | |||||||
Celestial Aviation Trading 11 Limited | Ireland | |||||||
Celestial Aviation Trading 12 Limited | Ireland | |||||||
Celestial Aviation Trading 13 Limited | Ireland | |||||||
Celestial Aviation Trading 14 Limited | Ireland | |||||||
Celestial Aviation Trading 15 Limited | Ireland | |||||||
Celestial Aviation Trading 16 Limited | Ireland | |||||||
Celestial Aviation Trading 17 Limited | Ireland | |||||||
Celestial Aviation Trading 19 Limited | Ireland | |||||||
Celestial Aviation Trading 2 Limited | Ireland | |||||||
Celestial Aviation Trading 20 Limited | Ireland | |||||||
Celestial Aviation Trading 21 Limited | Ireland | |||||||
Celestial Aviation Trading 22 Limited | Ireland | |||||||
Celestial Aviation Trading 23 Limited | Ireland | |||||||
Celestial Aviation Trading 24 Limited | Ireland | |||||||
Celestial Aviation Trading 25 Limited | Ireland | |||||||
Celestial Aviation Trading 26 Limited | Ireland | |||||||
Celestial Aviation Trading 27 Limited | Ireland | |||||||
Celestial Aviation Trading 28 Limited | Ireland | |||||||
Celestial Aviation Trading 29 Limited | Ireland | |||||||
Celestial Aviation Trading 3 Limited | Ireland | |||||||
Celestial Aviation Trading 30 Limited | Ireland | |||||||
Celestial Aviation Trading 31 Limited | Ireland | |||||||
Celestial Aviation Trading 32 Limited | Ireland | |||||||
Celestial Aviation Trading 33 Limited | Ireland | |||||||
Celestial Aviation Trading 34 Limited | Ireland | |||||||
Celestial Aviation Trading 35 Limited | Ireland | |||||||
Celestial Aviation Trading 36 Limited | Ireland | |||||||
Celestial Aviation Trading 37 Limited | Ireland | |||||||
Celestial Aviation Trading 38 Limited | Ireland | |||||||
Celestial Aviation Trading 39 Limited | Ireland | |||||||
Celestial Aviation Trading 4 Limited | Ireland | |||||||
Celestial Aviation Trading 41 Limited | Ireland | |||||||
Celestial Aviation Trading 42 Limited | Ireland | |||||||
Celestial Aviation Trading 43 Limited | Ireland | |||||||
Celestial Aviation Trading 44 Limited | Ireland | |||||||
Celestial Aviation Trading 45 Limited | Ireland | |||||||
Celestial Aviation Trading 46 Limited | Ireland | |||||||
Celestial Aviation Trading 47 Limited | Ireland |
Celestial Aviation Trading 48 Limited | Ireland | |||||||
Celestial Aviation Trading 49 Limited | Ireland | |||||||
Celestial Aviation Trading 5 Limited | Ireland | |||||||
Celestial Aviation Trading 50 Limited | Ireland | |||||||
Celestial Aviation Trading 51 Limited | Ireland | |||||||
Celestial Aviation Trading 52 Limited | Ireland | |||||||
Celestial Aviation Trading 53 Limited | Ireland | |||||||
Celestial Aviation Trading 54 Limited | Ireland | |||||||
Celestial Aviation Trading 55 Limited | Ireland | |||||||
Celestial Aviation Trading 56 Limited | Ireland | |||||||
Celestial Aviation Trading 57 Limited | Ireland | |||||||
Celestial Aviation Trading 6 Limited | Ireland | |||||||
Celestial Aviation Trading 62 Limited | Ireland | |||||||
Celestial Aviation Trading 63 Limited | Ireland | |||||||
Celestial Aviation Trading 64 Limited | Ireland | |||||||
Celestial Aviation Trading 65 Limited | Ireland | |||||||
Celestial Aviation Trading 66 Limited | Ireland | |||||||
Celestial Aviation Trading 67 Limited | Ireland | |||||||
Celestial Aviation Trading 68 Limited | Ireland | |||||||
Celestial Aviation Trading 69 Limited | Ireland | |||||||
Celestial Aviation Trading 7 Limited | Ireland | |||||||
Celestial Aviation Trading 71 Limited | Ireland | |||||||
Celestial Aviation Trading 8 Limited | Ireland | |||||||
Celestial Aviation Trading 9 Limited | Ireland | |||||||
Celestial Aviation Trading Ireland Limited | Ireland | |||||||
Celestial ECA Ireland Limited | Ireland | |||||||
Celestial ECA Trading 1 Limited | Ireland | |||||||
Celestial ECA Trading 2 Limited | Ireland | |||||||
Celestial ECA Trading 3 Limited | Ireland | |||||||
Celestial EX-IM 2 Limited | Ireland | |||||||
Celestial EX-IM Trading 1 Limited | Ireland | |||||||
Celestial EX-IM Trading 2 Limited | Ireland | |||||||
Celestial EX-IM Trading 5 Limited | Ireland | |||||||
Celestial EX-IM Trading Limited | Ireland | |||||||
Celestial Transportation Finance Ireland Limited | Ireland | |||||||
CelestialFunding Limited | Ireland | |||||||
Celtago Funding Limited | Ireland | |||||||
Celtago II Funding Limited | Ireland | |||||||
Celtago II Leasing Limited | Ireland | |||||||
Cesium Funding Limited | Ireland | |||||||
Charleville Aircraft Leasing Limited | Ireland | |||||||
CieloFunding Holdings Limited | Ireland |
CieloFunding II Limited | Ireland | |||||||
CieloFunding Limited | Ireland | |||||||
Clarity Leasing Limited | Ireland | |||||||
CloudFunding II Limited | Ireland | |||||||
CloudFunding Limited | Ireland | |||||||
Crescent Leasing 4 Limited | Ireland | |||||||
Crescent Leasing 9 Limited | Ireland | |||||||
Culann Aircraft Leasing Limited | Ireland | |||||||
CuttlefishFunding Limited | Ireland | |||||||
Cygnus Funding Limited | Ireland | |||||||
Dagda Aircraft Leasing Limited | Ireland | |||||||
DartfishFunding Designated Activity Company | Ireland | |||||||
Delos Aircraft Leasing Designated Activity Company | Ireland | |||||||
Delos Aircraft Designated Activity Company | Ireland | |||||||
Diadem Aircraft Limited | Ireland | |||||||
Eden Aircraft Holding No. 2 Limited | Ireland | |||||||
Electra Funding Ireland Limited | Ireland | |||||||
Excalibur Aircraft Leasing Limited | Ireland | |||||||
Fansipan Aircraft Leasing Limited | Ireland | |||||||
FirefishFunding Limited | Ireland | |||||||
Floran Aircraft Leasing Limited | Ireland | |||||||
Flotlease MSN 3699 Limited | Ireland | |||||||
Flotlease Limited | Ireland | |||||||
FlyFunding Limited | Ireland | |||||||
Flying Fortress Ireland Leasing Limited | Ireland | |||||||
FodiatorFunding Designated Activity Company | Ireland | |||||||
Fortress Aircraft 1 Limited | Ireland | |||||||
Fortress Aircraft 33A-0366 Limited | Ireland | |||||||
Fortress Ireland Leasing Limited | Ireland | |||||||
Geministream Aircraft Leasing Limited | Ireland | |||||||
Gladius Funding Limited | Ireland | |||||||
Glide Aircraft 35A-29 Ltd | Ireland | |||||||
Glide Aircraft 73B-41815 Limited | Ireland | |||||||
Glide Aircraft 78B-38765 Limited | Ireland | |||||||
Glide Funding Limited | Ireland | |||||||
Goldfish Funding Designated Activity Company | Ireland | |||||||
Gunung Leasing Limited | Ireland | |||||||
Harmonic Aircraft Leasing Limited | Ireland | |||||||
Hyperion Aircraft Limited | Ireland | |||||||
ILFC Aircraft 1 Limited | Ireland | |||||||
ILFC Aircraft 3 Limited | Ireland | |||||||
ILFC Aircraft 32A-1808 Limited | Ireland |
ILFC Aircraft 32A-1884 Limited | Ireland | |||||||
ILFC Aircraft 32A-1901 Limited | Ireland | |||||||
ILFC Aircraft 32A-1905 Limited | Ireland | |||||||
ILFC Aircraft 32A-2707 Limited | Ireland | |||||||
ILFC Aircraft 32A-3114 Limited | Ireland | |||||||
ILFC Aircraft 32A-3116 Limited | Ireland | |||||||
ILFC Aircraft 32A-3124 Limited | Ireland | |||||||
ILFC Aircraft 32A-4619 Limited | Ireland | |||||||
ILFC Aircraft 32A-666 Limited | Ireland | |||||||
ILFC Aircraft 33A-444 Limited | Ireland | |||||||
ILFC Aircraft 33A-822 Limited | Ireland | |||||||
ILFC Aircraft 33A-911 Limited | Ireland | |||||||
ILFC Aircraft 4 Limited | Ireland | |||||||
ILFC Aircraft 5 Limited | Ireland | |||||||
ILFC Aircraft 6 Limited | Ireland | |||||||
ILFC Aircraft 7 Limited | Ireland | |||||||
ILFC Aircraft 73B-29344 Limited | Ireland | |||||||
ILFC Aircraft 73B-30665 Limited | Ireland | |||||||
ILFC Aircraft 73B-30667 Limited | Ireland | |||||||
ILFC Aircraft 73B-30669 Limited | Ireland | |||||||
ILFC Aircraft 73B-38828 Limited | Ireland | |||||||
ILFC Aircraft 73B-41784 Limited | Ireland | |||||||
ILFC Aircraft 73B-41785 Limited | Ireland | |||||||
ILFC Aircraft 73B-41789 Limited | Ireland | |||||||
ILFC Aircraft 73B-41790 Limited | Ireland | |||||||
ILFC Aircraft 73B-41791 Limited | Ireland | |||||||
ILFC Aircraft 73B-41792 Limited | Ireland | |||||||
ILFC Aircraft 73B-41793 Limited | Ireland | |||||||
ILFC Aircraft 73B-41802 Limited | Ireland | |||||||
ILFC Aircraft 76B-27616 Limited | Ireland | |||||||
ILFC Aircraft 76B-27958 Limited | Ireland | |||||||
ILFC Aircraft 76B-28111 Limited | Ireland | |||||||
ILFC Aircraft 76B-28207 Limited | Ireland | |||||||
ILFC Aircraft 76B-29435 Limited | Ireland | |||||||
ILFC Aircraft 77B-29908 Limited | Ireland | |||||||
ILFC Ireland Leasing Limited | Ireland | |||||||
ILFC Ireland Limited | Ireland | |||||||
Iridium Funding Limited | Ireland | |||||||
Jade Aircraft Leasing Limited | Ireland | |||||||
Jasmine Aircraft Leasing Limited | Ireland | |||||||
Jasper Aircraft Leasing Limited | Ireland | |||||||
Leostream Aircraft Leasing Limited | Ireland |
Librastream Aircraft Leasing Limited | Ireland | |||||||
Limelight Funding Limited | Ireland | |||||||
Lishui Aircraft Leasing Limited | Ireland | |||||||
Lyra Aircraft Leasing Limited | Ireland | |||||||
Macra Aircraft Leasing Limited | Ireland | |||||||
Mainstream Aircraft Leasing Limited | Ireland | |||||||
Melodic Aircraft Leasing Limited | Ireland | |||||||
Menelaus II Designated Activity Company | Ireland | |||||||
Menelaus V Limited | Ireland | |||||||
Menelaus VI Limited | Ireland | |||||||
Menelaus VII Limited | Ireland | |||||||
Menelaus VIII Limited | Ireland | |||||||
Mentes V Ireland Leasing Limited | Ireland | |||||||
Mentes VI Ireland Leasing Limited | Ireland | |||||||
Mentes VII Ireland Leasing Limited | Ireland | |||||||
Milestone Export Leasing No. 2, Limited | Ireland | |||||||
Monophonic Aircraft Leasing Limited | Ireland | |||||||
Moonlight Aircraft Leasing (Ireland) Limited | Ireland | |||||||
Moyadda Limited | Ireland | |||||||
NAS Aircraft Investments 11 Limited | Ireland | |||||||
NimbusFunding Limited | Ireland | |||||||
Palladium Funding Limited | Ireland | |||||||
Philharmonic Aircraft Leasing Limited | Ireland | |||||||
Platinum Aircraft Leasing Limited | Ireland | |||||||
Premier Aircraft Leasing (EXIM) 1 Designated Activity Company | Ireland | |||||||
Premier Aircraft Leasing (EXIM) 5 Designated Activity Company | Ireland | |||||||
Quadrant MSN 5869 Limited | Ireland | |||||||
Quiescent Holdings Limited | Ireland | |||||||
RainbowFunding Limited | Ireland | |||||||
Rhenium Aviation Limited | Ireland | |||||||
Rhodium Funding Limited | Ireland | |||||||
Riggs Leasing Limited | Ireland | |||||||
Scandium Funding Limited | Ireland | |||||||
Scarlet Aircraft Leasing Limited | Ireland | |||||||
Serpens Aircraft Leasing Limited | Ireland | |||||||
Serranus Funding Limited | Ireland | |||||||
Setanta Aircraft Leasing Designated Activity Company | Ireland | |||||||
Setanta Aviation Holdings Limited | Ireland | |||||||
Shrewsbury Aircraft Leasing Limited | Ireland | |||||||
SkyFunding II Limited | Ireland | |||||||
SkyFunding Limited | Ireland | |||||||
Skylease 1 Limited | Ireland |
Skylease 2 Limited | Ireland | |||||||
Skylease 3 Limited | Ireland | |||||||
Skylease 4 Limited | Ireland | |||||||
Skylease MSN (3365) Limited | Ireland | |||||||
Skylease MSN (3392) Limited | Ireland | |||||||
Skylease MSN 3825 Limited | Ireland | |||||||
Skylease MSN 3859 Limited | Ireland | |||||||
Skylease MSN 4241 Limited | Ireland | |||||||
Skylease MSN 4254 Limited | Ireland | |||||||
Skylease MSN 4267 Limited | Ireland | |||||||
Skyscape Limited | Ireland | |||||||
SoraFunding Limited | Ireland | |||||||
StratocumulusFunding Limited | Ireland | |||||||
StratusFunding Limited | Ireland | |||||||
Streamline Aircraft Leasing Limited | Ireland | |||||||
Sunflower Aircraft Leasing Limited | Ireland | |||||||
Symphonic Aircraft Leasing Limited | Ireland | |||||||
Synchronic Aircraft Leasing Limited | Ireland | |||||||
Tantalum Funding Limited | Ireland | |||||||
TetraFunding Limited | Ireland | |||||||
Transversal Aircraft Holdings Limited | Ireland | |||||||
Transversal Aircraft Leasing Limited | Ireland | |||||||
Triple Eight Aircraft Holdings Limited | Ireland | |||||||
Tullycrine Aircraft Leasing Limited | Ireland | |||||||
Verde Aircraft Finance Limited | Ireland | |||||||
Verde Aircraft Investment Limited | Ireland | |||||||
Vertical Aviation No 1 Limited | Ireland | |||||||
Vertical Aviation No 2 Limited | Ireland | |||||||
Vertical Aviation No 3 Limited | Ireland | |||||||
Vertical Aviation No 4 Limited | Ireland | |||||||
Virgostream Aircraft Leasing Limited | Ireland | |||||||
Whitney Ireland Leasing Limited | Ireland | |||||||
XLease MSN 3008 Limited | Ireland | |||||||
XLease MSN 3420 Limited | Ireland | |||||||
Acorn Aviation Limited | Isle of Man | |||||||
AerCap Holding (IOM) Limited | Isle of Man | |||||||
Crescent Aviation Limited | Isle of Man | |||||||
Stallion Aviation Limited | Isle of Man | |||||||
ILFC Labuan ECA Ltd. | Malaysia | |||||||
ILFC Labuan Ltd. | Malaysia | |||||||
GE Capital Aviation Services México, S. de R.L. de C.V. | Mexico | |||||||
AerCap A330 Holdings B.V. | Netherlands |
AerCap AerVenture Holding B.V. | Netherlands | |||||||
AerCap Aircraft Leasing Netherlands B.V. | Netherlands | |||||||
AerCap Aviation Solutions B.V. | Netherlands | |||||||
AerCap B.V. | Netherlands | |||||||
AerCap Dutch Aircraft Leasing I B.V. | Netherlands | |||||||
AerCap Dutch Aircraft Leasing VII B.V. | Netherlands | |||||||
AerCap Dutch Global Aviation B.V. | Netherlands | |||||||
AerCap Group Services B.V. | Netherlands | |||||||
AerCap Leasing XIII B.V. | Netherlands | |||||||
AerCap Leasing XXX B.V. | Netherlands | |||||||
AerCap Netherlands B.V. | Netherlands | |||||||
Annamite Aircraft Leasing B.V. | Netherlands | |||||||
BlowfishFunding B.V. | Netherlands | |||||||
Clearstream Aircraft Leasing B.V. | Netherlands | |||||||
FodiatorFunding B.V. | Netherlands | |||||||
Goldfish Funding B.V. | Netherlands | |||||||
Harmony Funding B.V. | Netherlands | |||||||
Harmony Funding Holdings B.V. | Netherlands | |||||||
NimbusFunding B.V. | Netherlands | |||||||
StratocumulusFunding B.V. | Netherlands | |||||||
Worldwide Aircraft Leasing B.V. | Netherlands | |||||||
AerCap Rus LLC | Russia | |||||||
AerCap Aviation Singapore Private Limited | Singapore | |||||||
AerCap Singapore Pte. Ltd. | Singapore | |||||||
ILFC Singapore Pte. Ltd. | Singapore | |||||||
AerFi Sverige AB | Sweden | |||||||
Celestial Sverige Aircraft Leasing Worldwide AB | Sweden | |||||||
International Lease Finance Corporation (Sweden) AB | Sweden | |||||||
Celestial Aircraft Leasing Limited | United Arab Emirates | |||||||
AerCap Materials UK | United Kingdom | |||||||
AerCap UK Aviation Limited | United Kingdom | |||||||
AerCap UK Limited | United Kingdom | |||||||
Aircraft 32A-3424 Limited | United Kingdom | |||||||
Aircraft 32A-3454 Limited | United Kingdom | |||||||
Archytas Aviation Limited | United Kingdom | |||||||
ILFC UK Limited | United Kingdom | |||||||
Milestone Aviation UK Ltd | United Kingdom | |||||||
Milestone Aviation UK No. 2 Limited | United Kingdom | |||||||
Temescal UK Limited | United Kingdom | |||||||
Whitney UK Leasing Limited | United Kingdom | |||||||
AerCap ACM, Inc. | United States | |||||||
AerCap Global Aviation Trust | United States | |||||||
AerCap Group Services, LLC | United States |
AerCap Hangar 52, Inc. | United States | |||||||
AerCap Leasing USA I, LLC | United States | |||||||
AerCap Leasing USA II, LLC | United States | |||||||
AerCap Materials, Inc | United States | |||||||
AerCap U.S. Global Aviation LLC | United States | |||||||
AerCap US Aviation LLC | United States | |||||||
AerCap US Holdings Aviation LLC | United States | |||||||
AerCap, LLC | United States | |||||||
AeroTurbine, LLC | United States | |||||||
AFS Investments 48 LLC | United States | |||||||
AFS Investments 52 LLC | United States | |||||||
AFS Investments 54 LLC | United States | |||||||
AFS Investments 55 LLC | United States | |||||||
AFS Investments 56 LLC | United States | |||||||
AFS Investments 57 LLC | United States | |||||||
AFS Investments 60 LLC | United States | |||||||
AFS Investments 66 LLC | United States | |||||||
AFS Investments 67 LLC | United States | |||||||
AFS Investments 67-F, Inc. | United States | |||||||
AFS Investments 68 LLC | United States | |||||||
AFS Investments 69 LLC | United States | |||||||
AFS Investments 70 LLC | United States | |||||||
AFS Investments 71 LLC | United States | |||||||
AFS Investments 72 LLC | United States | |||||||
AFS Investments 73 LLC | United States | |||||||
AFS Investments 74 LLC | United States | |||||||
AFS Investments 75, Inc. | United States | |||||||
AFS Investments I, Inc. | United States | |||||||
AFS Investments X LLC | United States | |||||||
AFS Investments XI LLC | United States | |||||||
AFS Investments XII LLC | United States | |||||||
AFS Investments XIII LLC | United States | |||||||
AFS Investments XIX LLC | United States | |||||||
AFS Investments XL-C LLC | United States | |||||||
AFS Investments XLI LLC | United States | |||||||
AFS Investments XLII LLC | United States | |||||||
AFS Investments XVIII LLC | United States | |||||||
AFS Investments XX LLC | United States | |||||||
AFS Investments XXII LLC | United States | |||||||
AFS Investments XXVII LLC | United States | |||||||
Aircraft 32A-1658 Inc. | United States |
Aircraft 32A-1905 Inc. | United States | |||||||
Aircraft 32A-1946 Inc. | United States | |||||||
Aircraft 32A-2024 Inc. | United States | |||||||
Aircraft 32A-2731 Inc. | United States | |||||||
Aircraft 32A-585 Inc. | United States | |||||||
Aircraft 32A-645 Inc. | United States | |||||||
Aircraft 32A-726 Inc. | United States | |||||||
Aircraft 32A-760 Inc. | United States | |||||||
Aircraft 32A-775 Inc. | United States | |||||||
Aircraft 32A-782 Inc. | United States | |||||||
Aircraft 32A-993, Inc. | United States | |||||||
Aircraft 33A-132, Inc. | United States | |||||||
Aircraft 33A-358 Inc. | United States | |||||||
Aircraft 34A-395 Inc. | United States | |||||||
Aircraft 34A-48 Inc. | United States | |||||||
Aircraft 34A-93 Inc. | United States | |||||||
Aircraft 73B-26317 Inc. | United States | |||||||
Aircraft 73B-28252 Inc. | United States | |||||||
Aircraft 73B-30036 Inc. | United States | |||||||
Aircraft 73B-30646 Inc. | United States | |||||||
Aircraft 73B-30661 Inc. | United States | |||||||
Aircraft 73B-30730 Inc. | United States | |||||||
Aircraft 73B-32841 Inc. | United States | |||||||
Aircraft 73B-41806 Inc. | United States | |||||||
Aircraft 73B-41815 Inc. | United States | |||||||
Aircraft 74B-27602 Inc. | United States | |||||||
Aircraft 75B-28834 Inc. | United States | |||||||
Aircraft 75B-28836 Inc. | United States | |||||||
Aircraft 76B-26261 Inc. | United States | |||||||
Aircraft 76B-26327 Inc. | United States | |||||||
Aircraft 76B-26329 Inc. | United States | |||||||
Aircraft 76B-27597 Inc. | United States | |||||||
Aircraft 76B-27613 Inc. | United States | |||||||
Aircraft 76B-28132 Inc. | United States | |||||||
Aircraft 76B-28206 Inc. | United States | |||||||
Aircraft 77B-29404 Inc. | United States | |||||||
Aircraft 77B-32723 Inc. | United States | |||||||
Aircraft Andros Inc. | United States | |||||||
Aircraft B757 29377 Inc. | United States | |||||||
Aircraft MSN 31878 Trust | United States |
Aircraft MSN 31884 Trust | United States | |||||||
Aircraft MSN 31885 Trust | United States | |||||||
Aircraft MSN 32012 Trust | United States | |||||||
Aircraft MSN 32013 Trust | United States | |||||||
Aircraft MSN 32019 Trust | United States | |||||||
Aircraft MSN 41375 Trust | United States | |||||||
Aircraft MSN 41379 Trust | United States | |||||||
Aircraft MSN 89002 Trust | United States | |||||||
Aircraft MSN 89015 Trust | United States | |||||||
Aircraft MSN 920167 Trust | United States | |||||||
Aircraft MSN 920169 Trust | United States | |||||||
Aircraft MSN 920171 Trust | United States | |||||||
Aircraft MSN 920296 Trust | United States | |||||||
Aircraft MSN 920301 Trust | United States | |||||||
Aircraft SPC-12, LLC | United States | |||||||
Aircraft SPC-3, Inc. | United States | |||||||
Aircraft SPC-4, Inc. | United States | |||||||
Aircraft SPC-8, Inc. | United States | |||||||
Aircraft SPC-9, LLC | United States | |||||||
Apollo Aircraft Inc. | United States | |||||||
Archerfish Aviation Inc. | United States | |||||||
Artemis US Inc. | United States | |||||||
Brokat Leasing, LLC | United States | |||||||
CABREA, Inc. | United States | |||||||
Camden Aircraft Leasing Trust | United States | |||||||
Castle Harbour - I Limited-Liability Company | United States | |||||||
Castle Harbour Leasing LLC | United States | |||||||
Charles River Aircraft Finance, Inc. | United States | |||||||
Diadem Aircraft Inc. (CA) | United States | |||||||
Diadem Aircraft Inc. (DE) | United States | |||||||
Doheny Investment Holding Trust | United States | |||||||
Euclid Aircraft, Inc. | United States | |||||||
Fleet Solutions Holdings LLC | United States | |||||||
Flying Fortress Financing, LLC | United States | |||||||
Flying Fortress Holdings, LLC | United States | |||||||
Flying Fortress Investments, LLC | United States | |||||||
Flying Fortress US Leasing Inc. | United States | |||||||
Gemanco Inc. | United States | |||||||
GIF Management, Inc. | United States | |||||||
Grand Staircase Aircraft, LLC | United States |
ILFC Aircraft 32A-10072 Inc. | United States | |||||||
ILFC Aircraft 78B-38799 Inc. | United States | |||||||
ILFC Aviation Consulting, Inc. | United States | |||||||
ILFC Dover, Inc. | United States | |||||||
ILFC Volare, Inc. | United States | |||||||
Interlease Aircraft Trading Corporation | United States | |||||||
Interlease Management Corporation | United States | |||||||
International Lease Finance Corporation | United States | |||||||
Logistechs, LLC | United States | |||||||
Milestone Export Leasing Trust | United States | |||||||
NAS Aviation Services LLC | United States | |||||||
NAS FSC Carpenter-J, Inc. | United States | |||||||
NAS Investments 10 LLC | United States | |||||||
NAS Investments 12 LLC | United States | |||||||
NAS Investments 2 LLC | United States | |||||||
NAS Investments 75, Inc. | United States | |||||||
NAS Investments 76, Inc. | United States | |||||||
NAS Investments 77, Inc. | United States | |||||||
NAS Investments 8 LLC | United States | |||||||
NAS Investments 9 LLC | United States | |||||||
NAS LLC Trust | United States | |||||||
NAS U.S. Equity Holdings, Inc. | United States | |||||||
Park Topanga Aircraft, LLC | United States | |||||||
Pelican 35302, Inc. | United States | |||||||
Polaris Holding Company LLC | United States | |||||||
Rhenium Aviation Inc. | United States | |||||||
Silvermine River Finance Two LLC | United States | |||||||
Spoon River Aircraft Finance, Inc. | United States | |||||||
Sukuk Aviation Leasing LLC | United States | |||||||
Temescal Aircraft, LLC | United States | |||||||
The Memphis Group, LLC | United States | |||||||
The Milestone Aviation Group LLC | United States | |||||||
Tuolumne River Aircraft Finance, Inc. | United States | |||||||
Vertical Aviation No. 1 LLC | United States | |||||||
Windy City Holdings LLC | United States | |||||||
AerCap Corporate Services Inc. | United States | |||||||
Floran Aircraft Leasing Inc. | United States |
/s/ Aengus Kelly | ||
Signature | ||
Aengus Kelly Chief Executive Officer |
/s/ Peter Juhas | ||
Signature | ||
Peter Juhas Chief Financial Officer |
Date: February 23, 2024 | By: | |||||||
/s/ Aengus Kelly | ||||||||
Aengus Kelly | ||||||||
Chief Executive Officer | ||||||||
Date: February 23, 2024 | By: | |||||||
/s/ Peter Juhas | ||||||||
Peter Juhas | ||||||||
Chief Financial Officer |
Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Name | KPMG |
Auditor Location | Dublin, Ireland |
Auditor Firm ID | 1116 |
Consolidated Balance Sheets (Parenthetical) - € / shares |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Ordinary share capital, par value (in EUR per share) | € 0.01 | € 0.01 |
Ordinary share capital, shares authorized (in shares) | 450,000,000 | 450,000,000 |
Ordinary share capital, shares issued (in shares) | 215,543,739 | 250,347,345 |
Ordinary share capital, shares outstanding (in shares) | 202,493,168 | 245,931,275 |
Unvested restricted stock (in shares) | 4,561,249 | 4,837,602 |
Treasury stock, at cost, shares (in shares) | 13,050,571 | 4,416,070 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 3,147,845 | $ (721,158) | $ 1,009,431 |
Other comprehensive (loss) income: | |||
Net (loss) gain on derivatives (Note 12), net of tax of $14,425, $(22,686) and $(11,679), respectively | (99,583) | 158,800 | 81,751 |
Actuarial (loss) gain on pension obligations (Note 20), net of tax of $48, $(4,108) and $(1,327), respectively | (339) | 28,761 | 9,285 |
Foreign currency translation adjustments | 0 | 0 | (15,286) |
Total other comprehensive (loss) income | (99,922) | 187,561 | 75,750 |
Comprehensive income (loss) | 3,047,923 | (533,597) | 1,085,181 |
Comprehensive income attributable to non-controlling interest | (11,754) | (4,883) | (8,924) |
Total comprehensive income (loss) attributable to AerCap Holdings N.V. | $ 3,036,169 | $ (538,480) | $ 1,076,257 |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | |||
Net gain (loss) on derivatives, tax | $ 14,425 | $ (22,686) | $ (11,679) |
Actuarial gain (loss) on pension obligations, tax | $ 48 | $ (4,108) | $ (1,327) |
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Nov. 30, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
End-of-lease ("EOL") and Maintenance Reserved ("MR") contract maintenance rights expense | $ 207,552 | $ 232,622 | $ 7,048 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MR contract maintenance rights write-off offset by maintenance liability release | 17,747 | 260,245 | 17,260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EOL contract maintenance rights write-off offset by EOL compensation received | 102,940 | 191,478 | 114,472 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EOL and MR contract maintenance rights write-off related to the Ukraine Conflict | 0 | (294,493) | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maintenance rights write-off | [1] | 328,239 | 389,852 | 138,780 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in other operating assets | $ 144,000 | 128,459 | (113,374) | (112,790) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in accounts payable, accrued liabilities and other operating liabilities | $ 124,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in debt | $ 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GECAS Transaction, stock issued during period, value | $ 6,600,000 | 6,582,960 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash Investing and Financing Activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Flight equipment reclassified to net investment in finance leases | 171,000 | 34,000 | 13,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Flight equipment reclassified to held for sale, net | 1,300,000 | 379,000 | 398,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Release to income upon sale | $ 87,809 | $ 71,668 | $ 20,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Consolidated Statements of Equity - USD ($) $ in Thousands |
Total |
AerCap Holdings N.V. shareholders’ equity |
Ordinary share capital |
Additional paid-in capital |
Treasury shares |
Accumulated other comprehensive income (loss) |
Accumulated retained earnings |
Non-controlling interest |
---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2020 | 138,847,345 | |||||||
Beginning balance at Dec. 31, 2020 | $ 8,932,486 | $ 8,864,470 | $ 1,721 | $ 2,078,125 | $ (459,994) | $ (155,085) | $ 7,399,703 | $ 68,016 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividends paid | (323) | (323) | ||||||
Repurchase of shares | (35,406) | (35,406) | (35,406) | |||||
Share-based compensation | 96,087 | 96,087 | 96,087 | |||||
Ordinary shares issued, net of tax withholdings | (13,625) | (13,625) | (233,175) | 209,499 | 10,051 | |||
Total comprehensive (loss) income | 1,085,181 | 1,076,257 | 75,750 | 1,000,507 | 8,924 | |||
GECAS Transaction, stock issued during period (in shares) | 111,500,000 | |||||||
GECAS Transaction, stock issued during period, value | 6,582,960 | 6,582,960 | $ 1,303 | 6,581,657 | ||||
Ending balance (in shares) at Dec. 31, 2021 | 250,347,345 | |||||||
Ending balance at Dec. 31, 2021 | 16,647,360 | 16,570,743 | $ 3,024 | 8,522,694 | (285,901) | (79,335) | 8,410,261 | 76,617 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividends paid | (3,957) | (3,957) | ||||||
Repurchase of shares | (1,458) | (1,458) | (1,458) | |||||
Share-based compensation | 102,848 | 102,848 | 102,848 | |||||
Ordinary shares issued, net of tax withholdings | (16,146) | (16,146) | (39,508) | 32,660 | (9,298) | |||
Total comprehensive (loss) income | (533,597) | (538,480) | 187,561 | (726,041) | 4,883 | |||
Ending balance (in shares) at Dec. 31, 2022 | 250,347,345 | |||||||
Ending balance at Dec. 31, 2022 | 16,195,050 | 16,117,507 | $ 3,024 | 8,586,034 | (254,699) | 108,226 | 7,674,922 | 77,543 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividends paid | (12,034) | (12,034) | ||||||
Redemption of non-controlling interest | (100,000) | (22,953) | (22,953) | (77,047) | ||||
Repurchase of shares | (2,618,547) | (2,618,547) | (2,618,547) | |||||
Share cancellation (in shares) | (34,803,606) | |||||||
Share cancellation | 0 | $ (348) | (2,001,587) | 2,001,935 | ||||
Share-based compensation | 97,058 | 97,058 | 97,058 | |||||
Ordinary shares issued, net of tax withholdings | (20,404) | (20,404) | (63,996) | 52,006 | (8,414) | |||
Total comprehensive (loss) income | 3,047,923 | 3,036,169 | (99,922) | 3,136,091 | 11,754 | |||
Ending balance (in shares) at Dec. 31, 2023 | 215,543,739 | |||||||
Ending balance at Dec. 31, 2023 | $ 16,589,046 | $ 16,588,830 | $ 2,676 | $ 6,594,556 | $ (819,305) | $ 8,304 | $ 10,802,599 | $ 216 |
General |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General The Company AerCap Holdings N.V., together with its subsidiaries (“AerCap,” “we,” “us” or the “Company”), is the global leader in aviation leasing with 2,078 aircraft owned, managed or on order, approximately 1,000 engines (including engines owned and managed by SES), over 300 owned helicopters, and total assets of $71 billion as of December 31, 2023. 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, Miami, Singapore, Memphis, Amsterdam, Shanghai, Dubai and other locations. 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 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. GECAS Transaction AerCap completed the acquisition of GE Capital Aviation Services (“GECAS”) from General Electric (“GE”) (the “GECAS Transaction”) on November 1, 2021 (the “Closing Date”). Immediately following the completion of the GECAS Transaction, GE held approximately 46% of AerCap’s issued and outstanding ordinary shares. During the year ended December 31, 2023, GE sold all 111,500,000 of its AerCap ordinary shares. As of November 16, 2023, GE no longer beneficially owned any of our outstanding ordinary shares.
|
Basis of presentation |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Basis of presentation | Basis of presentation General Our 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 effective control and all variable interest entities (“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. Our Consolidated Financial Statements are stated in U.S. dollars, which is our functional currency. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 2. Basis of presentation (Continued) Use of estimates The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The use of estimates is or could be a significant factor affecting acquisition accounting in a business combination, the reported carrying values of flight equipment, intangible assets, investment in finance leases, net, investments, trade receivables and notes receivable, deferred tax assets, unrecognized tax benefits and maintenance liabilities. Actual results may differ from our estimates under different conditions, sometimes materially. Risk and Uncertainties In the normal course of business, we encounter several significant types of economic risk, including credit risk, market risk and risks associated with exposure to the aviation industry. Credit risk is the risk of a lessee’s inability or unwillingness to make contractually required payments and to fulfill its other contractual obligations. Market risk reflects the change in the value of financings due to changes in interest rate spreads or other market factors, including the value of collateral underlying financings. Risks associated with exposure to the aviation industry include the risk of a downturn in the commercial aviation industry, which could adversely impact lessee ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of the Company’s flight equipment. We face significant competition and our business may be adversely affected if market participants change as a result of restructuring or bankruptcies, mergers and acquisitions, or new entities entering or exiting the industry. After a sustained period of relatively low inflation rates, rates of inflation increased significantly during the years ended December 31, 2022 and 2023, reaching or exceeding recent historical highs in the United States, the European Union, the United Kingdom, and other countries. While rates of inflation have decreased from their recent highs, they remain above levels of recent years and in some cases above the inflationary targets of the relevant central banks. High rates of inflation may have a number of adverse effects on our business. Inflation may increase the costs of goods, services and labor used in our operations, thereby increasing our expenses. Increased global inflation has contributed to rising interest rates, which may affect our lease revenues, our interest expense, the market value of our interest rate derivatives, and the market value of our flight equipment. We are exposed to geopolitical, economic and legal risks associated with the international operations of our business and those of our lessees, including many of the economic and political risks associated with emerging markets. We are exposed to concentrated political and economic risks in certain geographical regions in which our lessees are concentrated. The Russian invasion of Ukraine and the impact of resulting sanctions by the United States, the European Union, the United Kingdom and other countries has adversely affected and may continue to affect our business and financial condition, results and cash flows. We are pursuing claims in the London Commercial Court with respect to our assets that remain in Russia against the insurers under our C&P Policy and against our reinsurers under our former Russian lessees’ insurance policies. We received cash insurance settlements pursuant to insurance settlements with six Russian airlines and their Russian insurers with respect to 67 aircraft and ten spare engines lost in Russia. Insurance settlements discussions are ongoing with respect to our remaining claims under the insurance policies of several other Russian airlines. However, it is uncertain whether any of these discussions will result in any insurance settlements or receipt of insurance settlement proceeds and, if so, in what amount. Refer to Note 25—Net charges related to Ukraine Conflict and Note 31—Commitments and Contingencies for further details. The supply of commercial aircraft is dominated by Airbus and Boeing and there are a limited number of engine manufacturers. There is a risk that disruptions, including supply chain issues, manufacturing and quality control issues, and any financial instability, at any of these manufacturers may affect our revenues, results of operations, net income and operating cash flows, as our ability to deliver new aircraft and engines to our lessees depends on these manufacturers timely fulfilling their contractual delivery obligations to us.
|
Summary of significant accounting policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of significant accounting policies | Cash and cash equivalents include cash and highly liquid investments with original maturities of three months or less. Restricted cash Restricted cash includes cash held by banks that is subject to withdrawal restrictions. Such amounts are typically restricted under secured debt agreements and can be used only to maintain the aircraft securing the debt and to provide debt service payments of principal and interest. Trade receivables Trade receivables represent unpaid, current lessee rental obligations under existing lease contracts. Flight equipment held for operating leases, net Flight equipment held for operating leases is stated at cost less accumulated depreciation and impairment. Flight equipment is depreciated to its estimated residual value on a straight-line basis over the useful life of the asset. The costs of improvements to flight equipment are normally recorded as leasing expenses unless the improvement increases the long-term value of the flight equipment. In that case, the capitalized improvement cost is depreciated over the estimated remaining useful life of the asset.
(a) Useful life may be determined to be a different period depending on the disposition strategy. (b) Estimated industry price, except where more relevant information indicates that a different residual value is more appropriate. We periodically review the estimated useful lives and residual values of our flight equipment based on our industry knowledge, external factors, such as current market conditions, and changes in our disposition strategies, to determine if they are appropriate, and record adjustments to depreciation rates prospectively on an individual asset basis, as necessary. We test flight equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The quarterly impairment assessments are primarily triggered by potential sale transactions, leasing transactions, early terminated leases, credit events impacting lessees or forecasted significant and permanent declines in the demand for asset types. The quantitative impairment test is performed at the lowest level for which identifiable cash flows are largely independent of other groups of assets, which is the individual asset, including the lease-related assets and liabilities of that asset, such as the maintenance rights assets, lease incentives, and maintenance liabilities (the “Asset Group”). If the sum of the expected undiscounted future cash flows is less than the carrying value of the Asset Group, an impairment loss is recognized. The loss is measured as the excess of the carrying value of the Asset Group over its estimated fair value. Fair value reflects the present value of future cash flows expected to be generated from the assets, including its expected residual value, discounted at a rate commensurate with the associated risk. Future cash flows are assumed to occur under current market conditions and assume adequate time for a sale between a willing buyer and a willing seller. Expected future lease rates are based on all relevant information available, including current contracted rates for similar assets and industry trends. On an annual basis, we also perform an assessment of all assets older than five years and held for operating leases to identify potential impairment by reference to estimated future cash flows at the Asset Group level, and perform a quantitative impairment test. We apply significant judgment in assessing whether an impairment is necessary and in estimating significant input assumptions including the future lease rates, maintenance cash flow forecasts, the residual value and the discount rate when performing quantitative impairment tests. During the lease term, our leases require that the lessee maintain our flight equipment and either provide periodic maintenance rental payments during the lease or provide EOL compensation payments based on the maintenance usage of the flight equipment. In addition, upon lease expiry, the flight equipment undergoes inspection to verify compliance with lease return conditions. We believe that the requirement that the lessee compensate us for the maintenance usage of the flight equipment and our emphasis on maintenance and inspection helps preserve residual values and generally helps us to recover our investment in our leased flight equipment. Capitalization of interest We capitalize interest on prepayments of forward order flight equipment and add such amounts to prepayments on flight equipment. The amount of interest capitalized is the amount of interest costs which could have been avoided in the absence of such prepayments. Investment in finance, sales-type and leveraged leases, net (“Investment in finance leases, net”) Finance leases include direct financing leases, sales-type leases and leveraged leases. If a lease meets specific criteria under U.S. GAAP, we recognize the lease in investment in finance leases, net in our Consolidated Balance Sheets and de-recognize the asset from flight equipment held for operating lease. For sales-type leases, we recognize the difference between the asset carrying value and the amount recognized in investment in finance leases, net in net gain on sale of assets in our Consolidated Income Statements. The amounts recognized for finance and sales-type leases consist of lease receivables and the estimated unguaranteed residual value of the flight equipment on the lease termination date, less the unearned income and net of the allowance for credit losses. Expected unguaranteed residual values are based on our assessment of the values of the flight equipment and, if applicable, the estimated EOL payments expected at the expiration of the lease. The unearned income is recognized as lease revenue over the lease term, using the interest method to produce a constant yield over the life of the lease. Finance leases that are mainly financed at commencement with non-recourse borrowings and that meet certain criteria are accounted for as leveraged leases. Leveraged leases are recorded at the aggregate of rentals receivable, net of that portion of the rental applicable to principal and interest on the non-recourse debt, plus the estimated residual value of the leased asset less unearned income. Unearned income is recognized as lease interest income at a level rate of return on the leveraged lease net investment. Maintenance rights and lease premium, net Maintenance rights assets are recognized at fair value when we acquire flight equipment subject to existing leases. These assets represent the contractual right to receive the aircraft in a specified maintenance condition at the end of the lease under lease contracts with EOL payment provisions, or our right to receive the aircraft in better maintenance condition due to aircraft maintenance events performed by the lessee either through reimbursement of maintenance deposit rents held under lease contracts with maintenance reserve provisions, or through a lessor contribution to the lessee. Amortization of maintenance rights assets is event-driven, and maintenance rights assets are evaluated for impairment when events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. For leases with EOL maintenance provisions, upon lease termination, we recognize receipt of EOL cash compensation as lease revenue to the extent those receipts exceed the EOL maintenance rights asset, and we recognize leasing expenses when the EOL maintenance rights asset exceeds the EOL cash received. For leases with maintenance reserve payment provisions, we recognize maintenance rights expense at the time the lessee submits a reimbursement claim and provides the required documentation related to the cost of a qualifying maintenance event that relates to pre-acquisition usage. Lease premium assets represent the value of an acquired lease where the contractual rental payments are above the market rate. We amortize the lease premium assets on a straight-line basis over the term of the lease as a reduction of lease revenue. Other intangibles, net Other intangible assets primarily consist of customer relationships recorded at fair value when we acquired International Lease Finance Corporation (“ILFC”). Other intangible assets are amortized over the period during which we expect to derive economic benefits from such assets. The amortization expense is recorded in depreciation and amortization. We evaluate other intangible assets for impairment when events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. Associated companies Unconsolidated investments where we do not have a controlling financial interest, but over which we have significant influence, are accounted for using the equity method of accounting. Under the equity method of accounting, we recognize our share of earnings and losses based on our ownership percentage of such investments in equity in net earnings (losses) of investments accounted for under the equity method in our Consolidated Income Statements. The carrying amount of the equity method investment is included in Associated companies on our Consolidated Balance Sheets. Refer to Note 10—Associated companies for further details. Distributions received from equity method investees are classified using the cumulative earnings approach. Under this approach, distributions received are considered returns on investment and are classified as cash inflows from operating activities, unless the cumulative distributions received, less distributions received in prior periods that were determined to be returns of investment, exceed cumulative equity in earnings recognized. When such an excess occurs, the current-period distribution up to this excess is deemed to be a return of investment, and is classified as cash inflows from investing activities. Other assets Other assets consist of loans receivable, notes receivable, lease incentives, operating lease right-of-use (“ROU”) assets, debt issuance costs, derivative assets, other tangible fixed assets, straight-line rents, prepaid expenses, inventory, investments and other receivables. Loans receivable Loans receivable are classified as held for investment (“HFI”) when the Company has the intent and ability to hold the loan for the foreseeable future or until maturity. Loans classified as HFI are recorded at amortized cost. Loan origination fees and certain direct origination costs are deferred and recognized as adjustments to interest income over the contractual lives of the related loans. If we no longer have the intent and ability to hold a loan for the foreseeable future, then the loan is transferred to assets held for sale (“HFS”) at the lower of carrying value or estimated fair value less costs to sell. Once classified as HFS, the amount by which the carrying value exceeds fair value is recognized in our Consolidated Income Statements as an impairment loss. In a purchase and leaseback transaction where the seller/lessee effectively retains control of the flight equipment asset, the purchase and leaseback is accounted for as a loan financing. Notes receivable Notes receivable primarily arise from the restructuring and deferral of trade receivables from lessees experiencing financial difficulties. Lease incentives We capitalize amounts paid or value provided to lessees as lease incentives. We amortize lease incentives on a straight-line basis over the term of the related lease as a reduction of lease revenue. Derivative financial instruments We use derivative financial instruments to manage our exposure to interest rate risks. Derivatives are carried in our Consolidated Balance Sheets at fair value. When cash flow hedge accounting treatment is applied, the changes in fair values related to the effective portion of the derivatives are recorded in accumulated other comprehensive income (loss) (“AOCI”), and the ineffective portion is recognized immediately in interest expense. Amounts reflected in AOCI related to the effective portion are reclassified into interest expense in the same period or periods during which the hedged transaction affects interest expense. We discontinue hedge accounting prospectively when (i) we determine that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item; (ii) the derivative expires or is sold, terminated, or exercised; or (iii) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, we recognize the changes in the fair value in current-period earnings. The remaining balance in AOCI at the time we discontinue hedge accounting is not recognized in our Consolidated Income Statements unless it is probable that the forecasted cash flows will not occur. Such amounts are recognized in interest expense when the hedged transaction affects interest expense. When cash flow hedge accounting treatment is not applied, the changes in fair values related to interest rate-related derivatives between periods are recognized in interest expense in our Consolidated Income Statements. Net cash received or paid under derivative contracts is classified as operating cash flows in our Consolidated Statements of Cash Flows. Other tangible fixed assets Other tangible fixed assets consist primarily of leasehold improvements, computer equipment and office furniture, and are recorded at historical acquisition cost and depreciated at various rates over the asset’s estimated useful life on a straight-line basis. Depreciation expense on other tangible fixed assets is recorded in depreciation and amortization in our Consolidated Income Statements. Investments Equity securities without readily determinable fair values are carried at cost less impairment. We account for our investments with readily determinable fair values at fair value with all changes in fair value recognized in our Consolidated Income Statements. Income taxes Income tax expense is comprised of both current and deferred taxes. We recognize income tax expense in our Consolidated Income Statements, our Consolidated Statements of Comprehensive Income, and in our Consolidated Statements of Equity to the extent that it relates to items recognized directly in equity. We recognize the benefit of tax positions only to the extent that it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We release tax effects from AOCI using a separate identification approach. We recognize interest and penalties related to income taxes in income tax expense (benefit) in our Consolidated Income Statements and as a liability in accounts payable, accrued expenses and other liabilities in our Consolidated Balance Sheets. Deferred tax assets and liabilities We recognize deferred taxes resulting from temporary differences between the financial statement carrying amount and the tax basis of assets and liabilities using the liability method. The differences are calculated at nominal value using the enacted tax rate applicable at the time the temporary difference is expected to reverse. Deferred tax assets attributable to carry forwards and deductible temporary differences are reduced by a valuation allowance to the amount that is more likely than not to be realized. Accrued maintenance liability We use the expense as incurred model for planned major maintenance. Under this method, the estimated maintenance costs are expensed in the period incurred. In many instances, there is a short-term timing difference between when we incur the expense and the actual payment of this liability to the third-party maintenance provider. When these timing differences occur, we recognize an expense and accrue the corresponding liability in the Accrued maintenance liability line item on our Consolidated Balance Sheets. When we lease a used aircraft, the maintenance condition of the aircraft generally will be less than 100% as a result of maintenance life usage by the prior lessee. For the next lessee of the used aircraft, we generally agree to reimburse the cost of the maintenance usage from the prior lessee, if and when the next lessee performs a qualifying maintenance event. These additional payments to our lessees related to prior lessee maintenance usage are generally referred to as “top-up” or lessor contribution payments which are considered to be a lessor cost and are expensed in the period incurred. These payments are in addition to our reimbursements of supplemental maintenance rents received from the current lessee during the lease period based on utilization. In cases of a lessor contribution, where an aircraft is subject to lease, we consider the maintenance event to be incurred when the maintenance event is completed by the lessee and we confirm that the maintenance event qualifies for reimbursement under the lease provisions. In cases where the aircraft is not subject to lease and we are directing the maintenance activity, we consider the maintenance to be incurred over the period the maintenance activity is performed. For all lease contracts acquired as part of the GECAS and ILFC transactions, we determined the fair value of our maintenance liability, including lessor maintenance contributions, using the present value of the expected cash outflows. The discounted amounts are accreted in subsequent periods to their respective nominal values up until the expected maintenance event dates using the effective interest method. The accretion amounts are recorded as increases to interest expense in our Consolidated Income Statements. Debt and deferred debt issuance costs Long-term debt is carried at the principal amount borrowed, including unamortized discounts and premiums, fair value adjustments and debt issuance costs, where applicable. We amortize the amount of discounts, premiums and fair value adjustments over the period the debt is outstanding using the effective interest method. The costs we incur for issuing debt are capitalized and amortized as an increase to interest expense over the life of the debt using the effective interest method. Debt issuance costs related to our line-of-credit arrangements are presented within other assets. Fair value measurements Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We measure the fair value of our derivatives and our investments at fair value on a recurring basis and measure the fair value of flight equipment, goodwill and definite-lived intangible assets on a non-recurring basis. Refer to Note 32—Fair value measurements. Revenue recognition We lease flight equipment principally under operating leases and recognize basic lease rental income over the life of the lease. At lease inception, we review all necessary criteria to determine proper lease classification. We account for lease agreements that include uneven rental payments on a straight-line basis. The amount of the difference between basic lease rental revenue recognized and cash received is included in other assets, or in the event it is a liability, in accounts payable, accrued expenses and other liabilities. Lease agreements where rent is based on floating interest rates are included in minimum lease payments based on the floating interest rate that existed at the commencement of the lease. Increases or decreases in lease payments that result from subsequent changes in the floating interest rate are considered contingent rentals and are recorded as increases or decreases in lease revenue in the period of the interest rate change. Our lease contracts normally include default covenants, which generally obligate the lessee to pay us damages to put us in the position we would have been in had the lessee performed under the lease in full. We periodically evaluate the collectability of our operating lease contracts to determine the appropriate revenue recognition and measurement model to apply to each lessee. Accrual-based revenue recognition ceases on an operating lease contract when the collection of the rental payments is no longer probable and thereafter rental revenues are recognized using a cash receipts basis (“Cash Accounting”). In the period when collection of lease payments is no longer probable, any difference between revenue amounts recognized to date under the accrual method and payments that have been collected from the lessee, including security deposit amounts held, is recognized as a current period adjustment to lease revenue. Subsequently, revenues are recognized based on the lesser of the straight-line rental income or the lease payments collected from the lessee until such time that collection is probable. We apply significant judgment in assessing at each reporting date whether operating rental payments are probable of collection by reference to the credit status of each lessee, including lessees in bankruptcy-type arrangements, the extent of overdue balances and other relevant factors. Revenue from investment in finance leases is recognized using the interest method to produce a constant yield over the life of the lease and is included in basic lease rents for investment in finance leases and other income for loans. Most of our lease contracts require rental payments in advance. Rental payments received but unearned are recorded as deferred revenue in our Consolidated Balance Sheets. Under our flight equipment leases, the lessee is responsible for maintenance, repairs and other operating expenses during the term of the lease. Under the provisions of many of our leases, the lessee is required to make payments of supplemental maintenance rents which are calculated with reference to the utilization of the airframe, engines and other major life-limited components during the lease. We record as lease revenue all supplemental maintenance rent receipts not expected to be reimbursed to the lessee. We estimate the total amount of maintenance reimbursements for the lease term and only record maintenance revenue after we have received sufficient maintenance rents to cover the total amount of estimated maintenance reimbursements during the remaining lease term. In most lease contracts not requiring the payment of supplemental maintenance rents, and to the extent that the aircraft is redelivered in a different condition than at acceptance, we generally receive EOL cash compensation for the difference at redelivery. Upon lease termination, we recognize receipt of EOL cash compensation as lease revenue to the extent those receipts exceed the EOL maintenance rights asset, and we recognize leasing expenses when the EOL maintenance rights asset exceeds the EOL cash received. The accrued maintenance liability existing at lease termination, if any, is recognized as lease revenue net of the MR contract maintenance rights asset. When flight equipment is sold, the portion of the accrued maintenance liability not specifically assigned to the buyer is released net of any maintenance rights asset balance and is included in net gain on sale of assets. Other income consists of proceeds from interest revenue, management fee revenue, insurance proceeds, claims sales, inventory sales and income related to other miscellaneous activities. Interest revenue from notes receivable, loans receivable and other interest-bearing instruments is recognized using the effective yield method as interest accrues under the associated contracts. We recognize revenue from bankruptcy claim sales when collectability of sales proceeds is reasonably assured and contingencies, if any, are resolved. Management fee revenue is recognized as income as it accrues over the life of the contract. Income from the receipt of lease termination penalties is recorded at the time cash is received or when the lease is terminated, if revenue recognition criteria are met. Net gain on sales of assets We sell flight equipment in the normal course of our operations to manage our fleet and to realize the residual value of the assets at the end of their economic lives. These sales may include aircraft, engines or helicopters on lease to airlines as well as assets that are not on lease. In some cases, the terms and conditions of asset sale transactions may include continuing equity or debt investments in the asset, post-sale performance guarantees of asset cash flows or servicing arrangements. The presence of any of these terms and conditions requires us to determine whether control of the underlying asset has been transferred to the buyer, and whether we no longer have significant ownership risk in the asset, both of which are required for a sale and resulting gain or loss to be recognized. Total loss write-offs Total loss write-offs result from the loss of an asset because of an unforeseen event (for example, an airplane crash incident, physical loss by wrongful deprivation, asset seizure, or other loss event). These events may be insured through the lessee’s insurance policies where we are named as the insured, and under our own insurance policies where the lessee’s insurance policy fails to indemnify us. We recognize an insurance receivable to the extent we have a claim from a loss from a total loss write-off event and the likelihood of recovering such loss or portion of the loss is probable at the balance sheet date. We recognize insurance proceeds in excess of the loss recognized when all contingencies are resolved, which generally occurs when we receive a non-refundable cash payment from the insurers, or when we execute a binding settlement agreement with the insurers where a non-refundable payment will be made. Unusual or infrequently occurring events or transactions A material event or transaction that we consider to be unusual in nature or that is expected to occur infrequently, or both, is reported separately in our Consolidated Income Statements, gross of income taxes. Allowance for credit losses We are exposed to credit losses on our investment in finance leases, net, and loans and notes receivable (collectively “Financing Receivables”). The credit exposure of our Financing Receivables reflects the risk that our customers fail to meet their payment obligations and the risk that the aircraft value in an investment in finance lease, net is less than the unguaranteed residual value. We estimate the expected risk of loss of our Financing Receivables over the remaining life using a probability of default and net exposure analysis. The probability of default is estimated based on historical cumulative default data, adjusted for current conditions of similarly risk-rated counterparties over the contractual term. The net exposure is estimated based on the exposure, net of the estimated aircraft value in the instance of investment in finance leases, net, and other cash collateral, including security deposits and maintenance-related deposits, over the contractual term. We also estimate the expected risk of loss on the unguaranteed residual value based on the estimated value of the aircraft at the expiry of the finance lease. Current expected credit loss provisions are classified as leasing expenses in our Consolidated Income Statements, with a corresponding allowance for credit loss amount reported as a reduction in the carrying amount of the related balance sheet amount. A write-off is recorded when all or part of the Financing Receivable is deemed uncollectable. Write-offs are charged against previously established allowances for credit losses. Partial or full recoveries of amounts previously written off are generally recognized as a reduction in the provision for credit losses. Refer to Note 27—Allowance for credit losses for further details. Share-based compensation Employees may receive AerCap share-based awards, consisting of restricted stock units or restricted stock. Share-based compensation expense is determined by reference to the fair value of the restricted stock units or restricted stock on the grant date and is recognized on a straight-line basis over the requisite service period. Share-based compensation expense is classified in selling, general and administrative expenses. Foreign currency Foreign currency transactions are translated into U.S. dollars at the exchange rate prevailing at the time of the transaction. Receivables or payables denominated in foreign currencies are remeasured into U.S. dollars at the exchange rate prevailing at the balance sheet date. All resulting exchange gains and losses are recorded in selling, general and administrative expenses in our Consolidated Income Statements. Foreign currency exchange gains or losses on our investments at fair value are recorded in gain (loss) on investments at fair value in our Consolidated Income Statements. Variable interest entities We consolidate VIEs in which we have determined that we are the PB. We use judgment when determining (i) whether an entity is a variable interest entity (“VIE”); (ii) who are the variable interest holders; (iii) the elements and degree of control that each variable interest holder has; and (iv) ultimately which party is the PB. When determining which party is the PB, we perform an analysis which considers (i) the design of the VIE; (ii) the capital structure of the VIE; (iii) the contractual relationships between the variable interest holders; (iv) the nature of the VIE’s operations; and (v) the purposes and interests of all parties involved, including related parties. While we consider these factors, our conclusion about whether to consolidate ultimately depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE. We continually re-evaluate whether we are the PB for VIEs in which we hold a variable interest. Earnings per share Basic Earnings (Loss) Per Share (“EPS”) is computed by dividing income available to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For the purposes of calculating diluted EPS, the denominator includes both the weighted average number of ordinary shares outstanding during the period and the weighted average number of potentially dilutive ordinary shares, such as restricted stock units, restricted stock and stock options. In a period where a net loss is recognized, the denominator of the dilutive EPS calculation does not include potentially dilutive ordinary shares. 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 flight equipment. Accounting standards adopted during the year ended December 31, 2022 Reference Rate Reform In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASC 848”). ASC 848 provided 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. During the fourth quarter of 2022, we adopted ASC 848 (effective October 1, 2022). The adoption did not have a material impact on our financial statements. Topic 848 provides several optional expedients that permit an entity not to apply otherwise applicable U.S. GAAP to contracts or transactions modified or otherwise affected due to reference rate reform, provided the conditions for the respective expedients are met. Before we commenced the transition of these instruments, contracts and leases to reference SOFR instead of LIBOR, we applied optional expedients under Topic 848. When we modified those agreements, we applied optional expedients that allowed us to (a) account for the contract modifications as continuations of the existing contracts without further accounting assessment that might otherwise be required and (b) continue cash flow hedging relationships without de-designation when changes are made to hedge documentation, contractual terms of the hedging instrument or forecasted transaction, hedged risk, and effectiveness assessment method. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the optional expedients in Topic 848. The adoption of ASU 2022-06, which was effective upon issuance, did not have a material effect on the Company’s consolidated financial statements. We had certain debt instruments, derivative contracts, and leases that referenced LIBOR. LIBOR was a benchmark interest rate calculated based on information contributed by a panel of large international banks. LIBOR’s administrator announced in March 2021 that it intended to stop publishing the Overnight, 1-month, 3-month, 6-month and 12-month USD LIBOR settings after June 30, 2023. In April 2023, the FCA announced that the one-month, three-month and six-month US Dollar LIBOR tenors will continue to be published in synthetic form until September 2024, at which point these LIBOR tenors will cease. In anticipation of that cessation, we commenced the transition of our LIBOR-based instruments, contracts and leases to Secured Overnight Financing Rate (“SOFR” or “Term SOFR”) in October 2022. The transition of our LIBOR-based instruments was completed in October 2023. Future application of accounting standards: Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 enhances the transparency and decision usefulness of the annual income tax disclosures. The two primary enhancements include disaggregating existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. The standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis; however, retrospective application in all prior periods presented in the annual financial statements is permitted. The adoption of ASU 2023-09 is not expected to have a material effect on the Company’s consolidated financial statements. Improvements to Reportable Segmental Disclosures In November 2023, the FASB issued ASU 2023-07—Segmental Reporting (Topic 280): Improvements to Reportable Segmental Disclosures (“ASU 2023-07”). ASU 2023-07 enhances segmental reporting through expanding the breadth and frequency of segment disclosures. The standard is effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. The amendments in ASU 2023-07 should be applied retrospectively unless it is impractical to do so and any segment expense categories and amounts disclosed in prior periods are based on the significant segment expense categories identified and disclosed in the period of adoption. The adoption of ASU 2023-07 is not expected to have a material effect on the Company’s consolidated financial statements.
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Cash, cash equivalents and restricted cash |
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash Our restricted cash balance was $198 million and $160 million as of December 31, 2023 and 2022, respectively, and was primarily related to our Export Credit Agency (“ECA”) financings, Export-Import Bank of the United States (“Ex-Im”) financings, our AerFunding revolving credit facility, our Brazilian Development Bank (“BNDES”) financing and other debt. Refer to Note 15—Debt. The following is a summary of our cash, cash equivalents and restricted cash as of December 31, 2023 and 2022:
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Flight equipment held for operating leases, net |
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Property, Plant, and Equipment, Lessor Asset under Operating Lease [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Flight equipment held for operating leases, net | Flight equipment held for operating leases, net Movements in flight equipment held for operating leases during the years ended December 31, 2023 and 2022 were as follows:
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Investment in finance leases, net |
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Investment in finance leases, net | Investment in finance leases, net Components of investment in finance leases, net as of December 31, 2023 and 2022 were as follows:
Investment in finance leases consists of direct financing leases, leveraged leases and sales-type leases of flight equipment and represents net unpaid rentals and estimated unguaranteed residual values of leased equipment, less related unearned income. The Company has no general obligation for principal and interest on notes or other instruments representing third-party participation related to leveraged leases; such notes and other instruments have not been included in liabilities but have been offset against the related rentals receivable in the table above. Our share of net lease payments on leveraged leases is subordinate to the share of other participants who also have security interests in the leased equipment. For federal income tax purposes, we are entitled to deduct the interest expense accruing on non-recourse financings related to leveraged leases. As of December 31, 2023, the cash flows receivable, including the estimated residual value at lease termination, from finance, sales-type and leveraged leases were as follows:
During the years ended December 31, 2023, 2022 and 2021, we recognized interest income from investment in finance leases, net of $101 million, $130 million and $61 million, respectively, included in basic lease rents.
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Flight equipment held for sale |
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Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Flight equipment held for sale | Flight equipment held for sale Generally, flight equipment is classified as held for sale when the sale is probable, the asset is available for sale in its present condition, and it is expected to be sold within one year. Flight equipment assets are reclassified from flight equipment held for operating leases to flight equipment held for sale at the lower of the asset carrying value or fair value, less costs to sell. Depreciation is no longer recognized for flight equipment classified as held for sale. As of December 31, 2023, flight equipment with a total net book value of $297 million was classified as flight equipment held for sale in our Consolidated Balance Sheet. Aggregate maintenance and security deposit amounts received from lessees of approximately $3 million will be assumed by the buyers of these assets upon consummation of the individual sale transactions. As of December 31, 2022, flight equipment with a total net book value of $293 million was classified as flight equipment held for sale in our Consolidated Balance Sheet. Aggregate maintenance and security deposit amounts received from lessees of approximately $67 million was assumed by the buyers of these assets upon consummation of the individual sale transactions.
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Maintenance rights and lease premium, net |
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maintenance rights and lease premium, net | Maintenance rights and lease premium, net Maintenance rights and lease premium, net consisted of the following as of December 31, 2023 and 2022:
Movements in maintenance rights during the years ended December 31, 2023 and 2022 were as follows:
(a) EOL and MR contract maintenance rights expense and MR contract maintenance rights write-off due to maintenance liability release for the year ended December 31, 2022 included amounts related to the Ukraine Conflict. Refer to Note 25—Net charges related to Ukraine Conflict for further details. The following tables present details of lease premium assets and related accumulated amortization as of December 31, 2023 and 2022:
Lease premium assets that are fully amortized are removed from the gross carrying amount and accumulated amortization columns in the tables above. The weighted average amortization period remaining for lease premium is 5.3 years. During the years ended December 31, 2023, 2022 and 2021, we recorded amortization expense for lease premium assets of $178 million, $224 million and $48 million respectively. As of December 31, 2023, the estimated future amortization expense for lease premium assets was as follows:
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Other intangibles, net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangibles, net | Other intangibles, net Other intangibles consisted of the following as of December 31, 2023 and 2022:
The following tables present details of customer relationships and related accumulated amortization as of December 31, 2023 and 2022:
During the years ended December 31, 2023, 2022 and 2021, we recorded annual amortization expense for customer relationships of $21 million. The weighted average amortization period remaining for customer relationships is 7.4 years. As of December 31, 2023, the estimated future amortization expense for customer relationships for the next five years is $21 million per year and $50 million in aggregate for the years thereafter.
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Associated companies |
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Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Associated companies | Associated companies As of December 31, 2023 and 2022, associated companies accounted for under the equity method of accounting consisted of the following: Our share of undistributed earnings of investments in which our ownership interest is less than 50% was $63 million as of December 31, 2023 and 2022
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Other assets |
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Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets consisted of the following as of December 31, 2023 and 2022:
(a)Notes receivable, net of allowance for credit losses as of December 31, 2023 and 2022 included $656 million and $459 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 December 31, 2023 and 2022 also included $8 million and $27 million, respectively, related to aircraft sale and other transactions. (b)As of December 31, 2023 and December 31, 2022, we had a $24 million and $111 million, respectively, allowance for credit losses on notes receivable. Refer to Note 27—Allowance for credit losses for further details. (c)As of December 31, 2023, and 2022, we had a $1 million and $4 million, respectively, allowance for credit losses on loans receivable. Refer to Note 27—Allowance for credit losses for further details. During the years ended December 31, 2023, 2022 and 2021, we recognized interest income from loans receivable, net of allowance for credit losses of $35 million, $26 million and $4 million, respectively, included in other income. Azul Restructuring We participated in the Azul restructuring completed on September 29, 2023, which included the exchange of certain notes receivable with a net carrying value of $156 million (the “Existing Notes”) held by us and the granting of certain modifications related to our operating leases with Azul (the “Azul Restructuring”). The restructured Existing Notes had a carrying value of $160 million as of December 31, 2023. In exchange for the Existing Notes, which were due at various dates between 2023 and 2032, we received new notes (“New Notes”) from Azul which are due at various dates between July 2024 and July 2030. In addition, certain of the New Notes may be settled, at Azul’s option, in cash or by the issuance of Azul publicly listed preference shares. The New Notes were initially recognized at an aggregate estimated fair value based on a market rate of interest for similar instruments. No gain or loss was recognized on the exchange of the Existing Notes for the New Notes. In connection with the operating lease modifications granted, which included modifications of both lease rental and lease term, we recognized deferred revenue included in accounts payable, accrued expenses and other liabilities on our Consolidated Balance Sheets. The deferred revenue amount is recognized on a straight-line basis in accordance with our lease revenue recognition policies. Refer to Note 13—Accounts payable, accrued expenses and other liabilities for further details.
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Derivative financial instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | Derivative financial instruments We have entered into interest rate derivatives to hedge the current and future interest rate payments on our variable rate debt. These derivative financial instruments can include interest rate swaps, caps, floors, U.S. treasury locks, options and forward contracts. As of December 31, 2023, we had interest rate caps, swaps and U.S. treasury locks outstanding, with underlying variable benchmark interest rates of daily SOFR or Term SOFR, as applicable. We completed the transition of our derivative instruments from LIBOR to Term SOFR during the year ended December 31, 2023. Some of our agreements with derivative counterparties require a two-way cash collateralization of derivative fair values. As of December 31, 2023 and 2022, we had cash collateral of $1 million and $5 million, respectively, from various counterparties and the obligation to return this collateral was recorded in accounts payable, accrued expenses and other liabilities. We had not advanced any cash collateral to counterparties as of December 31, 2023 or 2022. The counterparties to our interest rate derivatives are primarily major international financial institutions. We continually monitor our positions and the credit ratings of the counterparties involved and limit the amount of credit exposure to any one party. We could be exposed to potential losses due to the credit risk of non-performance by these counterparties. We have not experienced any losses to date. Our derivative assets are recorded in other assets and our derivative liabilities are recorded in accounts payable, accrued expenses and other liabilities in our Consolidated Balance Sheets. The following tables present notional amounts and fair values of derivatives outstanding as of December 31, 2023 and 2022:
(a)The notional amount is excluded for interest rate contracts which are not yet effective.
(a)The notional amount is excluded for interest rate contracts which are not yet effective. We recorded the following in other comprehensive gain or loss related to derivative financial instruments for the years ended December 31, 2023, 2022 and 2021:
We expect to reclassify approximately $72 million from AOCI as a reduction in interest expense in our Consolidated Income Statements over the next 12 months. The following table presents the effect of derivatives recorded in interest expense in our Consolidated Income Statements for the years ended December 31, 2023, 2022 and 2021.
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Accounts payable, accrued expenses and other liabilities |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities Accounts payable, accrued expenses and other liabilities consisted of the following as of December 31, 2023 and 2022:
(a)In September 2023, deferred revenue increased by $124 million due to the Azul Restructuring. Refer to Note 11—Other assets for further details.
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Accrued maintenance liability |
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Accrued Maintenance Liability [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued maintenance liability | Accrued maintenance liability Movements in accrued maintenance liability during the years ended December 31, 2023 and 2022 were as follows:
(a)Accrued maintenance liability released to income other than upon sale and lessor contribution, top-ups and other for the year ended December 31, 2022 included amounts related to the Ukraine Conflict. Refer to Note 25—Net charges related to Ukraine Conflict for further details.
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Debt | Debt As of December 31, 2023, the principal amount of our outstanding indebtedness totaled $46.7 billion, which excluded debt issuance costs, debt discounts and debt premium of $213 million, and our undrawn lines of credit were $11.0 billion, availability of which is subject to certain conditions, including compliance with certain financial covenants. As of December 31, 2023, we remained in compliance with the financial covenants across our various debt agreements. The following table provides a summary of our indebtedness as of December 31, 2023 and 2022:
(a)The weighted average interest rate for our floating rate debt of $10.3 billion is calculated based on the applicable U.S. dollar SOFR rate, as applicable, as of the most recent interest payment date of the respective debt, and excludes the impact of related derivative financial instruments which we hold to hedge our exposure to floating interest rates, as well as any amortization of debt issuance costs, debt discounts and debt premium. The institutional secured term loans and secured portfolio loans also contain base rate interest alternatives. (b)AerCap Global Aviation Trust, a Delaware Statutory Trust (“AerCap Trust”) (c)AerCap Ireland Capital Designated Activity Company, a designated activity company with limited liability incorporated under the laws of Ireland (“AICDC”) (d)Asia Revolver and Citi Revolvers (the “Revolving credit facilities”). (e)An additional $0.8 billion of commitment has been approved by the Export Credit Agencies, subject to customary conditions at drawdown. (f)In addition to the 14 aircraft, 74 engines are pledged as collateral. 15. Debt (Continued) As of December 31, 2023, all debt was issued or guaranteed by AerCap with the exception of the AerFunding Revolving Credit Facility and the Glide Funding term loan facility. Maturities of our debt financings (excluding fair value adjustments, debt issuance costs, debt discounts and debt premium) as of December 31, 2023 were as follows:
(a)For further detail on debt maturities, please refer to “Item 5. Operating and Financial Review and Prospects—Liquidity and capital resources—Contractual obligations.” During the years ended December 31, 2023, 2022 and 2021, we amortized as interest expense debt issuance costs, debt discounts and debt premium of $75 million, $82 million and $66 million, respectively. AerCap Trust & AICDC Notes From time to time, AerCap Trust and AICDC have co-issued additional senior unsecured notes (the “AGAT/AICDC Notes”). The following table provides a summary of the outstanding AGAT/AICDC Notes as of December 31, 2023:
All of the AGAT/AICDC Notes bear interest at fixed rates ranging from 1.65% to 6.50%. The AGAT/AICDC Notes are jointly and severally and fully and unconditionally guaranteed by AerCap Holdings N.V. and by AerCap Ireland Limited (“AerCap Ireland”), AerCap Aviation Solutions B.V., ILFC and AerCap U.S. Global Aviation LLC. Except as described below, the AGAT/AICDC Notes are not subject to redemption prior to their stated maturity and there are no sinking fund requirements. We may redeem each series of the AGAT/AICDC Notes in whole or in part, at any time, at a price equal to 100% of the aggregate principal amount plus the applicable “make-whole” premium plus accrued and unpaid interest, if any, to the redemption date. Certain of the AGAT/AICDC Notes are redeemable at our option, at par. 15. Debt (Continued) The indentures governing the AGAT/AICDC Notes contain customary covenants that, among other things, restrict our, and our restricted subsidiaries’, ability to incur liens on assets and to consolidate, merge, sell, or otherwise dispose of all or substantially all of our assets. The indentures also provide for customary events of default, including, but not limited to, the failure to pay scheduled principal and interest payments on the AGAT/AICDC Notes, the failure to comply with covenants and agreements specified in the indentures, the acceleration of certain other indebtedness resulting from non-payment of that indebtedness and certain events of insolvency. If any event of default occurs, any amount then outstanding under the indentures may immediately become due and payable. In February 2023, AerCap Trust and AICDC completed the redemption of all $600 million outstanding aggregate principal amount of their 4.125% Senior Notes due 2023. In June 2023, AerCap Trust and AICDC co-issued $1.0 billion aggregate principal amount of 5.75% Senior Notes due 2028. In June 2023, AerCap Trust and AICDC redeemed $1.0 billion aggregate principal amount of the then-outstanding $1.25 billion aggregate principal amount of their 4.50% Senior Notes due 2023. In September 2023, AerCap Trust and AICDC co-issued $900 million aggregate principal amount of 6.10% Senior Notes due 2027 and $850 million aggregate principal amount of 6.15% Senior Notes due 2030. In November 2023, AerCap Trust and AICDC completed an exchange offer (the “November Exchange Offer”) whereby they co-issued $1.5 billion aggregate principal amount of 6.45% Senior Notes due 2027 in exchange (together with cash payment) for $356 million aggregate principal amount of 1.75% Senior Notes due 2024, $276 million aggregate principal amount of 2.875% Senior Notes due 2024 and $1.0 billion aggregate principal amount of 1.65% Senior Notes due 2024. All exchanged Senior Notes were retired upon consummation of the exchange. In January 2024, AerCap Trust and AICDC co-issued $800 million aggregate principal amount of 5.10% Senior Notes due 2029 and $700 million aggregate principal amount 5.30% Senior Notes due 2034. GECAS Acquisition Notes AerCap Trust and AICDC co-issued an aggregate principal amount of $21.0 billion of senior unsecured notes (the “GECAS Acquisition Notes”) in connection with the GECAS Transaction on October 29, 2021. The GECAS Acquisition Notes are fully and unconditionally guaranteed on a senior unsecured basis by AerCap and certain other AerCap subsidiaries. The proceeds from the issuance of the GECAS Acquisition Notes were used to fund a portion of the cash consideration paid in the GECAS Transaction, and to pay related fees and expenses, with any excess proceeds used for general corporate purposes. On November 1, 2021, AerCap Trust and AICDC also co-issued an aggregate principal amount of $1.0 billion of 1.90% Senior Notes due 2025 to a subsidiary of GE in connection with the closing of the GECAS Transaction. Revolving credit facilities In March 2018, AerCap entered into a $950 million unsecured revolving and term loan agreement (the “Asia Revolver”) with a maturity of March 2022. In March 2023, AerCap amended the Asia Revolver and extended its maturity to March 2027. In March 2014, AICDC entered into a senior unsecured revolving credit facility (the “Citi Revolver I”). In February 2023, AICDC amended the Citi Revolver I and extended its maturity to February 2027. On March 30, 2021, AerCap and AICDC entered into a $4.35 billion unsecured revolving credit agreement (the “Citi Revolver II”) with a maturity of September 30, 2025. In February 2023, the terms of the Citi Revolvers were amended to replace LIBOR with Term SOFR as the relevant reference rate. 15. Debt (Continued) The obligations under the revolving credit facilities are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. Availability of borrowings under the revolving credit facilities is subject to the satisfaction of customary conditions precedent. We have the right to terminate or cancel, in whole or in part, the unused portions of the commitment amounts. Availability of borrowings under the Citi Revolver II commenced upon the Closing Date. The Revolving credit facilities contain covenants customary for unsecured financings of this type, including financial covenants that require us to maintain compliance with a maximum ratio of consolidated indebtedness to shareholders’ equity, a minimum fixed charge coverage ratio and a maximum ratio of unencumbered assets to certain financial indebtedness. The facilities also contain covenants that, among other things, restrict, subject to certain exceptions, the ability of AerCap to sell assets, make certain restricted payments and incur certain liens. Export credit facilities The principal amounts under the export credit facilities amortize over - to 12-year terms. The export credit facilities require that Special Purpose Entities (“SPEs”) controlled by the respective borrowers hold legal title to the financed flight equipment. Obligations under the export credit facilities are secured by, among other things, a pledge of the shares of the SPEs. The obligations under the export credit facilities are guaranteed by AerCap Holdings N.V. and/or certain of its subsidiaries, as well as various export credit agencies. Institutional secured term loans and secured portfolio loans The following table provides details regarding the terms of our outstanding institutional secured term loans and secured portfolio loans:
(a)These loans are secured by a combination of aircraft and the equity interests in the borrower and certain special purpose entity (“SPE”) subsidiaries of the borrower that own the aircraft. 15. Debt (Continued) Institutional secured term loans The Hyperion institutional term loan was originally entered into in 2014. The obligations of the borrowers of the loan are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. The Setanta institutional secured term loan was entered into in 2021. The obligations of the borrowers of the loan are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. Both the Hyperion loan and the Setanta loan contain customary covenants and events of default for financings of this type, including covenants that limit the ability of the subsidiary borrowers and their subsidiaries to incur additional indebtedness and create liens, and covenants that limit the ability of the guarantors, the subsidiary borrowers and their subsidiaries to consolidate, merge or dispose of all or substantially all of their assets and enter into transactions with affiliates. In September 2023, the terms of the Hyperion and Setanta loans were amended to replace LIBOR with Term SOFR as the relevant reference rate along with other amendments. Secured portfolio loans The obligations of each of the respective borrowers under each secured portfolio loan are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. These loans contain customary covenants and events of default for financings of this type, including covenants that limit the ability of the borrower and its subsidiaries to incur additional indebtedness and create liens, and covenants that limit the ability of the guarantors and the borrower and its subsidiaries to consolidate, merge or dispose of all or substantially all of their assets or enter into transactions with affiliates. The terms of the Scandium, Rhodium and Celtago II facilities were amended to replace LIBOR with Term SOFR as the relevant reference rate. These amendments became effective during the first quarter of 2023. In March 2023, the reference rate indices on the Goldfish facility were amended to replace LIBOR with Term SOFR. We applied an optional expedient under ASC 848 that allowed us to account for the contract modifications as a continuation of the existing contract without further analysis. In March 2023, we entered into a new $900 million secured facility, the Rhenium facility, with a syndicate of lenders. AerFunding Revolving Credit Facility AerFunding 1 Limited (“AerFunding”) is an SPE whose share capital is owned 95% by a charitable trust and 5% by AerCap Ireland. AerFunding is a consolidated VIE formed for the purpose of acquiring aircraft assets. In April 2006, AerFunding entered into a non-recourse senior secured revolving credit facility. Borrowings under the AerFunding Revolving Credit Facility are secured by, among other things, security interests in and pledges or assignments of equity ownership and beneficial interests in all of the subsidiaries of AerFunding, as well as by AerFunding’s interests in the leases of its assets. Other secured debt AerCap has entered into a number of financings, provided by a range of banks and non-bank financial institutions, to fund the purchase of aircraft and for general corporate purposes. The majority of the financings are guaranteed by AerCap and are secured by, among other things, a pledge of the shares of the subsidiaries owning the related aircraft and, in certain cases, a mortgage on the applicable aircraft. All of our financings contain affirmative covenants customary for secured financings of this type. 15. Debt (Continued) Subordinated debt The following table provides a summary of the outstanding subordinated debt as of December 31, 2023:
(a)Enhanced Capital Advantaged Preferred Securities (“ECAPS”). ECAPS Subordinated Notes In December 2005, ILFC issued two tranches of subordinated notes in an aggregate principal amount of $1.0 billion. Both the $400 million and $600 million tranches have a floating interest rate, with margins of 1.80% and 1.55% respectively, plus the highest of three-month Term SOFR, ten-year constant maturity U.S. Treasury, and 30-year constant maturity U.S. Treasury. Upon consummation of the ILFC Transaction, the subordinated notes were assumed by AerCap Trust, and AerCap Holdings N.V. and certain of its subsidiaries became guarantors. ILFC remains a co-obligor under the indentures governing the subordinated notes. The addition of these subsidiary guarantors did not affect the subordinated ranking of these notes. The ECAPS contain customary financial tests, including a minimum ratio of equity to total managed assets and a minimum fixed charge coverage ratio. Failure to comply with these financial tests will result in a “mandatory trigger event.” If a mandatory trigger event occurs and we are unable to raise sufficient capital in a manner permitted by the terms of the subordinated debt to cover the next interest payment on the subordinated debt, a “mandatory deferral event” will occur, requiring us to defer all interest payments and prohibiting the payment of cash dividends on AerCap Trust’s or ILFC’s capital stock or its equivalent until both financial tests are met or we have raised sufficient capital to pay all accumulated and unpaid interest on the subordinated debt. Mandatory trigger events and mandatory deferral events are not events of default under the indenture governing the subordinated debt. 2045 Junior Subordinated Notes In June 2015, AerCap Trust issued $500 million of junior subordinated notes due 2045 (the “2045 Junior Subordinated Notes”). The 2045 Junior Subordinated Notes currently bear interest at a fixed interest rate of 6.5% and, beginning in June 2025, will bear interest at the three-month benchmark rate plus 4.3%. The 2045 Junior Subordinated Notes are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. We may defer any interest payments on the 2045 Junior Subordinated Notes for up to five consecutive deferral periods. At the end of five years following the commencement of any deferral period, we must pay all accrued and unpaid deferred interest, including compounded interest. We may at our option redeem the 2045 Junior Subordinated Notes before their maturity in whole or in part, at any time and from time to time, on or after June 15, 2025 at 100% of their principal amount plus any accrued and unpaid interest thereon. The 2045 Junior Subordinated Notes are junior subordinated unsecured obligations, rank equally with all of the issuer’s and the guarantors’ future equally ranking junior subordinated indebtedness, if any, and are subordinate and junior in right of payment to all of the issuer’s and the guarantors’ existing and future unsubordinated indebtedness. 15. Debt (Continued) 2079 Junior Subordinated Notes In October 2019, AerCap Holdings N.V. issued $750 million of junior subordinated notes due 2079 (the “2079 Junior Subordinated Notes”). The 2079 Junior Subordinated Notes currently bear interest at a fixed interest rate of 5.875% and, from October 2024, will bear interest at a rate equal to the five-year U.S. Treasury Rate plus 4.535%, to be reset on each subsequent five-year anniversary. We may forgo payment of interest on the 2079 Junior Subordinated Notes for any interest period. Upon a forgoing of interest, we will have no obligation to pay the forgone interest on the payment date or at any future date. The 2079 Junior Subordinated Notes are guaranteed by certain of AerCap Holdings N.V.’s subsidiaries. We may at our option redeem the 2079 Junior Subordinated Notes before their maturity in whole or in part on October 10, 2024 (the “First Call Date”) and on each subsequent five-year anniversary of the First Call Date, at 100% of their principal amount plus any accrued and unpaid interest thereon for the then-current six-month interest period. The 2079 Junior Subordinated Notes are junior subordinated unsecured obligations, rank equally with all of the issuer’s and the guarantors’ future equally ranking junior subordinated obligations, if any, and are subordinate and junior in right of payment to all of the issuer’s and the guarantors’ present and future creditors (i) who are unsubordinated creditors, (ii) who are subordinated only to the claims of unsubordinated creditors, or (iii) who are subordinated creditors except those whose claims rank equally with or junior to the 2079 Junior Subordinated Notes. As of December 31, 2023, the 2079 Junior Subordinated Notes rank senior only to the issuer’s and the guarantors’ common and preferred stock. Subordinated debt issued by VIEs AerCap holds subordinated loan notes issued by certain consolidated VIEs. The subordinated debt held by AerCap is eliminated on consolidation of the VIEs. During the year ended December 31, 2023, we completed the sale of our variable interests in certain entities to our joint venture partner. As of December 31, 2023, we had no remaining subordinated debt issued by joint ventures.
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes Our subsidiaries are subject to income taxation in a number of tax jurisdictions, principally Ireland. Income before income taxes and income of investments accounted for under the equity method for 2023 includes income of $3.2 billion relating to Ireland and income of $0.1 billion relating to other jurisdictions. Loss before income taxes and income of investments accounted for under the equity method for 2022 includes a loss of $1.1 billion relating to Ireland and income of $0.1 billion relating to other jurisdictions. Income before income taxes and income of investments accounted for under the equity method for 2021 includes income of $1.1 billion relating to Ireland and income of $0.1 billion relating to other jurisdictions. The following table presents our income tax expense (benefit) by significant tax jurisdiction for the years ended December 31, 2023, 2022 and 2021:
16. Income taxes (Continued) The following table provides a reconciliation of the income tax expense (benefit) at the domestic trading statutory income tax rate in Ireland, being 12.5%, where the Company is tax resident, to income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021:
(a)The 2023 other reconciling items include the following tax-effected amounts: non-deductible interest expense of $6 million, withholding taxes of $13 million and other items of $5 million. (b)The 2023 remeasurement of deferred taxes relates to the reversal of a deferred tax liability for undistributed profits that may now be recovered in a tax-free manner. (c)The 2023 gains not taxable arises due to tax-exempt gains realized by group companies on the release of intra-group liabilities. (d)The 2022 other reconciling items included the following tax-effected amounts: non-deductible expenses of $8 million, a benefit relating to a consolidation of group of $22 million and other items of $7 million. (e)The 2021 other reconciling items included the following tax-effected amounts: non-deductible expenses of $19 million, non-taxable income of $19 million, and other items of $1 million. The calculation of income for income tax purposes differs significantly from financial statement income. Deferred tax is provided to reflect the impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and such amounts as measured under income tax law in the various jurisdictions. Operating loss carryforwards and accelerated tax depreciation on flight equipment give rise to our most significant deferred tax assets and liabilities. 16. Income taxes (Continued) The following tables provide details regarding the principal components of our deferred tax assets and liabilities by significant jurisdiction as of December 31, 2023 and 2022:
16. Income taxes (Continued) The net deferred tax liabilities as of December 31, 2023 of $2.3 billion were recognized in our Consolidated Balance Sheet as deferred tax assets of $276 million and as deferred tax liabilities of $2.5 billion. The net deferred tax liabilities as of December 31, 2022 of $2.0 billion were recognized in our Consolidated Balance Sheet as deferred tax assets of $210 million and as deferred tax liabilities of $2.2 billion. The following table presents the movements in the valuation allowance for deferred tax assets during the years ended December 31, 2023, and 2022:
The Company has assessed, on a jurisdictional basis, the realization of its deferred tax assets, including the ability to carry back net operating losses, the existence of taxable temporary differences, the availability of tax planning strategies and available sources of future taxable income. The Company has concluded that based on cumulative taxable income and future taxable income that it will be able to realize a benefit for its deferred tax assets in certain jurisdictions. In addition, the Company has concluded that a valuation allowance on certain deferred tax assets in Ireland and certain other jurisdictions continues to be appropriate considering income projections and uncertainty with respect to future taxable income. During the year ended December 31, 2023, the Company released a net valuation allowance of $49 million as an income tax benefit. The Company determined that the positive evidence outweighed the negative evidence, resulting in the valuation allowance release. It is possible that within the next 12 months there may be sufficient positive evidence to release a portion of the remaining valuation allowance. Release of a portion of the remaining valuation allowance would result in a benefit to income tax expense for the period the release is recorded, which could have an impact on net earnings. The timing and amount of the potential valuation allowance release are subject to significant management judgment, as well as prospective earnings in Ireland and certain other foreign entities and jurisdictions. During the year ended December 31, 2022, the Company released a net valuation allowance of $32 million as an income tax benefit. During the year ended December 31, 2021, the Company assumed a $61 million valuation allowance as a result of the GECAS Transaction and recognized a net valuation allowance of $11 million as income tax expense, made up of gross increases of $12 million and gross decreases of $1 million. As of December 31, 2023 and 2022, we had $17 million and $32 million, respectively, of unrecognized tax benefits. Substantially all of the unrecognized tax benefits as of December 31, 2023, if recognized, would affect our effective tax rate. Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next 12 months, based on the information currently available, we do not expect any change to be material to our consolidated financial condition. Our major tax jurisdiction is Ireland where our tax returns are open for examination from 2019 forward. 16. Income taxes (Continued) Global Tax Reform In 2019, the OECD announced an initiative to create an international consensus on new rules (referred to as “BEPS 2.0”) for the framework governing international taxation, which was supported by the publication of the Pillar One and Pillar Two Blueprint Reports (the “Blueprints”) in 2020. In 2021, the European Commission published an EU Directive (the “EU Minimum Tax Directive”) to incorporate the Pillar Two minimum tax rate rules into EU law. Ireland has enacted the EU Minimum Tax Directive into domestic legislation and the implementation of these rules may impact the results of our operations in Ireland and certain other jurisdictions in which our subsidiaries are based. The introduction of the EU Minimum Tax Directive means the group must be taxed at a minimum effective tax rate of 15%. In Ireland, the EU Minimum Tax Directive has been implemented by means of a new top-up tax to achieve an effective rate of 15% that will become effective in 2024. Further guidance is expected from the OECD or the Irish tax authority as to how certain aspects of Pillar Two will operate. Any future guidance or directives issued by the OECD or the Irish tax authority could alter the operation of this tax and any such changes to how this tax operates could have an adverse impact on our effective tax rate and cash tax liabilities in future periods. Ireland Since 2006, the enacted Irish trading corporate income tax rate has been 12.5%. Some of our Irish tax-resident operating subsidiaries have significant operating loss carryforwards as of December 31, 2023, which give rise to deferred tax assets. These operating loss carryforwards of $15.8 billion do not expire with time. In addition, the vast majority of all of our Irish tax-resident subsidiaries are entitled to accelerated aircraft depreciation for income tax purposes and to shelter net taxable income with the surrender of losses on a current year basis within the Irish tax group. Based on projected taxable profits in our Irish subsidiaries, we expect to recover the majority of the value of our Irish deferred tax assets and we have not recognized a valuation allowance against these assets, with the exception of $5 million, as of December 31, 2023. We also have $12 million of tax credit carryforwards, which do not expire with time, available in Ireland. A valuation allowance has been recognized in full against these tax credit carryforwards.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases We lease office space in several locations globally under operating lease arrangements, and in limited instances may enter into operating or finance leases for flight equipment. Our leases have remaining lease terms of up to 18 years, and in some cases we have options to extend the lease terms for up to ten years. Our finance lease arrangements may be terminated prior to their original expiration date at our discretion. As of December 31, 2023 and 2022, operating lease ROU assets net of lease incentives and lease deficiencies included in other assets were $57 million and $82 million, respectively, and operating lease liabilities included in and other liabilities were $92 million and $135 million, respectively. As of December 31, 2023 and 2022, finance lease liabilities included in other secured were $140 million and $137 million, respectively. As of December 31, 2023 and 2022, supplemental balance sheet information related to leases was as follows:
As of December 31, 2023, maturities of operating and finance lease liabilities were as follows:
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Leases | Leases We lease office space in several locations globally under operating lease arrangements, and in limited instances may enter into operating or finance leases for flight equipment. Our leases have remaining lease terms of up to 18 years, and in some cases we have options to extend the lease terms for up to ten years. Our finance lease arrangements may be terminated prior to their original expiration date at our discretion. As of December 31, 2023 and 2022, operating lease ROU assets net of lease incentives and lease deficiencies included in other assets were $57 million and $82 million, respectively, and operating lease liabilities included in and other liabilities were $92 million and $135 million, respectively. As of December 31, 2023 and 2022, finance lease liabilities included in other secured were $140 million and $137 million, respectively. As of December 31, 2023 and 2022, supplemental balance sheet information related to leases was as follows:
As of December 31, 2023, maturities of operating and finance lease liabilities were as follows:
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Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity On November 1, 2021, AerCap completed the GECAS Transaction. Under the terms of the agreement, GE received 111.5 million newly issued AerCap ordinary shares. Share repurchase programs During the year ended December 31, 2022 we did not have any authorized share repurchase programs. The following table presents our share repurchase programs for the year ended December 31, 2023:
In February 2024, our Board of Directors approved a share repurchase program authorizing total repurchases of up to $500 million of AerCap ordinary shares through September 30, 2024. Refer to Note 33—Subsequent events for further details. On March 13, 2023, we announced the completion of an underwritten secondary offering (the “March Secondary Offering”) of 23.0 million AerCap ordinary shares by GE at a price to the public of $58.50 per ordinary share. Concurrent with the March Secondary Offering, we repurchased an aggregate of 8.8 million of our ordinary shares from GE under our share repurchase program at a price of $56.89 per ordinary share. On September 14, 2023, we announced the completion of a second underwritten secondary offering (the “September Secondary Offering”) of 46.8 million AerCap ordinary shares by GE at a public price of $59.00 per ordinary share. As part of the September Secondary Offering, we repurchased an aggregate of 17.5 million of our ordinary shares from GE under our share repurchase programs at a price of $57.53 per ordinary share. On November 16, 2023, we announced the completion of a third underwritten secondary offering (the “November Secondary Offering”) of 30.7 million AerCap ordinary shares by GE at a public price of $65.25 per ordinary share. As part of the November Secondary Offering, we repurchased an aggregate of 7.9 million of our ordinary shares from GE under our share repurchase programs at a price of $63.62 per ordinary share. Upon completion of this offering and the concurrent share repurchase, GE no longer beneficially owned any of our outstanding ordinary shares. During the year ended December 31, 2023, we repurchased an aggregate of 44.3 million of our ordinary shares under our share repurchase programs at an average price of $59.09 per ordinary share, including the repurchase of 36.4 million of our ordinary shares from GE. During the year ended December 31, 2023, our Board of Directors cancelled 34.8 million ordinary shares which were acquired through the share repurchase programs in accordance with the authorizations obtained from the Company’s shareholders. Between January 1, 2024 and February 20, 2024, we repurchased an aggregate of 2.2 million of our ordinary shares under our share repurchase programs at an average price of $76.17 per ordinary share. Non-controlling interest During the year ended December 31, 2023, we redeemed Market Auction Preferred Stock (“MAPS”), previously recognized within non-controlling interest. The MAPS were redeemed for par value of $100 million. The difference between the par value of $100 million and the carrying value of $77 million was reflected as an adjustment to additional paid-in capital.
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Share-based compensation |
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Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation Under our equity incentive plans, we grant restricted stock units and restricted stock to directors, officers and employees to attract and retain them on competitive terms, and to incentivize superior performance with a view to creating long-term value for the benefit of the Company, its shareholders and other stakeholders. AerCap equity grants In March 2012, we implemented an equity incentive plan (the “Equity Incentive Plan 2012”) which provides for the grant of equity awards to participants of the plan selected by the Nomination and Compensation Committee of our Board of Directors. The maximum number of equity awards available under the plan is equivalent to 8.1 million ordinary shares. The Equity Incentive Plan 2012 is not open for equity awards to our directors. In May 2014, we implemented an equity incentive plan (the “Equity Incentive Plan 2014”) which provides for the grant of equity awards to participants of the plan selected by the Nomination and Compensation Committee of our Board of Directors. The maximum number of equity awards available under the plan is equivalent to 8.5 million ordinary shares. The Equity Incentive Plan 2014 is open for equity awards to our directors. The Equity Incentive Plan 2014 and Equity Incentive Plan 2012 are collectively referred to herein as “AerCap Equity Plans.” The terms and conditions, including the vesting conditions, of the equity awards granted under AerCap Equity Plans are determined by the Nomination and Compensation Committee and, for our directors, by the Board of Directors in line with the remuneration policies approved by the General Meeting of Shareholders. The vesting periods of the majority of equity awards range between and five years. Our long-term equity awards are subject to long-term performance vesting criteria, based on the Company’s U.S. GAAP EPS budget over the specified periods, in order to promote and encourage superior performance over a prolonged period of time. Our Chief Executive Officer receives an annual equity award as part of his compensation package. All outstanding awards of restricted stock units are convertible into ordinary shares of the Company at a ratio of one-to-one, prior to deduction for payroll withholding taxes, if applicable. Ordinary shares subject to outstanding equity awards, which are not issued or delivered by reason of, amongst others, the cancellation or forfeiture of such awards or the withholding of such ordinary shares to settle tax obligations, shall again be available under the AerCap Equity Plans. 19. Share-based compensation (Continued) The following table presents movements in the outstanding restricted stock units and restricted stock under the AerCap Equity Plans during the year ended December 31, 2023:
(a)Includes 830,580 shares of restricted stock granted under the AerCap Equity Plans, of which 538,853 shares of restricted stock were issued, with the remaining 291,727 ordinary shares being withheld and applied to pay the taxes involved. As part of the 291,727 ordinary shares withheld to pay for taxes, 162,316 ordinary shares were treated as granted and subsequently vested on the grant date under specific Irish tax legislation. As a result, we recognized an expense of $10 million on the grant dates associated with these ordinary shares. (b)465,998 restricted stock units, which were previously granted under the AerCap Equity Plans, vested. In connection with the vesting of the restricted stock units, the Company issued, in full satisfaction of its obligations, 295,547 ordinary shares to the holders of these restricted stock units, with the remainder being withheld and applied to pay the taxes in respect of those awards. Restrictions on 982,882 shares of restricted stock (813,500 shares of restricted stock net of withholding for taxes) lapsed during the period. In addition, 162,316 ordinary shares were treated as granted and subsequently vested on the grant dates, as described in (a) above. In general, the amount of share-based compensation expense is determined by reference to the fair value of the restricted stock units or restricted stock on the grant date, based on the trading price of the Company’s shares on the grant date and reflective of the probability of vesting. The share-based compensation expense was $97 million and $103 million, and the related income tax benefit was $16 million and $13 million for the years ended December 31, 2023 and 2022, respectively. The following table presents our expected share-based compensation expense based on existing grants, assuming that the established performance criteria are met and that no forfeitures occur:
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Post-retirement benefit plans |
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Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Post-retirement benefit plans | Post-retirement benefit plans We provide separate defined benefit pension plans covering a small number of our employees based on years of service and pensionable pay. These plans are funded through contributions by the Company and invested in trustee administered funds. These plans are now closed to new participants and ceased accruing benefits for existing participants after December 31, 2022. Other assets as of December 31, 2023 included a $10 million asset related to the defined benefit position in respect of these pension plans. Accounts payable, accrued expenses and other liabilities as of December 31, 2022 included $3 million, related to the defined benefit obligation in respect of these pension plans. We operate defined contribution pension plans for our employees. These plans do not have a material impact on our Consolidated Balance Sheets or Consolidated Income Statements.
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Geographic information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geographic information | Geographic information The following table presents the percentage of lease revenue attributable to individual countries representing at least 10% of our total lease revenue in any year presented, based on each lessee’s principal place of business, for the years ended December 31, 2023, 2022 and 2021:
(a)Includes mainland China, Hong Kong and Macau. (b)No individual country within this category, including Ireland, where our headquarters is located, accounts for more than 10% of our lease revenue. The following table presents the percentage of long-lived assets, including flight equipment held for operating leases, flight equipment held for sale, investment in finance leases, net and maintenance rights assets, attributable to individual countries representing at least 10% of our total long-lived assets in any year presented, based on each lessee’s principal place of business, as of December 31, 2023 and 2022:
(a)Includes mainland China, Hong Kong and Macau. (b)No individual country within this category, including Ireland, where our headquarters is located, accounts for more than 10% of our long-lived assets. During the years ended December 31, 2023, 2022 and 2021, we had no lessees that represented more than 10% of total lease revenue.
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Selling, general and administrative expenses |
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Selling, General and Administrative Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | Selling, general and administrative expenses Selling, general and administrative expenses consisted of the following for the years ended December 31, 2023, 2022 and 2021:
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Other income |
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Component of Operating Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income Other income consisted of the following for the years ended December 31, 2023, 2022 and 2021:
On April 22, 2021, we entered into a claims sale and purchase agreement with a third party for the sale of certain unsecured claims filed by various AerCap companies against LATAM Airlines Group S.A. and certain of its subsidiaries in the Chapter 11 case captioned LATAM Airlines Group S.A., et al., Case No. 20-11254 (JLG) (Jointly Administered). Subsequent to the bankruptcy court entering an order establishing the allowed claim amount in May 2021, the sale of a portion of the unsecured claims closed. Approximately $595 million of sale proceeds were recognized in other income during the year ended December 31, 2021. In June 2022, the Bankruptcy Court entered an order establishing the allowed claim amount and the sale of the final portion of the unsecured claims closed. Approximately $39 million of sale-related proceeds were recognized in other income during the year ended December 31, 2022.
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Lease revenue |
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Lease Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenue | Lease revenue Our current operating lease agreements expire up to and over the next 16 years. The contracted minimum future lease payments receivable from lessees for flight equipment on non-cancelable operating leases for our owned aircraft, engines and helicopters as of December 31, 2023 were as follows:
During the years ended December 31, 2023 and 2022, 5% and 6%, respectively, of our basic lease rents from flight equipment under operating leases was attributable to leases with variable lease rates, including lease rents tied to floating interest rates and power-by-the-hour (“PBH”) agreements.
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Net charges related to Ukraine Conflict |
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Net charges related to Ukraine Conflict | On February 24, 2022, Russia launched a large-scale military invasion of Ukraine and has since been engaged in a broad military conflict with Ukraine (the “Ukraine Conflict”). In response to the Ukraine Conflict and ongoing related hostilities, the United States, the European Union, the United Kingdom and other countries have imposed broad, far-reaching sanctions against Russia, certain Russian persons and certain activities involving Russia or Russian persons (the “Sanctions”). In compliance with all applicable sanctions in March 2022, we terminated the leasing of all of our aircraft and engines with Russian airlines. These terminations have resulted in reduced revenues and operating cash flows. The Ukraine Conflict, the Sanctions and the actions of our former Russian lessees and the Russian government together have represented an unusual and infrequent event and therefore the related net charges are classified separately on our Consolidated Income Statements. During 2022, we recognized a pre-tax net charge of $2.7 billion to our earnings, comprised of write-offs and impairments of flight equipment, which were partially offset by the derecognition of lease-related assets and liabilities (including maintenance rights and lease premium intangible assets, maintenance liabilities, security deposits and other balances) and the collection of letter of credit proceeds. We recognized a total loss write-off with respect to our assets that remain in Russia and Ukraine, and impairment losses with respect to the assets we have recovered from Russian and Ukrainian airlines. We are pursuing claims in the London Commercial Court with respect to our assets that remain in Russia against the insurers under our contingent and possessed insurance policy (“C&P Policy”) and against the reinsurers under our former Russian lessees’ reinsurance policies. Refer to Note 31—Commitments and Contingencies for further details on these legal proceedings. We are also pursuing claims in the London Commercial Court under the airlines’ insurance and reinsurance policies with respect to two aircraft which were in Ukraine at the beginning of the Ukraine Conflict. We have also submitted claims to the Russian insurers of our former Russian lessees for our aircraft and engines lost in Russia. During the year ended December 31, 2023 we received cash insurance settlement proceeds of $1.3 billion pursuant to insurance settlements with six Russian airlines and their Russian insurers in respect of 67 aircraft and ten spare engines lost in Russia. We have recognized these insurance proceeds as recoveries related to the Ukraine Conflict for the year ended December 31, 2023. Insurance settlement discussions remain ongoing with respect to our claims under the insurance policies of several other Russian airlines. However, it is uncertain whether any of these discussions will result in any insurance settlement or receipt of insurance settlement proceeds and, if so, in what amount. In particular, it remains uncertain whether the necessary approvals and funding to complete any such further insurance settlements can be obtained. We intend to continue to vigorously pursue all such insurance claims, however, the collection, timing and amount of any potential recoveries under our C&P Policy and under the respective airlines’ insurance and reinsurance policies are uncertain and we have not recognized any claim receivables as of December 31, 2023. Net (recoveries) charges related to Ukraine Conflict consisted of the following for the year ended December 31, 2023 and 2022:
(a) Includes $2.9 billion and $295 million of write-offs and impairments of flight equipment, respectively.
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Asset impairment |
12 Months Ended |
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Dec. 31, 2023 | |
Asset Impairment Charges [Abstract] | |
Asset impairment | Asset impairment During the year ended December 31, 2023, we recognized impairment charges of $87 million related to sales transactions, lease amendments or lease terminations which were partially offset by maintenance revenue recognized where we retained maintenance-related balances or received EOL compensation. During the year ended December 31, 2022, we recognized impairment charges of $97 million related to sales transactions, lease amendments where we retained maintenance reserve balances or lease terminations, which were partially offset by maintenance revenue recognized when we retained maintenance-related balances or received EOL compensation. We also recognized write-offs of $2.9 billion and impairments of $295 million of flight equipment related to the Ukraine Conflict. Please refer to Note 25—Net charges related to Ukraine Conflict. During the year ended December 31, 2021, we recognized impairment charges of $128 million related to sales transactions and lease terminations, which were more than offset by maintenance revenue recognized when we retained maintenance-related balances or received EOL compensation.
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Allowance for credit losses |
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses Movements in the allowance for credit losses during the years ended December 31, 2023 and 2022 were as follows:
During the year ended December 31, 2023, we increased our credit provision by $4 million and recognized write-offs charged against the allowance of $108 million, with respect to two of our lessees. During the year ended December 31, 2022, we recognized credit provision and write-offs charged against the allowance of $110 million and $89 million respectively, primarily reflecting provisions and write-offs with respect to two of our lessees and losses due to the Ukraine Conflict. Substantially all our Financing Receivables portfolio is secured lending and we assess the overall quality of the portfolio based on Financing Receivables by airline customer risk rating as defined below. Our internal risk ratings process is an important source of information in determining our allowance for credit losses and represents a comprehensive approach to evaluating risk in our Financing Receivables portfolio. We stratify our Financing Receivables portfolio into three categories: A, B and C. Category A is considered an excellent or high-credit-quality airline customer; Category B is considered a good-credit-quality airline customer; and those airline customers in Category C are considered marginal. An internal risk rating is developed for our airline customers, which is based upon our proprietary model using data derived from the airline customer financial statements and other relevant data points that may impact our airline customer’s ability to honor its financial commitments. The frequency of rating updates is established by our credit risk policy, which requires periodic monitoring and at least an annual review. The latest credit rating review was performed as of December 31, 2023. 27. Allowance for credit losses (Continued) The tables below present Financing Receivables carried at amortized cost basis, gross of allowance for credit losses, grouped into the three credit risk categories for the years ended December 31, 2023 and 2022.
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Earnings per share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share | Earnings per share Basic EPS is calculated by dividing net income (loss) by the weighted average number of our ordinary shares outstanding, which excludes 4,561,249, 4,837,602 and 5,822,811 shares of unvested restricted stock as of December 31, 2023, 2022 and 2021, respectively. In general, for the calculation of diluted EPS, the weighted average of our ordinary shares outstanding for basic EPS is adjusted by the effect of dilutive securities provided under our equity compensation plans. The number of shares excluded from diluted shares outstanding was 372,250 for the year ended December 31, 2023, because the effect of including those shares in the calculation would have been anti-dilutive. Due to the reported loss for the year ended December 31, 2022, basic EPS was not adjusted by the effect of dilutive securities. The number of ordinary shares under our equity compensation plans which could dilute EPS in the future was 3,099,221 for the year ended December 31, 2022. The number of shares excluded from diluted shares outstanding was 122,237 for the year ended December 31, 2021 because the effect of including those shares in the calculation would have been anti-dilutive. The computations of basic and diluted EPS for the years ended December 31, 2023, 2022 and 2021 were as follows:
The computations of ordinary shares outstanding, excluding shares of unvested restricted stock, as of December 31, 2023, 2022 and 2021 were as follows:
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Variable interest entities | Variable interest entities We use many forms of entities to achieve our leasing and financing business objectives and we have participated to varying degrees in the design and formation of these entities. Our involvement in VIEs varies and includes being a passive investor in the VIE with involvement from other parties, managing and structuring all of the VIE’s activities, or being the sole shareholder of the VIE. During the year ended December 31, 2023, we did not provide any financial support to any of our VIEs that we were not contractually obligated to provide. Consolidated VIEs As of December 31, 2023 and 2022, substantially all assets and liabilities presented in our Consolidated Balance Sheets were held in consolidated VIEs. We have determined that we are the PB of these entities because we control and manage all aspects of these entities, including directing the activities that most significantly affect the entities’ economic performance, absorb the majority of the risks and rewards of these entities and guarantee the activities of these entities. The assets of our consolidated VIEs that can only be used to settle obligations of these entities, and the liabilities of these VIEs for which creditors do not have recourse to our general credit, are disclosed in our Consolidated Balance Sheets under Supplemental balance sheet information. Further details of debt held by our consolidated VIEs are disclosed in Note 15—Debt. Wholly-owned ECA and Ex-Im financing vehicles We have created certain wholly-owned subsidiaries for the purpose of purchasing flight equipment and obtaining financing secured by such flight equipment. The secured debt is guaranteed by the European ECAs and the Export-Import Bank of the United States. These entities meet the definition of a VIE because they do not have sufficient equity to operate without subordinated financial support from us in the form of intercompany notes. Other secured financings We have created a number of wholly-owned subsidiaries for the purpose of obtaining secured financings. These entities meet the definition of a VIE because they do not have sufficient equity to operate without subordinated financial support from us in the form of intercompany notes. Wholly-owned leasing entities We have created wholly-owned subsidiaries for the purpose of facilitating aircraft leases with airlines. These entities meet the definition of a VIE because they do not have sufficient equity to operate without subordinated financial support from us in the form of intercompany notes, which serve as equity. Limited recourse financing structures We have established entities to obtain secured financings for the purchase of aircraft in which we have variable interests. These entities meet the definition of a VIE because they do not have sufficient equity to operate without subordinated financial support from us in the form of intercompany notes. The loans of these entities are non-recourse to us except under limited circumstances. During the year ended December 31, 2023, we completed the sale of our variable interests in certain entities to our joint venture partner. As of December 31, 2023, we had no remaining subordinated debt issued by VIEs. 29. Variable interest entities (Continued) AerFunding We hold a 5% equity investment and 100% of the subordinated notes (“AerFunding Class E-1 Notes”) in AerFunding. As of December 31, 2023, AerFunding had $1.0 billion outstanding under a secured revolving credit facility and $2.0 billion of AerFunding Class E-1 Notes outstanding due to us. Non-consolidated VIEs Non-consolidated VIEs are investments in which we have determined that we do not have control and are not the PB. We do have significant influence and, accordingly, we account for our investments in non-consolidated VIEs under the equity method of accounting. The following table presents our maximum exposure to loss in non-consolidated VIEs as of December 31, 2023 and 2022:
The maximum exposure to loss represents the amount that would be absorbed by us in the event that all of our assets held in the VIEs, for which we are not the PB, had no value. AerDragon and AerLift Leasing Limited and Subsidiaries (“AerLift”) are investments that are VIEs in which we have determined that we do not have control and are not the PB. We do have significant influence and, accordingly, we account for our investments in AerDragon and AerLift under the equity method of accounting. Other variable interest entities We have variable interests in other entities in which we have determined we are not the PB because we do not have the power to direct the activities that most significantly affect the entities’ economic performance.
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Related party transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related party transactions | Related party transactions GE AerCap completed the acquisition of GECAS from GE on November 1, 2021. Immediately following the completion of the GECAS Transaction, GE held approximately 46% of our issued and outstanding ordinary shares. Consequently, GE became a related party upon the Closing Date of the GECAS Transaction. We may purchase, sell or lease flight equipment from/to GE. During the year ended December 31, 2023, we repurchased an aggregate of 36.4 million of our ordinary shares from GE at an average price of $58.86 per ordinary share. Please refer to Note 18—Equity. Upon completion of the November Secondary Offering and the concurrent share repurchase on November 16, 2023, GE no longer beneficially owned any of our outstanding ordinary shares and is no longer a related party. The following table presents amounts recognized in respect of our purchases, sales and leasing of flight equipment from/to GE, while GE was a related party, for the years ended December 31, 2023, 2022 and 2021:
As of December 31, 2022, AerCap had an outstanding payable balance of $9 million with GE. Equity Method Investments SES SES is a 50% joint venture between AerCap and Safran Aircraft Engines. During the years ended December 31, 2023 and 2022, we recognized lease rental income from SES of $124 million and $74 million, respectively. Other related parties Other related parties include our associated companies as detailed in Note 10—Associated companies. The following table presents amounts received from other related parties for management fees, transaction-related fees and dividends for the years ended December 31, 2023, 2022 and 2021:
Gilead Aviation Leasing During the year ended December 31, 2023, AerCap completed the sale of three Airbus A220 Family aircraft to Gilead Aviation Leasing. Purchase of shares During the year ended December 31, 2023, an Officer sold 12,913 ordinary shares to the Company at fair value on the date of the sale for an aggregate sale price of $0.7 million. The proceeds were used to pay taxes in 2023 in connection with the Officer’s share awards.
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Commitments and contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies | Commitments and contingencies Flight equipment on order As of December 31, 2023, we had commitments to purchase 338 new aircraft for delivery through 2029. These commitments are primarily based upon purchase agreements with Boeing, Airbus and Embraer S.A. (“Embraer”). These agreements establish the pricing formulas (including adjustments for certain contractual escalation provisions) and various other terms with respect to the purchase of aircraft. Under certain circumstances, we have the right to alter the mix of aircraft types ultimately acquired. As of December 31, 2023, we also had commitments to purchase 37 new engines for delivery through 2026 and eight new helicopters for delivery through 2025. As of December 31, 2023, we had made non-refundable deposits on these purchase commitments (exclusive of capitalized interest and fair value adjustments) of approximately $3.3 billion. A portion of the aggregate purchase price for the acquisition of flight equipment will be funded by incurring additional debt. The amount of the indebtedness to be incurred will depend on the final purchase price of the asset, which can vary due to a number of factors, including inflation. Prepayments on flight equipment include prepayments of our forward order flight equipment and other balances held by the flight equipment manufacturers. Movements in prepayments on flight equipment during the years ended December 31, 2023 and 2022 were as follows:
During the year ended December 31, 2023, we incurred $130 million of interest expense which was fully capitalized. The following table presents our contractual commitments for the purchase of flight equipment as of December 31, 2023:
(a)As of December 31, 2023, we had commitments to purchase 338 aircraft (including ten purchase and leaseback transactions), 37 engines and eight helicopters through 2029. The timing of our purchase obligations is based on current estimates and incorporates expected delivery delays into the table above. In addition, we have the right to reschedule the delivery dates of certain of our aircraft to future dates. 31. Commitments and contingencies (Continued) Legal proceedings General In the ordinary course of our business, we are a party to various legal actions, which we believe are incidental to the operations of our business. The Company regularly reviews the possible outcome of such legal actions, and accrues for such legal actions at the time a loss is probable and the amount of the loss can be estimated. In addition, the Company also reviews indemnities and insurance coverage, where applicable. Based on information currently available, we believe the potential outcome of those cases where we are able to estimate reasonably possible losses, and our estimate of the reasonably possible losses exceeding amounts already recognized, on an aggregated basis, is immaterial to our Consolidated Financial Statements. Contingent and Possessed Insurance Policy Litigation and Operator Reinsurance Policies Litigation On June 9, 2022, AerCap Ireland (as representative claimant on its own behalf and on behalf of all other insureds under its contingent and possessed insurance policy (the “C&P Policy”)) commenced a claim in the Commercial Court in London, England against the insurers under its C&P Policy. The trial is scheduled to commence in October 2024. As of January 31, 2024, this claim covered 113 aircraft and 23 spare engines owned by AerCap Ireland and its affiliates (including spare engines owned and managed by a related party) and three managed aircraft, all lost in Russia. During the year ended December 31, 2023, AerCap Ireland and other insureds under the C&P Policy received approximately $1.3 billion in respect of certain aircraft and spare engines lost in Russia (including certain managed aircraft and certain spare engines owned and managed by a related party) pursuant to insurance settlements under certain other insurance policies. As a result, AerCap Ireland’s claim (as representative claimant on its own behalf and on behalf of all other insureds under the C&P Policy) under the Aircraft Hull and Spares and Equipment Coverage section of the C&P Policy is now approximately in the amount of $2.2 billion. AerCap Ireland’s alternative claim (as representative claimant on its own behalf and on behalf of all other insureds under the C&P Policy) under the Aviation “War and Allied Perils” Coverage section of its C&P Policy remains in the amount of $1.2 billion. In parallel with the C&P Policy claim, during the quarter ended June 30, 2023, AerCap Ireland and certain affiliates of AerCap Ireland commenced claims in the Commercial Court in London, England against various reinsurers under reinsurance policies of the Russian airlines’ insurance policies (the “Operator Reinsurance Policies”) in respect of the aircraft and engines which remain in Russia. During the year ended December 31, 2023, several of those claims were discontinued, and several others were amended to discontinue claims in respect of certain aircraft and engines, following completion of insurance settlements with several Russian airlines and their Russian insurers. As of January 31, 2024, the remaining claims under the Operator Reinsurance Policies covered 46 aircraft and six spare engines owned by AerCap Ireland and its affiliates for an aggregate amount of approximately $1.8 billion. As of January 31, 2024, several defendants to these remaining Operator Reinsurance Policies claims have challenged the jurisdiction of the English courts and the jurisdictional hearing is currently scheduled to take place in February 2024. We intend to continue to vigorously pursue our claims under the C&P Policy and the Operator Reinsurance Policies. However, the collection, timing and amount of any potential recoveries are uncertain and we have not recognized any claim receivables as of December 31, 2023. 31. Commitments and contingencies (Continued) VASP Litigation We are party to a group of related cases arising from the leasing of 13 aircraft and three spare engines to Viação Aerea de São Paulo (“VASP”), a Brazilian airline. In 1992, VASP defaulted on its lease obligations and we commenced litigation against VASP to repossess our equipment and obtained a preliminary injunction for the repossession and export of 13 aircraft and three spare engines from VASP. We repossessed and exported the aircraft and engines. VASP appealed and, in 1996, the Appellate Court of the State of São Paulo (“TJSP”) ruled that the aircraft and engines should be returned or that VASP could recover proven damages arising from the repossession. We have defended this case in the Brazilian courts through various motions and appeals. VASP’s final appeal was denied in November 2022 and the case has been returned to the Superior Court of Justice (“STJ”) for a ruling on the merits of our original appeal of the 1996 TJSP decision. In 2006, VASP commenced a related proceeding to calculate the amount of alleged damages owed under the TJSP’s 1996 judgment. In 2017, the court decided that VASP had suffered no damages even if the TJSP’s 1996 judgment regarding liability were affirmed. On April 20, 2018, VASP appealed this decision. We believe, however, and we have been advised, that it is not probable that VASP will ultimately be able to recover damages from us even if VASP prevails on the issue of liability. The outcome of the legal process is, however, uncertain. The ultimate amount of damages, if any, payable to VASP cannot reasonably be estimated at this time. We continue to actively pursue all courses of action that may reasonably be available to us and intend to defend our position vigorously. Meanwhile, in 2008, VASP was adjudicated insolvent by a Brazilian bankruptcy court. The bankruptcy court has since allowed claims in favor of the Company in the aggregate amount of $66 million. We have been advised that it is not probable that VASP’s bankruptcy estate will have funds to pay its creditors but our court-approved claims may be used to offset any damages that VASP might be awarded in the Brazilian courts if for any reason we are not successful in defending ourselves against VASP’s claim for damages. Transbrasil Litigation We are party to a group of related actions arising from the leasing of various aircraft and engines to Transbrasil S/A Linhas Areas (“Transbrasil”), a now-defunct Brazilian airline. By 1998, Transbrasil had defaulted on various obligations under its leases with AerCap-related companies, along with other leases it had entered into with General Electric Capital Corporation and certain of its affiliates (collectively, the “Lessors”). Subsequently, Transbrasil issued promissory notes (the “Notes”) to the Lessors in connection with restructurings of the leases. Transbrasil defaulted on the Notes and the Lessors individually brought enforcement actions against Transbrasil in 2001. Transbrasil brought a lawsuit against the Lessors in February 2001 (the “Transbrasil Lawsuit”), claiming that the Notes had in fact been paid at the time the Lessors brought the enforcement actions. In 2010, an appellate court published a judgment (the “2010 Judgment”) ordering the Lessors to pay Transbrasil statutory penalties equal to double the face amount of the Notes (plus interest and monetary adjustments) as well as damages for any losses incurred as a result of the attempts to collect on the Notes (the “Indemnity Claim”). In 2013, the STJ reversed the 2010 Judgment in most respects as to all of the Lessors. All appeals in respect of the Transbrasil Lawsuit based on the merits of the dispute have now concluded. However, in July 2011, while the various appeals of the 2010 Judgment were pending, Transbrasil brought, amongst other actions now concluded, an action for provisional enforcement of the Indemnity Claim arising out of the 2010 Judgment. In light of the STJ’s 2013 ruling, (which reversed the 2010 Judgment), the trial court ordered the dismissal of a significant part of the Indemnity Claim. Our appeal regarding the remaining part of the Indemnity Claim remains pending with the TJSP. We believe we have strong arguments to convince the court that Transbrasil is not entitled to any claim under the portion of the Indemnity Claim that remains pending.
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Fair value measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurements | Fair value measurements The Company determines fair value based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It is our policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy as described below. Where limited or no observable market data exists, fair value measurements for assets and liabilities are primarily based on management’s own estimates and are calculated based upon the economic and competitive environment, the characteristics of the asset or liability and other such factors. Therefore, the results may not be realized in actual sale or immediate settlement of the asset or liability. The degree of judgment used in measuring the fair value of a financial and non-financial asset or liability generally correlates with the level of pricing observability. We classify our fair value measurements based on the observability and significance of the inputs used in making the measurement, as provided below: Level 1—Quoted prices available in active markets for identical assets or liabilities as of the reported date. Level 2—Observable market data. Inputs include quoted prices for similar assets, liabilities (risk adjusted) and market-corroborated inputs, such as market comparables, interest rates, yield curves and other items that allow value to be determined. Level 3—Unobservable inputs from our own assumptions about market risk developed based on the best information available, subject to cost benefit analysis. Inputs may include our own data. Fair value measurements are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Assets and liabilities measured at fair value on a recurring basis As of December 31, 2023 and 2022, our derivative portfolio consisted of interest rate contracts. The fair value of derivatives is based on dealer quotes for identical instruments. We have also considered the credit rating and risk of the counterparty of the derivative contract based on quantitative and qualitative factors. As such, the valuation of these instruments was classified as Level 2. As of December 31, 2023 and 2022, we held investments at fair value of $84 million and $59 million, respectively. The valuation of these investments were primarily classified as Level 1, based on quoted market price. During the year ended December 31, 2023, we recognized gains on investments at fair value of $2 million. During the years ended December 31, 2022, and 2021 we recognized losses on investments at fair value of $18 million and a gain on investment at fair value of $2 million, respectively. 32. Fair value measurements (Continued) The following tables present our financial assets and liabilities that we measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2023 and 2022:
Assets and liabilities measured at fair value on a non-recurring basis We measure the fair value of certain definite-lived intangible assets and our flight equipment on a non-recurring basis, when U.S. GAAP requires the application of fair value, including when events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. Management develops the assumptions used in the fair value measurements. Therefore, the fair value measurements of definite-lived intangible assets and flight equipment are classified as Level 3 valuations. Flight equipment Inputs to non-recurring fair value measurements categorized as Level 3 We use the income approach to measure the fair value of flight equipment, which is based on the present value of estimated future cash flows. Key inputs to the income statement approach include the discount rate, current contractual lease cash flows, projected future non-contractual lease or sale cash flows, extended to the end of the aircraft’s estimated holding period in its highest and best use, and a contractual or estimated disposition value. The current contractual lease cash flows are based on the in-force lease rates. The projected future non-contractual lease cash flows are estimated based on the aircraft type, age, and the airframe and engine configuration of the aircraft. The projected non-contractual lease cash flows are applied to follow-on lease terms, which are estimated based on the age of the aircraft at the time of re-lease and are assumed through the estimated holding period of the aircraft. The estimated holding period is the period over which future cash flows are assumed to be generated. Shorter holding periods can result when a potential sale or future disassembly of an aircraft for the sale of its parts (“part-out”) of an individual aircraft has been contracted for, or is likely. In instances of a potential sale or part-out, the holding period is based on the estimated sale or part-out date. The disposition value is generally estimated based on aircraft type. In situations where the aircraft will be disposed of, the disposition value assumed is based on an estimated part-out value or the contracted sale price. 32. Fair value measurements (Continued) The estimated future cash flows, as described above, are then discounted to present value. The discount rate used is based on the aircraft type and incorporates assumptions market participants would use regarding the likely debt and equity financing components, and the required returns of those financing components. For flight equipment that we measured at fair value on a non-recurring basis, as a result of aircraft that were impaired, during the year ended December 31, 2023, the following table presents the fair value of such flight equipment that were impaired as of the measurement date, the valuation technique and the related unobservable inputs:
The significant unobservable inputs utilized in the fair value measurement of flight equipment are the discount rate and the non-contractual cash flows. The discount rate is affected by movements in the aircraft funding markets, including fluctuations in required rates of return in debt and equity, and loan to value ratios. The non-contractual cash flows represent management’s estimate of the non-contractual cash flows over the remaining life of the aircraft. An increase in the discount rate would decrease the fair value measurement of the aircraft, while an increase in the estimated non-contractual cash flows would increase the fair value measurement of the aircraft. Fair value disclosures of financial instruments The fair value of restricted cash and cash and cash equivalents approximates their carrying value because of their short-term nature (Level 1). The fair value of our long-term unsecured debt is estimated using quoted market prices for similar or identical instruments, depending on the frequency and volume of activity in the market. The fair value of our long-term secured debt is estimated using a discounted cash flow analysis based on current market interest rates and spreads for debt with similar characteristics (Level 2). Derivatives are recognized in our Consolidated Balance Sheets at their fair value. The fair value of derivatives is based on dealer quotes for identical instruments. We have also considered the credit rating and risk of the counterparties of the derivative contracts based on quantitative and qualitative factors (Level 2). As of December 31, 2023 and 2022, we held investments at fair value of $84 million and $59 million, respectively. The valuation of these investments were primarily classified as Level 1, based on quoted market price. As of December 31, 2023 and 2022 loans receivable carried at amortized cost had estimated fair values of $650 million and $330 million, respectively, and were classified as Level 3. As of December 31, 2023 and 2022 notes receivable carried at amortized cost had estimated fair values of $664 million, and $486 million respectively, and were classified as Level 3. 32. Fair value measurements (Continued) All of our financial instruments are carried at amortized cost, other than our derivatives and investments which are measured at fair value on a recurring basis. The carrying amounts and fair values of our most significant financial instruments as of December 31, 2023 and 2022 were as follows:
(a)Excludes debt issuance costs, debt discounts and debt premium.
(a)Excludes debt issuance costs, debt discounts and debt premium.
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Subsequent events |
12 Months Ended |
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Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events AerCap Trust & AICDC Notes In January 2024, AerCap Trust and AICDC co-issued $800 million aggregate principal amount of 5.1% Senior Notes due 2029 and $700 million aggregate principal amount 5.3% Senior Notes due 2034. Share repurchase program In February 2024, our Board of Directors approved a share repurchase program authorizing total repurchases of up to $500 million of AerCap ordinary shares through September 30, 2024. Repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable U.S. federal securities laws. The timing of repurchases and the exact number of ordinary shares to be purchased will be determined by the Company's management, in its discretion, and will depend upon market conditions and other factors. The program will be funded using the Company's cash on hand and cash generated from operations. The program may be suspended or discontinued at any time.
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Summary of significant accounting policies (Policies) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General | General Our 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 effective control and all variable interest entities (“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. Our Consolidated Financial Statements are stated in U.S. dollars, which is our functional currency. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
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Use of estimates | Use of estimates The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The use of estimates is or could be a significant factor affecting acquisition accounting in a business combination, the reported carrying values of flight equipment, intangible assets, investment in finance leases, net, investments, trade receivables and notes receivable, deferred tax assets, unrecognized tax benefits and maintenance liabilities. Actual results may differ from our estimates under different conditions, sometimes materially.
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Risk and Uncertainties | Risk and Uncertainties In the normal course of business, we encounter several significant types of economic risk, including credit risk, market risk and risks associated with exposure to the aviation industry. Credit risk is the risk of a lessee’s inability or unwillingness to make contractually required payments and to fulfill its other contractual obligations. Market risk reflects the change in the value of financings due to changes in interest rate spreads or other market factors, including the value of collateral underlying financings. Risks associated with exposure to the aviation industry include the risk of a downturn in the commercial aviation industry, which could adversely impact lessee ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of the Company’s flight equipment. We face significant competition and our business may be adversely affected if market participants change as a result of restructuring or bankruptcies, mergers and acquisitions, or new entities entering or exiting the industry. After a sustained period of relatively low inflation rates, rates of inflation increased significantly during the years ended December 31, 2022 and 2023, reaching or exceeding recent historical highs in the United States, the European Union, the United Kingdom, and other countries. While rates of inflation have decreased from their recent highs, they remain above levels of recent years and in some cases above the inflationary targets of the relevant central banks. High rates of inflation may have a number of adverse effects on our business. Inflation may increase the costs of goods, services and labor used in our operations, thereby increasing our expenses. Increased global inflation has contributed to rising interest rates, which may affect our lease revenues, our interest expense, the market value of our interest rate derivatives, and the market value of our flight equipment. We are exposed to geopolitical, economic and legal risks associated with the international operations of our business and those of our lessees, including many of the economic and political risks associated with emerging markets. We are exposed to concentrated political and economic risks in certain geographical regions in which our lessees are concentrated. The Russian invasion of Ukraine and the impact of resulting sanctions by the United States, the European Union, the United Kingdom and other countries has adversely affected and may continue to affect our business and financial condition, results and cash flows. We are pursuing claims in the London Commercial Court with respect to our assets that remain in Russia against the insurers under our C&P Policy and against our reinsurers under our former Russian lessees’ insurance policies. We received cash insurance settlements pursuant to insurance settlements with six Russian airlines and their Russian insurers with respect to 67 aircraft and ten spare engines lost in Russia. Insurance settlements discussions are ongoing with respect to our remaining claims under the insurance policies of several other Russian airlines. However, it is uncertain whether any of these discussions will result in any insurance settlements or receipt of insurance settlement proceeds and, if so, in what amount. Refer to Note 25—Net charges related to Ukraine Conflict and Note 31—Commitments and Contingencies for further details. The supply of commercial aircraft is dominated by Airbus and Boeing and there are a limited number of engine manufacturers. There is a risk that disruptions, including supply chain issues, manufacturing and quality control issues, and any financial instability, at any of these manufacturers may affect our revenues, results of operations, net income and operating cash flows, as our ability to deliver new aircraft and engines to our lessees depends on these manufacturers timely fulfilling their contractual delivery obligations to us.
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Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash and highly liquid investments with original maturities of three months or less.
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Restricted cash | Restricted cash Restricted cash includes cash held by banks that is subject to withdrawal restrictions. Such amounts are typically restricted under secured debt agreements and can be used only to maintain the aircraft securing the debt and to provide debt service payments of principal and interest.
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Trade receivables | Trade receivables Trade receivables represent unpaid, current lessee rental obligations under existing lease contracts.
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Flight equipment held for operating leases, net | Flight equipment held for operating leases, net Flight equipment held for operating leases is stated at cost less accumulated depreciation and impairment. Flight equipment is depreciated to its estimated residual value on a straight-line basis over the useful life of the asset. The costs of improvements to flight equipment are normally recorded as leasing expenses unless the improvement increases the long-term value of the flight equipment. In that case, the capitalized improvement cost is depreciated over the estimated remaining useful life of the asset.
(a) Useful life may be determined to be a different period depending on the disposition strategy. (b) Estimated industry price, except where more relevant information indicates that a different residual value is more appropriate. We periodically review the estimated useful lives and residual values of our flight equipment based on our industry knowledge, external factors, such as current market conditions, and changes in our disposition strategies, to determine if they are appropriate, and record adjustments to depreciation rates prospectively on an individual asset basis, as necessary. We test flight equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The quarterly impairment assessments are primarily triggered by potential sale transactions, leasing transactions, early terminated leases, credit events impacting lessees or forecasted significant and permanent declines in the demand for asset types. The quantitative impairment test is performed at the lowest level for which identifiable cash flows are largely independent of other groups of assets, which is the individual asset, including the lease-related assets and liabilities of that asset, such as the maintenance rights assets, lease incentives, and maintenance liabilities (the “Asset Group”). If the sum of the expected undiscounted future cash flows is less than the carrying value of the Asset Group, an impairment loss is recognized. The loss is measured as the excess of the carrying value of the Asset Group over its estimated fair value. Fair value reflects the present value of future cash flows expected to be generated from the assets, including its expected residual value, discounted at a rate commensurate with the associated risk. Future cash flows are assumed to occur under current market conditions and assume adequate time for a sale between a willing buyer and a willing seller. Expected future lease rates are based on all relevant information available, including current contracted rates for similar assets and industry trends. On an annual basis, we also perform an assessment of all assets older than five years and held for operating leases to identify potential impairment by reference to estimated future cash flows at the Asset Group level, and perform a quantitative impairment test. We apply significant judgment in assessing whether an impairment is necessary and in estimating significant input assumptions including the future lease rates, maintenance cash flow forecasts, the residual value and the discount rate when performing quantitative impairment tests. During the lease term, our leases require that the lessee maintain our flight equipment and either provide periodic maintenance rental payments during the lease or provide EOL compensation payments based on the maintenance usage of the flight equipment. In addition, upon lease expiry, the flight equipment undergoes inspection to verify compliance with lease return conditions. We believe that the requirement that the lessee compensate us for the maintenance usage of the flight equipment and our emphasis on maintenance and inspection helps preserve residual values and generally helps us to recover our investment in our leased flight equipment.
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Capitalization of interest | Capitalization of interest We capitalize interest on prepayments of forward order flight equipment and add such amounts to prepayments on flight equipment. The amount of interest capitalized is the amount of interest costs which could have been avoided in the absence of such prepayments.
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Investment in finance and sales-type leases, net | Investment in finance, sales-type and leveraged leases, net (“Investment in finance leases, net”) Finance leases include direct financing leases, sales-type leases and leveraged leases. If a lease meets specific criteria under U.S. GAAP, we recognize the lease in investment in finance leases, net in our Consolidated Balance Sheets and de-recognize the asset from flight equipment held for operating lease. For sales-type leases, we recognize the difference between the asset carrying value and the amount recognized in investment in finance leases, net in net gain on sale of assets in our Consolidated Income Statements. The amounts recognized for finance and sales-type leases consist of lease receivables and the estimated unguaranteed residual value of the flight equipment on the lease termination date, less the unearned income and net of the allowance for credit losses. Expected unguaranteed residual values are based on our assessment of the values of the flight equipment and, if applicable, the estimated EOL payments expected at the expiration of the lease. The unearned income is recognized as lease revenue over the lease term, using the interest method to produce a constant yield over the life of the lease. Finance leases that are mainly financed at commencement with non-recourse borrowings and that meet certain criteria are accounted for as leveraged leases. Leveraged leases are recorded at the aggregate of rentals receivable, net of that portion of the rental applicable to principal and interest on the non-recourse debt, plus the estimated residual value of the leased asset less unearned income. Unearned income is recognized as lease interest income at a level rate of return on the leveraged lease net investment.
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Maintenance rights and lease premium, net & Other intangibles, net | Maintenance rights and lease premium, net Maintenance rights assets are recognized at fair value when we acquire flight equipment subject to existing leases. These assets represent the contractual right to receive the aircraft in a specified maintenance condition at the end of the lease under lease contracts with EOL payment provisions, or our right to receive the aircraft in better maintenance condition due to aircraft maintenance events performed by the lessee either through reimbursement of maintenance deposit rents held under lease contracts with maintenance reserve provisions, or through a lessor contribution to the lessee. Amortization of maintenance rights assets is event-driven, and maintenance rights assets are evaluated for impairment when events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. For leases with EOL maintenance provisions, upon lease termination, we recognize receipt of EOL cash compensation as lease revenue to the extent those receipts exceed the EOL maintenance rights asset, and we recognize leasing expenses when the EOL maintenance rights asset exceeds the EOL cash received. For leases with maintenance reserve payment provisions, we recognize maintenance rights expense at the time the lessee submits a reimbursement claim and provides the required documentation related to the cost of a qualifying maintenance event that relates to pre-acquisition usage. Lease premium assets represent the value of an acquired lease where the contractual rental payments are above the market rate. We amortize the lease premium assets on a straight-line basis over the term of the lease as a reduction of lease revenue. Other intangibles, net Other intangible assets primarily consist of customer relationships recorded at fair value when we acquired International Lease Finance Corporation (“ILFC”). Other intangible assets are amortized over the period during which we expect to derive economic benefits from such assets. The amortization expense is recorded in depreciation and amortization. We evaluate other intangible assets for impairment when events or changes in circumstances indicate that the carrying value of the asset may not be recoverable.
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Associated companies | Associated companies Unconsolidated investments where we do not have a controlling financial interest, but over which we have significant influence, are accounted for using the equity method of accounting. Under the equity method of accounting, we recognize our share of earnings and losses based on our ownership percentage of such investments in equity in net earnings (losses) of investments accounted for under the equity method in our Consolidated Income Statements. The carrying amount of the equity method investment is included in Associated companies on our Consolidated Balance Sheets. Refer to Note 10—Associated companies for further details. Distributions received from equity method investees are classified using the cumulative earnings approach. Under this approach, distributions received are considered returns on investment and are classified as cash inflows from operating activities, unless the cumulative distributions received, less distributions received in prior periods that were determined to be returns of investment, exceed cumulative equity in earnings recognized. When such an excess occurs, the current-period distribution up to this excess is deemed to be a return of investment, and is classified as cash inflows from investing activities.
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Other assets | Other assets Other assets consist of loans receivable, notes receivable, lease incentives, operating lease right-of-use (“ROU”) assets, debt issuance costs, derivative assets, other tangible fixed assets, straight-line rents, prepaid expenses, inventory, investments and other receivables.
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Loans receivable | Loans receivable Loans receivable are classified as held for investment (“HFI”) when the Company has the intent and ability to hold the loan for the foreseeable future or until maturity. Loans classified as HFI are recorded at amortized cost. Loan origination fees and certain direct origination costs are deferred and recognized as adjustments to interest income over the contractual lives of the related loans. If we no longer have the intent and ability to hold a loan for the foreseeable future, then the loan is transferred to assets held for sale (“HFS”) at the lower of carrying value or estimated fair value less costs to sell. Once classified as HFS, the amount by which the carrying value exceeds fair value is recognized in our Consolidated Income Statements as an impairment loss. In a purchase and leaseback transaction where the seller/lessee effectively retains control of the flight equipment asset, the purchase and leaseback is accounted for as a loan financing.
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Notes receivables | Notes receivable Notes receivable primarily arise from the restructuring and deferral of trade receivables from lessees experiencing financial difficulties.
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Lease incentives | Lease incentives We capitalize amounts paid or value provided to lessees as lease incentives. We amortize lease incentives on a straight-line basis over the term of the related lease as a reduction of lease revenue.
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Derivative financial instruments | Derivative financial instruments We use derivative financial instruments to manage our exposure to interest rate risks. Derivatives are carried in our Consolidated Balance Sheets at fair value. When cash flow hedge accounting treatment is applied, the changes in fair values related to the effective portion of the derivatives are recorded in accumulated other comprehensive income (loss) (“AOCI”), and the ineffective portion is recognized immediately in interest expense. Amounts reflected in AOCI related to the effective portion are reclassified into interest expense in the same period or periods during which the hedged transaction affects interest expense. We discontinue hedge accounting prospectively when (i) we determine that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item; (ii) the derivative expires or is sold, terminated, or exercised; or (iii) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, we recognize the changes in the fair value in current-period earnings. The remaining balance in AOCI at the time we discontinue hedge accounting is not recognized in our Consolidated Income Statements unless it is probable that the forecasted cash flows will not occur. Such amounts are recognized in interest expense when the hedged transaction affects interest expense. When cash flow hedge accounting treatment is not applied, the changes in fair values related to interest rate-related derivatives between periods are recognized in interest expense in our Consolidated Income Statements. Net cash received or paid under derivative contracts is classified as operating cash flows in our Consolidated Statements of Cash Flows.
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Other tangible fixed assets | Other tangible fixed assets Other tangible fixed assets consist primarily of leasehold improvements, computer equipment and office furniture, and are recorded at historical acquisition cost and depreciated at various rates over the asset’s estimated useful life on a straight-line basis. Depreciation expense on other tangible fixed assets is recorded in depreciation and amortization in our Consolidated Income Statements.
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Investments | Investments Equity securities without readily determinable fair values are carried at cost less impairment. We account for our investments with readily determinable fair values at fair value with all changes in fair value recognized in our Consolidated Income Statements.
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Income taxes | Income taxes Income tax expense is comprised of both current and deferred taxes. We recognize income tax expense in our Consolidated Income Statements, our Consolidated Statements of Comprehensive Income, and in our Consolidated Statements of Equity to the extent that it relates to items recognized directly in equity. We recognize the benefit of tax positions only to the extent that it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We release tax effects from AOCI using a separate identification approach. We recognize interest and penalties related to income taxes in income tax expense (benefit) in our Consolidated Income Statements and as a liability in accounts payable, accrued expenses and other liabilities in our Consolidated Balance Sheets.
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Deferred tax assets and liabilities | Deferred tax assets and liabilities We recognize deferred taxes resulting from temporary differences between the financial statement carrying amount and the tax basis of assets and liabilities using the liability method. The differences are calculated at nominal value using the enacted tax rate applicable at the time the temporary difference is expected to reverse. Deferred tax assets attributable to carry forwards and deductible temporary differences are reduced by a valuation allowance to the amount that is more likely than not to be realized.
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Accrued maintenance liability | Accrued maintenance liability We use the expense as incurred model for planned major maintenance. Under this method, the estimated maintenance costs are expensed in the period incurred. In many instances, there is a short-term timing difference between when we incur the expense and the actual payment of this liability to the third-party maintenance provider. When these timing differences occur, we recognize an expense and accrue the corresponding liability in the Accrued maintenance liability line item on our Consolidated Balance Sheets. When we lease a used aircraft, the maintenance condition of the aircraft generally will be less than 100% as a result of maintenance life usage by the prior lessee. For the next lessee of the used aircraft, we generally agree to reimburse the cost of the maintenance usage from the prior lessee, if and when the next lessee performs a qualifying maintenance event. These additional payments to our lessees related to prior lessee maintenance usage are generally referred to as “top-up” or lessor contribution payments which are considered to be a lessor cost and are expensed in the period incurred. These payments are in addition to our reimbursements of supplemental maintenance rents received from the current lessee during the lease period based on utilization. In cases of a lessor contribution, where an aircraft is subject to lease, we consider the maintenance event to be incurred when the maintenance event is completed by the lessee and we confirm that the maintenance event qualifies for reimbursement under the lease provisions. In cases where the aircraft is not subject to lease and we are directing the maintenance activity, we consider the maintenance to be incurred over the period the maintenance activity is performed. For all lease contracts acquired as part of the GECAS and ILFC transactions, we determined the fair value of our maintenance liability, including lessor maintenance contributions, using the present value of the expected cash outflows. The discounted amounts are accreted in subsequent periods to their respective nominal values up until the expected maintenance event dates using the effective interest method. The accretion amounts are recorded as increases to interest expense in our Consolidated Income Statements.
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Debt and deferred debt issuance costs | Debt and deferred debt issuance costs Long-term debt is carried at the principal amount borrowed, including unamortized discounts and premiums, fair value adjustments and debt issuance costs, where applicable. We amortize the amount of discounts, premiums and fair value adjustments over the period the debt is outstanding using the effective interest method. The costs we incur for issuing debt are capitalized and amortized as an increase to interest expense over the life of the debt using the effective interest method. Debt issuance costs related to our line-of-credit arrangements are presented within other assets.
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Fair value measurements | Fair value measurements Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We measure the fair value of our derivatives and our investments at fair value on a recurring basis and measure the fair value of flight equipment, goodwill and definite-lived intangible assets on a non-recurring basis. Refer to Note 32—Fair value measurements.
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Revenue recognition | Revenue recognition We lease flight equipment principally under operating leases and recognize basic lease rental income over the life of the lease. At lease inception, we review all necessary criteria to determine proper lease classification. We account for lease agreements that include uneven rental payments on a straight-line basis. The amount of the difference between basic lease rental revenue recognized and cash received is included in other assets, or in the event it is a liability, in accounts payable, accrued expenses and other liabilities. Lease agreements where rent is based on floating interest rates are included in minimum lease payments based on the floating interest rate that existed at the commencement of the lease. Increases or decreases in lease payments that result from subsequent changes in the floating interest rate are considered contingent rentals and are recorded as increases or decreases in lease revenue in the period of the interest rate change. Our lease contracts normally include default covenants, which generally obligate the lessee to pay us damages to put us in the position we would have been in had the lessee performed under the lease in full. We periodically evaluate the collectability of our operating lease contracts to determine the appropriate revenue recognition and measurement model to apply to each lessee. Accrual-based revenue recognition ceases on an operating lease contract when the collection of the rental payments is no longer probable and thereafter rental revenues are recognized using a cash receipts basis (“Cash Accounting”). In the period when collection of lease payments is no longer probable, any difference between revenue amounts recognized to date under the accrual method and payments that have been collected from the lessee, including security deposit amounts held, is recognized as a current period adjustment to lease revenue. Subsequently, revenues are recognized based on the lesser of the straight-line rental income or the lease payments collected from the lessee until such time that collection is probable. We apply significant judgment in assessing at each reporting date whether operating rental payments are probable of collection by reference to the credit status of each lessee, including lessees in bankruptcy-type arrangements, the extent of overdue balances and other relevant factors. Revenue from investment in finance leases is recognized using the interest method to produce a constant yield over the life of the lease and is included in basic lease rents for investment in finance leases and other income for loans. Most of our lease contracts require rental payments in advance. Rental payments received but unearned are recorded as deferred revenue in our Consolidated Balance Sheets. Under our flight equipment leases, the lessee is responsible for maintenance, repairs and other operating expenses during the term of the lease. Under the provisions of many of our leases, the lessee is required to make payments of supplemental maintenance rents which are calculated with reference to the utilization of the airframe, engines and other major life-limited components during the lease. We record as lease revenue all supplemental maintenance rent receipts not expected to be reimbursed to the lessee. We estimate the total amount of maintenance reimbursements for the lease term and only record maintenance revenue after we have received sufficient maintenance rents to cover the total amount of estimated maintenance reimbursements during the remaining lease term. In most lease contracts not requiring the payment of supplemental maintenance rents, and to the extent that the aircraft is redelivered in a different condition than at acceptance, we generally receive EOL cash compensation for the difference at redelivery. Upon lease termination, we recognize receipt of EOL cash compensation as lease revenue to the extent those receipts exceed the EOL maintenance rights asset, and we recognize leasing expenses when the EOL maintenance rights asset exceeds the EOL cash received. The accrued maintenance liability existing at lease termination, if any, is recognized as lease revenue net of the MR contract maintenance rights asset. When flight equipment is sold, the portion of the accrued maintenance liability not specifically assigned to the buyer is released net of any maintenance rights asset balance and is included in net gain on sale of assets. Other income consists of proceeds from interest revenue, management fee revenue, insurance proceeds, claims sales, inventory sales and income related to other miscellaneous activities. Interest revenue from notes receivable, loans receivable and other interest-bearing instruments is recognized using the effective yield method as interest accrues under the associated contracts. We recognize revenue from bankruptcy claim sales when collectability of sales proceeds is reasonably assured and contingencies, if any, are resolved. Management fee revenue is recognized as income as it accrues over the life of the contract. Income from the receipt of lease termination penalties is recorded at the time cash is received or when the lease is terminated, if revenue recognition criteria are met.
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Net gain on sales of assets | Net gain on sales of assets We sell flight equipment in the normal course of our operations to manage our fleet and to realize the residual value of the assets at the end of their economic lives. These sales may include aircraft, engines or helicopters on lease to airlines as well as assets that are not on lease. In some cases, the terms and conditions of asset sale transactions may include continuing equity or debt investments in the asset, post-sale performance guarantees of asset cash flows or servicing arrangements. The presence of any of these terms and conditions requires us to determine whether control of the underlying asset has been transferred to the buyer, and whether we no longer have significant ownership risk in the asset, both of which are required for a sale and resulting gain or loss to be recognized.
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Total loss write-offs | Total loss write-offs Total loss write-offs result from the loss of an asset because of an unforeseen event (for example, an airplane crash incident, physical loss by wrongful deprivation, asset seizure, or other loss event). These events may be insured through the lessee’s insurance policies where we are named as the insured, and under our own insurance policies where the lessee’s insurance policy fails to indemnify us. We recognize an insurance receivable to the extent we have a claim from a loss from a total loss write-off event and the likelihood of recovering such loss or portion of the loss is probable at the balance sheet date. We recognize insurance proceeds in excess of the loss recognized when all contingencies are resolved, which generally occurs when we receive a non-refundable cash payment from the insurers, or when we execute a binding settlement agreement with the insurers where a non-refundable payment will be made.
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Unusual or infrequently occurring events or transactions | Unusual or infrequently occurring events or transactions A material event or transaction that we consider to be unusual in nature or that is expected to occur infrequently, or both, is reported separately in our Consolidated Income Statements, gross of income taxes.
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Allowance for credit losses | Allowance for credit losses We are exposed to credit losses on our investment in finance leases, net, and loans and notes receivable (collectively “Financing Receivables”). The credit exposure of our Financing Receivables reflects the risk that our customers fail to meet their payment obligations and the risk that the aircraft value in an investment in finance lease, net is less than the unguaranteed residual value. We estimate the expected risk of loss of our Financing Receivables over the remaining life using a probability of default and net exposure analysis. The probability of default is estimated based on historical cumulative default data, adjusted for current conditions of similarly risk-rated counterparties over the contractual term. The net exposure is estimated based on the exposure, net of the estimated aircraft value in the instance of investment in finance leases, net, and other cash collateral, including security deposits and maintenance-related deposits, over the contractual term. We also estimate the expected risk of loss on the unguaranteed residual value based on the estimated value of the aircraft at the expiry of the finance lease. Current expected credit loss provisions are classified as leasing expenses in our Consolidated Income Statements, with a corresponding allowance for credit loss amount reported as a reduction in the carrying amount of the related balance sheet amount. A write-off is recorded when all or part of the Financing Receivable is deemed uncollectable. Write-offs are charged against previously established allowances for credit losses. Partial or full recoveries of amounts previously written off are generally recognized as a reduction in the provision for credit losses.
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Share-based compensation | Share-based compensation Employees may receive AerCap share-based awards, consisting of restricted stock units or restricted stock. Share-based compensation expense is determined by reference to the fair value of the restricted stock units or restricted stock on the grant date and is recognized on a straight-line basis over the requisite service period. Share-based compensation expense is classified in selling, general and administrative expenses.
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Foreign currency | Foreign currency Foreign currency transactions are translated into U.S. dollars at the exchange rate prevailing at the time of the transaction. Receivables or payables denominated in foreign currencies are remeasured into U.S. dollars at the exchange rate prevailing at the balance sheet date. All resulting exchange gains and losses are recorded in selling, general and administrative expenses in our Consolidated Income Statements. Foreign currency exchange gains or losses on our investments at fair value are recorded in gain (loss) on investments at fair value in our Consolidated Income Statements.
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Variable interest entities | Variable interest entities We consolidate VIEs in which we have determined that we are the PB. We use judgment when determining (i) whether an entity is a variable interest entity (“VIE”); (ii) who are the variable interest holders; (iii) the elements and degree of control that each variable interest holder has; and (iv) ultimately which party is the PB. When determining which party is the PB, we perform an analysis which considers (i) the design of the VIE; (ii) the capital structure of the VIE; (iii) the contractual relationships between the variable interest holders; (iv) the nature of the VIE’s operations; and (v) the purposes and interests of all parties involved, including related parties. While we consider these factors, our conclusion about whether to consolidate ultimately depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE. We continually re-evaluate whether we are the PB for VIEs in which we hold a variable interest.
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Earnings per share | Earnings per share Basic Earnings (Loss) Per Share (“EPS”) is computed by dividing income available to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For the purposes of calculating diluted EPS, the denominator includes both the weighted average number of ordinary shares outstanding during the period and the weighted average number of potentially dilutive ordinary shares, such as restricted stock units, restricted stock and stock options. In a period where a net loss is recognized, the denominator of the dilutive EPS calculation does not include potentially dilutive ordinary shares.
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Reportable segments | Reportable segments We manage our business and analyze and report our results of operations on the basis of one business segment: leasing, financing, sales and management of commercial flight equipment.
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Accounting standards adopted during the year ended December 31, 2022 & Future application of accounting standards | Accounting standards adopted during the year ended December 31, 2022 Reference Rate Reform In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASC 848”). ASC 848 provided 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. During the fourth quarter of 2022, we adopted ASC 848 (effective October 1, 2022). The adoption did not have a material impact on our financial statements. Topic 848 provides several optional expedients that permit an entity not to apply otherwise applicable U.S. GAAP to contracts or transactions modified or otherwise affected due to reference rate reform, provided the conditions for the respective expedients are met. Before we commenced the transition of these instruments, contracts and leases to reference SOFR instead of LIBOR, we applied optional expedients under Topic 848. When we modified those agreements, we applied optional expedients that allowed us to (a) account for the contract modifications as continuations of the existing contracts without further accounting assessment that might otherwise be required and (b) continue cash flow hedging relationships without de-designation when changes are made to hedge documentation, contractual terms of the hedging instrument or forecasted transaction, hedged risk, and effectiveness assessment method. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the optional expedients in Topic 848. The adoption of ASU 2022-06, which was effective upon issuance, did not have a material effect on the Company’s consolidated financial statements. We had certain debt instruments, derivative contracts, and leases that referenced LIBOR. LIBOR was a benchmark interest rate calculated based on information contributed by a panel of large international banks. LIBOR’s administrator announced in March 2021 that it intended to stop publishing the Overnight, 1-month, 3-month, 6-month and 12-month USD LIBOR settings after June 30, 2023. In April 2023, the FCA announced that the one-month, three-month and six-month US Dollar LIBOR tenors will continue to be published in synthetic form until September 2024, at which point these LIBOR tenors will cease. In anticipation of that cessation, we commenced the transition of our LIBOR-based instruments, contracts and leases to Secured Overnight Financing Rate (“SOFR” or “Term SOFR”) in October 2022. The transition of our LIBOR-based instruments was completed in October 2023. Future application of accounting standards: Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 enhances the transparency and decision usefulness of the annual income tax disclosures. The two primary enhancements include disaggregating existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. The standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis; however, retrospective application in all prior periods presented in the annual financial statements is permitted. The adoption of ASU 2023-09 is not expected to have a material effect on the Company’s consolidated financial statements. Improvements to Reportable Segmental Disclosures In November 2023, the FASB issued ASU 2023-07—Segmental Reporting (Topic 280): Improvements to Reportable Segmental Disclosures (“ASU 2023-07”). ASU 2023-07 enhances segmental reporting through expanding the breadth and frequency of segment disclosures. The standard is effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. The amendments in ASU 2023-07 should be applied retrospectively unless it is impractical to do so and any segment expense categories and amounts disclosed in prior periods are based on the significant segment expense categories identified and disclosed in the period of adoption. The adoption of ASU 2023-07 is not expected to have a material effect on the Company’s consolidated financial statements.
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Summary of significant accounting policies (Tables) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant, and Equipment, Lessor Asset under Operating Lease |
(a) Useful life may be determined to be a different period depending on the disposition strategy. (b) Estimated industry price, except where more relevant information indicates that a different residual value is more appropriate.
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Cash, cash equivalents and restricted cash (Tables) |
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | The following is a summary of our cash, cash equivalents and restricted cash as of December 31, 2023 and 2022:
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Restrictions on Cash and Cash Equivalents | The following is a summary of our cash, cash equivalents and restricted cash as of December 31, 2023 and 2022:
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Flight equipment held for operating leases, net (Tables) |
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Property, Plant, and Equipment, Lessor Asset under Operating Lease [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Carrying Value of Assets Subject to Leases | Movements in flight equipment held for operating leases during the years ended December 31, 2023 and 2022 were as follows:
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Investment in finance leases, net (Tables) |
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Flight Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of the Net Investment in Finance and Sales-type Leases | Components of investment in finance leases, net as of December 31, 2023 and 2022 were as follows:
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Sales-type and Direct Financing Leases, Lease Receivable, Maturity | As of December 31, 2023, the cash flows receivable, including the estimated residual value at lease termination, from finance, sales-type and leveraged leases were as follows:
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Maintenance rights and lease premium, net (Tables) |
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Schedule of Movements in Maintenance Rights Intangible | Movements in maintenance rights during the years ended December 31, 2023 and 2022 were as follows:
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Schedule of Maintenance Rights and Lease Premiums | Maintenance rights and lease premium, net consisted of the following as of December 31, 2023 and 2022:
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Lease premium | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Maintenance Rights and Lease Premiums | The following tables present details of lease premium assets and related accumulated amortization as of December 31, 2023 and 2022:
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Schedule of Estimated Future Amortization Expense | As of December 31, 2023, the estimated future amortization expense for lease premium assets was as follows:
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Maintenance rights and lease premium, net & Other intangibles, net (Tables) |
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Schedule of Other Intangibles | Other intangibles consisted of the following as of December 31, 2023 and 2022:
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Schedule of Maintenance Rights and Lease Premiums | The following tables present details of customer relationships and related accumulated amortization as of December 31, 2023 and 2022:
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Associated companies (Tables) |
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Schedule of Associates | As of December 31, 2023 and 2022, associated companies accounted for under the equity method of accounting consisted of the following:
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Other assets (Tables) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets | consisted of the following as of December 31, 2023 and 2022:
(a)Notes receivable, net of allowance for credit losses as of December 31, 2023 and 2022 included $656 million and $459 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 December 31, 2023 and 2022 also included $8 million and $27 million, respectively, related to aircraft sale and other transactions. (b)As of December 31, 2023 and December 31, 2022, we had a $24 million and $111 million, respectively, allowance for credit losses on notes receivable. Refer to Note 27—Allowance for credit losses for further details. (c)As of December 31, 2023, and 2022, we had a $1 million and $4 million, respectively, allowance for credit losses on loans receivable. Refer to Note 27—Allowance for credit losses for further details. During the years ended December 31, 2023, 2022 and 2021, we recognized interest income from loans receivable, net of allowance for credit losses of $35 million, $26 million and $4 million, respectively, included in other income.
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Derivative financial instruments (Tables) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | The following tables present notional amounts and fair values of derivatives outstanding as of December 31, 2023 and 2022:
(a)The notional amount is excluded for interest rate contracts which are not yet effective.
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | We recorded the following in other comprehensive gain or loss related to derivative financial instruments for the years ended December 31, 2023, 2022 and 2021:
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Derivative Instruments, Gain (Loss) | The following table presents the effect of derivatives recorded in interest expense in our Consolidated Income Statements for the years ended December 31, 2023, 2022 and 2021.
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Accounts payable, accrued expenses and other liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable, accrued expenses and other liabilities consisted of the following as of December 31, 2023 and 2022:
(a)In September 2023, deferred revenue increased by $124 million due to the Azul Restructuring. Refer to Note 11—Other assets for further details.
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Accrued maintenance liability (Tables) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Maintenance Liability [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Movements in Accrued Maintenance Liability | Movements in accrued maintenance liability during the years ended December 31, 2023 and 2022 were as follows:
(a)Accrued maintenance liability released to income other than upon sale and lessor contribution, top-ups and other for the year ended December 31, 2022 included amounts related to the Ukraine Conflict. Refer to Note 25—Net charges related to Ukraine Conflict for further details.
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following table provides a summary of our indebtedness as of December 31, 2023 and 2022:
(a)The weighted average interest rate for our floating rate debt of $10.3 billion is calculated based on the applicable U.S. dollar SOFR rate, as applicable, as of the most recent interest payment date of the respective debt, and excludes the impact of related derivative financial instruments which we hold to hedge our exposure to floating interest rates, as well as any amortization of debt issuance costs, debt discounts and debt premium. The institutional secured term loans and secured portfolio loans also contain base rate interest alternatives. (b)AerCap Global Aviation Trust, a Delaware Statutory Trust (“AerCap Trust”) (c)AerCap Ireland Capital Designated Activity Company, a designated activity company with limited liability incorporated under the laws of Ireland (“AICDC”) (d)Asia Revolver and Citi Revolvers (the “Revolving credit facilities”). (e)An additional $0.8 billion of commitment has been approved by the Export Credit Agencies, subject to customary conditions at drawdown. (f)In addition to the 14 aircraft, 74 engines are pledged as collateral. The following table provides details regarding the terms of our outstanding institutional secured term loans and secured portfolio loans:
(a)These loans are secured by a combination of aircraft and the equity interests in the borrower and certain special purpose entity (“SPE”) subsidiaries of the borrower that own the aircraft. The following table provides a summary of the outstanding subordinated debt as of December 31, 2023:
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Schedule of Maturities of Debt Financings | Maturities of our debt financings (excluding fair value adjustments, debt issuance costs, debt discounts and debt premium) as of December 31, 2023 were as follows:
(a)For further detail on debt maturities, please refer to “Item 5. Operating and Financial Review and Prospects—Liquidity and capital resources—Contractual obligations.” The following table provides a summary of the outstanding AGAT/AICDC Notes as of December 31, 2023:
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Income taxes (Tables) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The following table presents our income tax expense (benefit) by significant tax jurisdiction for the years ended December 31, 2023, 2022 and 2021:
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Schedule of Effective Income Tax Rate Reconciliation | The following table provides a reconciliation of the income tax expense (benefit) at the domestic trading statutory income tax rate in Ireland, being 12.5%, where the Company is tax resident, to income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021:
(a)The 2023 other reconciling items include the following tax-effected amounts: non-deductible interest expense of $6 million, withholding taxes of $13 million and other items of $5 million. (b)The 2023 remeasurement of deferred taxes relates to the reversal of a deferred tax liability for undistributed profits that may now be recovered in a tax-free manner. (c)The 2023 gains not taxable arises due to tax-exempt gains realized by group companies on the release of intra-group liabilities. (d)The 2022 other reconciling items included the following tax-effected amounts: non-deductible expenses of $8 million, a benefit relating to a consolidation of group of $22 million and other items of $7 million. (e)The 2021 other reconciling items included the following tax-effected amounts: non-deductible expenses of $19 million, non-taxable income of $19 million, and other items of $1 million.
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Schedule of Deferred Tax Assets and Liabilities | The following tables provide details regarding the principal components of our deferred tax assets and liabilities by significant jurisdiction as of December 31, 2023 and 2022:
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Summary of Valuation Allowance | The following table presents the movements in the valuation allowance for deferred tax assets during the years ended December 31, 2023, and 2022:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Balance Sheet Information Related to Leases | As of December 31, 2023 and 2022, supplemental balance sheet information related to leases was as follows:
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Maturities of Financing Lease Liabilities | As of December 31, 2023, maturities of operating and finance lease liabilities were as follows:
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Maturities of Operating Lease Liabilities | As of December 31, 2023, maturities of operating and finance lease liabilities were as follows:
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Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of share repurchase programs | The following table presents our share repurchase programs for the year ended December 31, 2023:
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Share-based compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following table presents movements in the outstanding restricted stock units and restricted stock under the AerCap Equity Plans during the year ended December 31, 2023:
(a)Includes 830,580 shares of restricted stock granted under the AerCap Equity Plans, of which 538,853 shares of restricted stock were issued, with the remaining 291,727 ordinary shares being withheld and applied to pay the taxes involved. As part of the 291,727 ordinary shares withheld to pay for taxes, 162,316 ordinary shares were treated as granted and subsequently vested on the grant date under specific Irish tax legislation. As a result, we recognized an expense of $10 million on the grant dates associated with these ordinary shares. (b)465,998 restricted stock units, which were previously granted under the AerCap Equity Plans, vested. In connection with the vesting of the restricted stock units, the Company issued, in full satisfaction of its obligations, 295,547 ordinary shares to the holders of these restricted stock units, with the remainder being withheld and applied to pay the taxes in respect of those awards. Restrictions on 982,882 shares of restricted stock (813,500 shares of restricted stock net of withholding for taxes) lapsed during the period. In addition, 162,316 ordinary shares were treated as granted and subsequently vested on the grant dates, as described in (a) above.
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Summary of Expected Share-based Compensation Expenses Assuming Established Performance Criteria are Met and No Forfeitures Occur | The following table presents our expected share-based compensation expense based on existing grants, assuming that the established performance criteria are met and that no forfeitures occur:
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Geographic information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customers by Geographic Areas | The following table presents the percentage of lease revenue attributable to individual countries representing at least 10% of our total lease revenue in any year presented, based on each lessee’s principal place of business, for the years ended December 31, 2023, 2022 and 2021:
(a)Includes mainland China, Hong Kong and Macau. (b)No individual country within this category, including Ireland, where our headquarters is located, accounts for more than 10% of our lease revenue.
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Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | The following table presents the percentage of long-lived assets, including flight equipment held for operating leases, flight equipment held for sale, investment in finance leases, net and maintenance rights assets, attributable to individual countries representing at least 10% of our total long-lived assets in any year presented, based on each lessee’s principal place of business, as of December 31, 2023 and 2022:
(a)Includes mainland China, Hong Kong and Macau. (b)No individual country within this category, including Ireland, where our headquarters is located, accounts for more than 10% of our long-lived assets.
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Selling, general and administrative expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, General and Administrative Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Selling, General and Administrative Expenses | Selling, general and administrative expenses consisted of the following for the years ended December 31, 2023, 2022 and 2021:
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Other income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Component of Operating Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Income | Other income consisted of the following for the years ended December 31, 2023, 2022 and 2021:
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Lease revenue (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity | The contracted minimum future lease payments receivable from lessees for flight equipment on non-cancelable operating leases for our owned aircraft, engines and helicopters as of December 31, 2023 were as follows:
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Net charges related to Ukraine Conflict (Tables) |
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unusual or Infrequent Items, or Both [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Charges Recognized as a Result of Conflict in Ukraine |
(a) Includes $2.9 billion and $295 million of write-offs and impairments of flight equipment, respectively.
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Allowance for credit losses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | Movements in the allowance for credit losses during the years ended December 31, 2023 and 2022 were as follows:
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Financing Receivables Grouped by Credit Risk | The tables below present Financing Receivables carried at amortized cost basis, gross of allowance for credit losses, grouped into the three credit risk categories for the years ended December 31, 2023 and 2022.
|
Earnings per share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The computations of basic and diluted EPS for the years ended December 31, 2023, 2022 and 2021 were as follows:
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Computation of Outstanding Shares for Basic EPS | The computations of ordinary shares outstanding, excluding shares of unvested restricted stock, as of December 31, 2023, 2022 and 2021 were as follows:
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Variable interest entities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maximum Exposure to Loss in VIEs | The following table presents our maximum exposure to loss in non-consolidated VIEs as of December 31, 2023 and 2022:
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Related party transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | The following table presents amounts recognized in respect of our purchases, sales and leasing of flight equipment from/to GE, while GE was a related party, for the years ended December 31, 2023, 2022 and 2021:
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Commitments and contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prepayments of Flight Equipment | Movements in prepayments on flight equipment during the years ended December 31, 2023 and 2022 were as follows:
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Unrecorded Unconditional Purchase Obligations Disclosure | The following table presents our contractual commitments for the purchase of flight equipment as of December 31, 2023:
|
Fair value measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present our financial assets and liabilities that we measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2023 and 2022:
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Fair Value Measurement Inputs and Valuation Techniques | For flight equipment that we measured at fair value on a non-recurring basis, as a result of aircraft that were impaired, during the year ended December 31, 2023, the following table presents the fair value of such flight equipment that were impaired as of the measurement date, the valuation technique and the related unobservable inputs:
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Fair Value, by Balance Sheet Grouping | The carrying amounts and fair values of our most significant financial instruments as of December 31, 2023 and 2022 were as follows:
(a)Excludes debt issuance costs, debt discounts and debt premium.
(a)Excludes debt issuance costs, debt discounts and debt premium.
|
General (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023
USD ($)
aircraft
engine
helicopter
shares
|
Dec. 31, 2022
USD ($)
|
Nov. 01, 2021 |
|
Business Combination, Separately Recognized Transactions [Line Items] | |||
Number of aircrafts | aircraft | 2,078 | ||
Number of engines | engine | 1,000 | ||
Number of helicopters | helicopter | 300 | ||
Total assets | $ | $ 71,274,559 | $ 69,726,918 | |
AerCap Holdings N.V. | General Electric | Related Party | |||
Business Combination, Separately Recognized Transactions [Line Items] | |||
Ownership percentage by GE (in percentage) | 46.00% | ||
Sale of stock, number of shares issued in transaction (in shares) | shares | 111,500,000 |
Basis of presentation (Details) - Russian Federation |
Dec. 31, 2023
airline
aircraft
spareEngine
|
---|---|
Basis of Presentation [Line Items] | |
Number of airlines the company has insurance settlements with | airline | 6 |
Number of aircraft on lease | aircraft | 67 |
Number of engines on lease | spareEngine | 10 |
Ukrainian Airline Insurance Claims | |
Basis of Presentation [Line Items] | |
Number of aircraft on lease | aircraft | 67 |
Number of engines on lease | spareEngine | 10 |
Summary of significant accounting policies - Property, Plant, and Equipment, Lessor Asset under Operating Lease (Details) |
Dec. 31, 2023 |
---|---|
Passenger aircraft | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset, years | 25 years |
Percentage of estimates for residual values of estimated industry price | 15.00% |
Freighter aircraft | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset, years | 35 years |
Percentage of estimates for residual values of estimated industry price | 15.00% |
Helicopters | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset, years | 30 years |
Percentage of estimates for residual values of estimated industry price | 20.00% |
Engines | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset, years | 20 years |
Percentage of estimates for residual values of estimated industry price | 60.00% |
Summary of significant accounting policies - Narrative (Details) |
12 Months Ended |
---|---|
Dec. 31, 2023
segment
| |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Cash, cash equivalents and restricted cash - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 1,627,181 | $ 1,597,147 | ||
Restricted cash | 198,285 | 159,623 | ||
Total cash, cash equivalents and restricted cash | $ 1,825,466 | $ 1,756,770 | $ 1,914,753 | $ 1,495,290 |
Cash, cash equivalents and restricted cash - Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Cash and Cash Equivalents [Abstract] | ||
Restricted cash | $ 198,285 | $ 159,623 |
Flight equipment held for operating leases, net (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Business Acquisition [Line Items] | ||
Net book value at beginning of period | $ 55,220,809 | $ 57,825,056 |
Additions | 6,436,690 | 4,587,387 |
Depreciation | (2,446,751) | (2,359,868) |
Disposals and transfers to held for sale | (1,877,175) | (1,540,728) |
Transfers from/to investment in finance leases, net/inventory | $ (170,900) | $ (34,321) |
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Flight equipment held for operating leases, net | Flight equipment held for operating leases, net |
Write-offs and impairment, net (Note 25 and 26) | $ 71,507 | $ 3,256,717 |
Net book value at end of period | 57,091,166 | 55,220,809 |
Accumulated depreciation and impairment as of December 31, 2023 and 2022, respectively: | $ (13,789,382) | $ (12,448,619) |
Investment in finance leases, net - Components of the Net Investment in Finance and Sales-type Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Lessee, Lease, Description [Line Items] | ||
Future minimum lease payments to be received, net | $ 1,156,693 | $ 1,299,724 |
Estimated residual values of leased flight equipment | 597,184 | 630,538 |
Less: Unearned income | (490,502) | (551,165) |
Less: Allowance for credit losses (Note 27) | (8,924) | (23,025) |
Investment in finance leases, net | $ 1,254,451 | $ 1,356,072 |
Investment in finance leases, net - Minimum Future Lease Payments to be Received on Finance and Sales-type Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Flight Equipment, Net [Abstract] | ||
2024 | $ 401,340 | |
2025 | 290,173 | |
2026 | 166,050 | |
2027 | 156,133 | |
2028 | 99,184 | |
Thereafter | 640,997 | |
Undiscounted cash flows receivable | 1,753,877 | |
Less: Unearned income | (490,502) | |
Less: Allowance for credit losses | (8,924) | $ (23,025) |
Direct financing leases, lease receivable | $ 1,254,451 |
Investment in finance leases, net - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Flight Equipment, Net [Abstract] | |||
Financing leases, interest income | $ 101 | $ 130 | $ 61 |
Flight equipment held for sale (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Flight equipment held for sale | $ 296,696 | $ 292,808 |
Flight equipment held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Flight equipment held for sale | 297,000 | 293,000 |
Maintenance and security deposit received from the lessee to be assumed by the buyers of the aircraft | $ 3,000 | $ 67,000 |
Maintenance rights and lease premium, net - Schedule of Maintenance Rights and Lease Premium, Net (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Maintenance rights | $ 2,099,513 | $ 2,540,286 |
Lease premium, net | 630,449 | 824,167 |
Maintenance rights and lease premium, net | $ 2,729,962 | $ 3,364,453 |
Maintenance rights and lease premium, net - Schedule of Movements in Maintenance Rights (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Finite-lived Intangible Assets [Roll Forward] | ||
Maintenance rights at beginning of period | $ 2,540,286 | |
Maintenance rights at end of period | 2,099,513 | $ 2,540,286 |
Maintenance Rights | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Maintenance rights at beginning of period | 2,540,286 | 3,292,007 |
EOL and MR contract maintenance rights expense | (207,552) | (232,622) |
MR contract maintenance rights write-off due to maintenance liability release | (17,747) | (260,245) |
EOL contract maintenance rights write-off due to cash receipt | (102,940) | (191,478) |
EOL and MR contract maintenance rights write-off due to sale of aircraft | (112,534) | (67,376) |
Maintenance rights at end of period | $ 2,099,513 | $ 2,540,286 |
Maintenance rights and lease premium, net - Lease Premium Assets and Related Accumulated Amortization (Details) - Lease premium - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 1,002,293 | $ 1,044,915 |
Accumulated amortization | (371,844) | (220,748) |
Finite-lived intangible assets | $ 630,449 | $ 824,167 |
Maintenance rights and lease premium, net - Narrative (Details) - Lease premium - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Remaining amortization period | 5 years 3 months 18 days | ||
Amortization of intangible assets | $ 178 | $ 224 | $ 48 |
Maintenance rights and lease premium, net - Schedule of Estimated Future Amortization Expense for Lease Premium Assets (Details) - Lease premium $ in Thousands |
Dec. 31, 2023
USD ($)
|
---|---|
Finite-Lived Intangible Assets [Line Items] | |
2024 | $ 163,110 |
2025 | 121,911 |
2026 | 105,150 |
2027 | 88,235 |
2028 | 73,650 |
Thereafter | 78,393 |
Estimated future amortization expense | $ 630,449 |
Other intangibles, net - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Remaining amortization period | 7 years 4 months 24 days | ||
Amortization of intangible assets | $ 21 | $ 21 | $ 21 |
Customer relationships and other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
2024 | 21 | ||
2025 | 21 | ||
2026 | 21 | ||
2027 | 21 | ||
2028 | 21 | ||
Thereafter | $ 50 |
Other intangibles, net - Other Intangibles (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, net | $ 163,167 | $ 185,210 |
Customer relationships, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, net | 156,059 | 177,235 |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, net | $ 7,108 | $ 7,975 |
Other intangibles, net - Customer Relationships and Related Accumulated Amortization (Details) - Customer relationships - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 360,000 | $ 360,000 |
Accumulated amortization | (203,941) | (182,765) |
Finite-lived intangible assets | $ 156,059 | $ 177,235 |
Associated companies - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 971,517 | $ 811,219 |
Combined Investments | Maximum | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership (in percentage) | 50.00% | |
Shannon Engine Support Ltd (“SES”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership (in percentage) | 50.00% | |
Equity method investments | $ 797,185 | 634,701 |
AerDragon Aviation Partners Limited and its Subsidiaries (“AerDragon”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership (in percentage) | 16.70% | |
Equity method investments | $ 91,898 | 88,240 |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 82,434 | $ 88,278 |
Other | Maximum | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership (in percentage) | 39.30% | |
Other | Minimum | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership (in percentage) | 9.50% |
Associated companies - Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Undistributed earnings of investments | $ 63 | $ 63 |
Maximum | Combined Investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership (in percentage) | 50.00% |
Other assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets | |
Straight-line rents, prepaid expenses and other | $ 692,521 | $ 715,751 | |
Notes receivable, net of allowance for credit losses | 663,644 | 486,223 | |
Loans receivable, net of allowance for credit losses | 654,925 | 351,357 | |
Derivative assets (Note 12) | 130,614 | 211,993 | |
Lease incentives | 152,056 | 163,683 | |
Operating lease right of use assets, net (Note 17) | 57,009 | 81,952 | |
Investments | 87,055 | 62,519 | |
Inventory | 85,668 | 55,868 | |
Other receivables, net | 493,032 | 461,093 | |
Other assets | 3,016,524 | 2,590,439 | |
Financing receivable, allowance for credit loss | 24,000 | 111,000 | |
Allowance for credit losses, loans receivable only | 1,000 | 4,000 | |
Interest income, loans receivable | 35,000 | 26,000 | $ 4,000 |
Deferral Agreements | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable, net of allowance for credit losses | 656,000 | 459,000 | |
Aircraft Sale Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable, net of allowance for credit losses | $ 8,000 | $ 27,000 |
Other assets - Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Sep. 29, 2023 |
Dec. 31, 2022 |
---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable, net of allowance for credit losses | $ 663,644 | $ 486,223 | |
Azul Restructuring | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable, net of allowance for credit losses | $ 160,000 | $ 156,000 |
Derivative financial instruments - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Derivative [Line Items] | ||
Derivative liability, fair value of collateral | $ 1 | $ 5 |
Cash flow hedge gain (loss) to be reclassified within 12 months | $ 72 |
Derivative financial instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Total derivative assets | ||
Derivative assets, fair value | $ 130,614 | $ 211,993 |
Total derivative liabilities | ||
Derivative liabilities, fair value | 80,840 | 0 |
Not Designated as Hedging Instrument | Interest rate contracts | Cash Flow Hedging | ||
Total derivative assets | ||
Derivative assets, notional amount | 1,150,000 | 1,727,500 |
Derivative assets, fair value | 39,918 | 76,639 |
Designated as Hedging Instrument | Interest rate contracts | Cash Flow Hedging | ||
Total derivative assets | ||
Derivative assets, notional amount | 3,165,000 | 3,641,000 |
Derivative assets, fair value | 90,696 | 135,354 |
Total derivative liabilities | ||
Derivative liabilities, notional amount | 3,590,000 | 0 |
Derivative liabilities, fair value | $ 80,840 | $ 0 |
Derivative financial instruments - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative premium and amortization | $ 9,579 | $ 4,777 | $ 3,437 |
Income tax effect | 14,425 | (22,686) | (11,679) |
Net (loss) gain on derivatives, net of tax | (99,583) | 158,800 | 81,751 |
Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate contracts | $ (123,587) | $ 176,709 | $ 89,993 |
Derivative financial instruments - Derivative Instruments, Gain (Loss) (Details) - Interest rate contracts - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives not designated as hedges | $ (36,721) | $ 69,336 | $ 19,718 |
Reclassification to Consolidated Income Statements: | |||
Reclassification of amounts previously recorded in AOCI | 97,788 | 17,909 | (76,682) |
Gain (loss) recognized in interest expense | $ 61,067 | $ 87,245 | $ (56,964) |
Accounts payable, accrued expenses and other liabilities (Details) - USD ($) $ in Thousands |
1 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Payables and Accruals [Abstract] | |||
Deferred revenue | $ 827,525 | $ 547,662 | |
Accounts payable and accrued expenses | 444,042 | 475,166 | |
Accrued interest | 348,568 | 336,910 | |
Operating lease liabilities (Note 17) | 92,083 | 135,215 | |
Derivative liabilities (Note 12) | 80,840 | 0 | |
Accounts payable, accrued expenses and other liabilities | $ 1,793,058 | $ 1,494,953 | |
Increase (decrease) in deferred revenue | $ 124,000 |
Accrued maintenance liability (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Accrued Maintenance [Roll Forward] | |||
Accrued maintenance liability at beginning of period | $ 2,503,202 | $ 2,900,651 | |
Maintenance payments received | 817,229 | 779,824 | |
Maintenance payments returned | (201,474) | (245,294) | |
Release to income other than upon sale | (203,440) | (770,492) | |
Lessor contribution, top ups and other | 36,022 | (89,819) | |
Accrued maintenance liability at end of period | 2,863,730 | 2,503,202 | $ 2,900,651 |
Non-cash Investing and Financing Activities | |||
Accrued Maintenance [Roll Forward] | |||
Release to income upon sale | $ (87,809) | $ (71,668) | $ (20,000) |
Debt - Summary of Indebtedness (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
aircraft
engine
|
Dec. 31, 2022
USD ($)
|
---|---|---|
Debt Disclosure [Abstract] | ||
Outstanding indebtedness, excluding fair value adjustments, debt issuance costs and debt discounts | $ 46,695,532 | |
Debt Instrument [Line Items] | ||
Commitment | 57,658,087 | |
Undrawn amounts | 10,962,555 | |
Debt issuance costs, debt discounts and debt premium | (212,622) | $ (268,723) |
Debt | 46,483,903 | 46,532,960 |
Outstanding indebtedness, excluding fair value adjustments, debt issuance costs and debt discounts | 46,695,532 | |
Line of credit facility and other available secured debt, remaining borrowing capacity | $ 11,000,000 | |
Asset Pledged as Collateral | ||
Debt Instrument [Line Items] | ||
Collateral (number of aircraft and helicopters) | aircraft | 334 | |
Unsecured | ||
Debt Instrument [Line Items] | ||
Commitment | $ 43,570,349 | |
Undrawn amounts | 9,275,000 | |
Amount outstanding | 34,295,349 | 34,710,500 |
Unsecured | AerCap Trust (b) & AICDC Notes (c) | ||
Debt Instrument [Line Items] | ||
Commitment | 31,215,349 | |
Undrawn amounts | 0 | |
Amount outstanding | $ 31,215,349 | 32,700,000 |
Weighted average interest rate | 3.59% | |
Unsecured | Asia and Citi revolving credit facilities | ||
Debt Instrument [Line Items] | ||
Commitment | $ 9,300,000 | |
Undrawn amounts | 9,275,000 | |
Amount outstanding | $ 25,000 | 0 |
Weighted average interest rate | 6.93% | |
Unsecured | Other unsecured debt | ||
Debt Instrument [Line Items] | ||
Commitment | $ 3,055,000 | |
Undrawn amounts | 0 | |
Amount outstanding | $ 3,055,000 | 2,010,500 |
Weighted average interest rate | 6.81% | |
Secured | ||
Debt Instrument [Line Items] | ||
Commitment | $ 11,837,738 | |
Undrawn amounts | 1,687,555 | |
Amount outstanding | 10,151,176 | 9,814,176 |
Secured | Export credit facilities | ||
Debt Instrument [Line Items] | ||
Commitment | 1,034,687 | |
Undrawn amounts | 0 | |
Amount outstanding | $ 1,034,687 | 1,058,269 |
Weighted average interest rate | 2.49% | |
Additional commitment | $ 800,000 | |
Secured | Export credit facilities | Asset Pledged as Collateral | ||
Debt Instrument [Line Items] | ||
Collateral (number of aircraft and helicopters) | aircraft | 38 | |
Secured | Institutional secured term loans & secured portfolio loans | ||
Debt Instrument [Line Items] | ||
Commitment | $ 7,985,863 | |
Undrawn amounts | 318,500 | |
Amount outstanding | $ 7,667,363 | 7,499,339 |
Weighted average interest rate | 6.17% | |
Secured | Institutional secured term loans & secured portfolio loans | Asset Pledged as Collateral | ||
Debt Instrument [Line Items] | ||
Collateral (number of aircraft and helicopters) | aircraft | 243 | |
Secured | AerFunding Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Commitment | $ 2,075,000 | |
Undrawn amounts | 1,042,849 | |
Amount outstanding | $ 1,032,151 | 717,558 |
Weighted average interest rate | 7.41% | |
Secured | AerFunding Revolving Credit Facility | Asset Pledged as Collateral | ||
Debt Instrument [Line Items] | ||
Collateral (number of aircraft and helicopters) | aircraft | 39 | |
Secured | Other secured debt | ||
Debt Instrument [Line Items] | ||
Commitment | $ 742,188 | |
Undrawn amounts | 326,206 | |
Amount outstanding | $ 415,982 | 537,232 |
Weighted average interest rate | 5.73% | |
Secured | Other secured debt | Asset Pledged as Collateral | ||
Debt Instrument [Line Items] | ||
Collateral (number of aircraft and helicopters) | aircraft | 14 | |
Number of engines pledged as collateral | engine | 74 | |
Secured | Secured debt fair value adjustment | ||
Debt Instrument [Line Items] | ||
Commitment | $ 0 | |
Undrawn amounts | 0 | |
Amount outstanding | 993 | 1,778 |
Subordinated | ||
Debt Instrument [Line Items] | ||
Commitment | 2,250,000 | |
Undrawn amounts | 0 | |
Amount outstanding | 2,250,000 | 2,277,007 |
Subordinated | Subordinated notes | ||
Debt Instrument [Line Items] | ||
Commitment | 2,250,000 | |
Undrawn amounts | 0 | |
Amount outstanding | $ 2,250,000 | 2,250,000 |
Weighted average interest rate | 6.64% | |
Subordinated | Subordinated debt issued by VIEs | ||
Debt Instrument [Line Items] | ||
Commitment | $ 0 | |
Undrawn amounts | 0 | |
Amount outstanding | $ 0 | 27,219 |
Weighted average interest rate | 0.00% | |
Subordinated | Subordinated debt fair value adjustment | ||
Debt Instrument [Line Items] | ||
Commitment | $ 0 | |
Undrawn amounts | 0 | |
Amount outstanding | 0 | $ (212) |
Floating Rate Debt | ||
Debt Instrument [Line Items] | ||
Debt | $ 10,300,000 |
Debt - Maturities of Debt Financings (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Maturities of Long-term Debt [Abstract] | |||
2024 | $ 6,211,679 | ||
2025 | 5,958,382 | ||
2026 | 8,491,596 | ||
2027 | 6,795,888 | ||
2028 | 7,744,105 | ||
Thereafter | 11,493,882 | ||
Total outstanding indebtedness, excluding fair value adjustments, debt issuance costs and debt discounts | 46,695,532 | ||
Amortization of debt issuance costs, debt discount, debt premium and lease premium | $ 75,000 | $ 82,000 | $ 66,000 |
Debt - AerCap Trust & AICDC Notes (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Feb. 28, 2023 |
Dec. 31, 2023 |
Jan. 31, 2024 |
Nov. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Maturities of Long-term Debt [Abstract] | |||||||
2024 | $ 6,211,679 | ||||||
2025 | 5,958,382 | ||||||
2026 | 8,491,596 | ||||||
2027 | 6,795,888 | ||||||
2028 | 7,744,105 | ||||||
Thereafter | 11,493,882 | ||||||
4.125% Senior Notes Due 2023 | |||||||
Maturities of Long-term Debt [Abstract] | |||||||
Debt instrument, interest rate (in percentage) | 4.125% | ||||||
Principal amount redeemed | $ 600,000 | ||||||
Unsecured | |||||||
Maturities of Long-term Debt [Abstract] | |||||||
Debt | 34,295,349 | $ 34,710,500 | |||||
Unsecured | AerCap Trust (b) & AICDC Notes (c) | |||||||
Maturities of Long-term Debt [Abstract] | |||||||
2024 | 5,165,349 | ||||||
2025 | 3,650,000 | ||||||
2026 | 5,250,000 | ||||||
2027 | 4,000,000 | ||||||
2028 | 5,300,000 | ||||||
Thereafter | 7,850,000 | ||||||
Debt | $ 31,215,349 | $ 32,700,000 | |||||
Redemption price of debt instrument, percentage | 100.00% | ||||||
Unsecured | AerCap Trust (b) & AICDC Notes (c) | Minimum | |||||||
Maturities of Long-term Debt [Abstract] | |||||||
Debt instrument, interest rate (in percentage) | 1.65% | ||||||
Unsecured | AerCap Trust (b) & AICDC Notes (c) | Maximum | |||||||
Maturities of Long-term Debt [Abstract] | |||||||
Debt instrument, interest rate (in percentage) | 6.50% | ||||||
Unsecured | 5.75% Senior Unsecured Debt Due 2028 | |||||||
Maturities of Long-term Debt [Abstract] | |||||||
Debt instrument, interest rate (in percentage) | 5.75% | ||||||
Aggregate principal amount | $ 1,000,000 | ||||||
Unsecured | 6.10% Senior Unsecured Debt Due 2027 | |||||||
Maturities of Long-term Debt [Abstract] | |||||||
Debt instrument, interest rate (in percentage) | 6.10% | ||||||
Aggregate principal amount | $ 900,000 | ||||||
Unsecured | 6.15% Senior Unsecured Debt Due 2030 | |||||||
Maturities of Long-term Debt [Abstract] | |||||||
Debt instrument, interest rate (in percentage) | 6.15% | ||||||
Aggregate principal amount | $ 850,000 | ||||||
Unsecured | 5.100% Senior Unsecured Debt Due 2029 | Subsequent event | |||||||
Maturities of Long-term Debt [Abstract] | |||||||
Debt instrument, interest rate (in percentage) | 5.10% | ||||||
Aggregate principal amount | $ 800,000 | ||||||
Unsecured | 5.300% Senior Unsecured Debt Due 2034 | Subsequent event | |||||||
Maturities of Long-term Debt [Abstract] | |||||||
Debt instrument, interest rate (in percentage) | 5.30% | ||||||
Aggregate principal amount | $ 700,000 | ||||||
Unsecured | 6.45% Senior Unsecured Notes Due 2027 | |||||||
Maturities of Long-term Debt [Abstract] | |||||||
Debt instrument, interest rate (in percentage) | 6.45% | ||||||
Aggregate principal amount | $ 1,500,000 | ||||||
Senior Notes | 4.5% Senior Notes Due 2023 | |||||||
Maturities of Long-term Debt [Abstract] | |||||||
Debt instrument, interest rate (in percentage) | 4.50% | ||||||
Aggregate principal amount | $ 1,250,000 | ||||||
Principal amount redeemed | $ 1,000,000 | ||||||
Senior Notes | 1.75% Senior Notes Due 2024 | |||||||
Maturities of Long-term Debt [Abstract] | |||||||
Debt instrument, interest rate (in percentage) | 1.75% | ||||||
Debt instrument, repurchase amount | $ 356,000 | ||||||
Senior Notes | 2.875% Senior Notes Due 2024 | |||||||
Maturities of Long-term Debt [Abstract] | |||||||
Debt instrument, interest rate (in percentage) | 2.875% | ||||||
Debt instrument, repurchase amount | $ 276,000 | ||||||
Senior Notes | 1.650% Senior Notes Due 2024 | |||||||
Maturities of Long-term Debt [Abstract] | |||||||
Debt instrument, interest rate (in percentage) | 1.65% | ||||||
Debt instrument, repurchase amount | $ 1,000,000 |
Debt - GECAS Acquisition Notes (Details) - GE Capital Aviation Services - Unsecured - USD ($) $ in Billions |
Nov. 01, 2021 |
Oct. 29, 2021 |
---|---|---|
GECAS acquisition senior notes | ||
Debt Instrument [Line Items] | ||
Aggregate principal amount | $ 21.0 | |
GECAS acquisition, additional senior notes | ||
Debt Instrument [Line Items] | ||
Aggregate principal amount | $ 1.0 | |
Debt instrument, interest rate (in percentage) | 1.90% |
Debt - Revolving Credit Facilities (Details) - Unsecured - USD ($) $ in Millions |
Mar. 30, 2021 |
Mar. 31, 2018 |
---|---|---|
Asia revolving credit facility | ||
Debt Instrument [Line Items] | ||
Credit facility maximum borrowing capacity | $ 950 | |
Citi revolving credit facility II | ||
Debt Instrument [Line Items] | ||
Credit facility maximum borrowing capacity | $ 4,350 |
Debt - Export Credit Facilities (Details) - Export credit facilities - Secured |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Minimum | |
Debt Instrument [Line Items] | |
Debt instrument term | 10 years |
Maximum | |
Debt Instrument [Line Items] | |
Debt instrument term | 12 years |
Debt - Institutional Secured Term & Secured Portfolio Loans (Details) - Secured |
Dec. 31, 2023
USD ($)
aircraft
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
---|---|---|---|
Debt Instrument [Line Items] | |||
Amount outstanding | $ 10,151,176,000 | $ 9,814,176,000 | |
Rhenium Facility | |||
Debt Instrument [Line Items] | |||
Credit facility maximum borrowing capacity | $ 900,000,000 | ||
Institutional secured term loans & secured portfolio loans | |||
Debt Instrument [Line Items] | |||
Number of aircraft designated as collateral | aircraft | 243 | ||
Amount outstanding | $ 7,667,363,000 | 7,499,339,000 | |
Weighted average interest rate | 6.17% | ||
Setanta | |||
Debt Instrument [Line Items] | |||
Number of aircraft designated as collateral | aircraft | 82 | ||
Amount outstanding | $ 2,000,000,000 | 2,000,000,000 | |
Weighted average interest rate | 7.61% | ||
Hyperion | |||
Debt Instrument [Line Items] | |||
Number of aircraft designated as collateral | aircraft | 21 | ||
Amount outstanding | $ 600,000,000 | 1,050,000,000 | |
Weighted average interest rate | 7.35% | ||
Celtago & Celtago II | |||
Debt Instrument [Line Items] | |||
Number of aircraft designated as collateral | aircraft | 24 | ||
Amount outstanding | $ 613,034,000 | 731,480,000 | |
Weighted average interest rate | 4.51% | ||
Rhenium | |||
Debt Instrument [Line Items] | |||
Number of aircraft designated as collateral | aircraft | 18 | ||
Amount outstanding | $ 867,714,000 | 0 | |
Weighted average interest rate | 6.70% | ||
Cesium | |||
Debt Instrument [Line Items] | |||
Number of aircraft designated as collateral | aircraft | 15 | ||
Amount outstanding | $ 587,912,000 | 658,580,000 | |
Weighted average interest rate | 5.68% | ||
Goldfish | |||
Debt Instrument [Line Items] | |||
Number of aircraft designated as collateral | aircraft | 13 | ||
Amount outstanding | $ 501,276,000 | 560,084,000 | |
Weighted average interest rate | 7.01% | ||
Scandium | |||
Debt Instrument [Line Items] | |||
Number of aircraft designated as collateral | aircraft | 10 | ||
Amount outstanding | $ 458,867,000 | 517,577,000 | |
Weighted average interest rate | 5.74% | ||
Rhodium | |||
Debt Instrument [Line Items] | |||
Number of aircraft designated as collateral | aircraft | 11 | ||
Amount outstanding | $ 411,343,000 | 459,599,000 | |
Weighted average interest rate | 4.53% | ||
Other secured facilities | |||
Debt Instrument [Line Items] | |||
Number of aircraft designated as collateral | aircraft | 49 | ||
Amount outstanding | $ 1,627,217,000 | $ 1,522,019,000 | |
Weighted average interest rate | 4.75% |
Debt - AerFunding Revolving Credit Facility and Credit Agreement (Details) - AerFunding |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Charitable Trust | |
Debt Instrument [Line Items] | |
Ownership percentage | 95.00% |
AerCap Ireland | |
Debt Instrument [Line Items] | |
Ownership percentage | 5.00% |
Debt - Subordinated Debt (Details) - Subordinated Debt Notes - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Amount outstanding | $ 2,250,000 | $ 2,250,000 |
ECAPS Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Amount outstanding | $ 1,000,000 | 1,000,000 |
Weighted average interest rate | 7.29% | |
2045 Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Amount outstanding | $ 500,000 | 500,000 |
Weighted average interest rate | 6.50% | |
2079 Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Amount outstanding | $ 750,000 | $ 750,000 |
Weighted average interest rate | 5.88% |
Debt - ECAPS Subordinated Notes (Details) - Subordinated |
1 Months Ended |
---|---|
Dec. 31, 2005
USD ($)
| |
ECAPS Subordinated Notes | |
Debt Instrument [Line Items] | |
Number of tranches | 2 |
Face amount | $ 1,000,000,000 |
ECAPS Subordinated Notes | SOFR | |
Debt Instrument [Line Items] | |
Debt, floating reference rate, duration | 3 months |
ECAPS Subordinated Notes | Ten Year Constant Maturity U.S. Treasury | |
Debt Instrument [Line Items] | |
Debt, floating reference rate, duration | 10 years |
ECAPS Subordinated Notes | Thirty Year Constant Maturity U.S. Treasury | |
Debt Instrument [Line Items] | |
Debt, floating reference rate, duration | 30 years |
ECAPS Subordinated Debt $400 Million Tranche | |
Debt Instrument [Line Items] | |
Face amount | $ 400,000,000 |
Spread over reference rate | 1.80% |
ECAPS Subordinated Debt $600 Million Tranche | |
Debt Instrument [Line Items] | |
Face amount | $ 600,000,000 |
Spread over reference rate | 1.55% |
Debt - Junior Subordinated Notes (Details) $ in Thousands |
1 Months Ended | |||
---|---|---|---|---|
Oct. 31, 2019
USD ($)
|
Jun. 30, 2015
USD ($)
deferralPeriod
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Debt Instrument [Line Items] | ||||
Debt | $ 46,483,903 | $ 46,532,960 | ||
Redemption, accrued and interest payment, duration | 6 months | |||
Subordinated | 2045 Junior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 500,000 | |||
Debt, fixed interest rate | 6.50% | |||
Spread over reference rate | 4.30% | |||
Debt instrument term interest deferral period | deferralPeriod | 5 | |||
Debt instrument term payment deferral period | 5 years | |||
Redemption price of debt instrument, percentage | 100.00% | |||
Subordinated | 2079 Junior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 750,000 | |||
Debt, fixed interest rate | 5.875% | |||
Debt, reset period, duration | 5 years | |||
Debt, redemption term | 5 years | |||
US Treasury (UST) Interest Rate | Subordinated | 2079 Junior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Debt, floating reference rate, duration | 5 years | |||
Spread over reference rate | 4.535% | |||
Redemption price of debt instrument, percentage | 100.00% |
Income taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income Tax Disclosure [Line Items] | |||
Deferred tax expense (benefit), excluding the net change in valuation allowance | $ 329,218 | $ 22,530 | $ (17,326) |
Deferred tax (benefit) expense related to the net change in valuation allowance | (49,149) | (32,116) | 11,421 |
Current tax expense (benefit) | 10,987 | (154,511) | 168,442 |
Income tax expense (benefit) | 291,056 | (164,097) | 162,537 |
Ireland | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax expense (benefit), excluding the net change in valuation allowance | 300,646 | 25,648 | (26,968) |
Deferred tax (benefit) expense related to the net change in valuation allowance | 957 | 5,621 | 3,128 |
Current tax expense (benefit) | 13,147 | (159,730) | 160,866 |
Other | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax expense (benefit), excluding the net change in valuation allowance | 28,572 | (3,118) | 9,642 |
Deferred tax (benefit) expense related to the net change in valuation allowance | (50,106) | (37,737) | 8,293 |
Current tax expense (benefit) | $ (2,160) | $ 5,219 | $ 7,576 |
Income taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income tax expense (benefit) at statutory income tax rate of 12.5% | $ 409,023 | $ (125,303) | $ 143,490 |
Foreign rate differential | 6,025 | 13,701 | 6,279 |
Valuation allowance | (49,149) | (32,115) | 11,421 |
Other reconciling items | 14,275 | (20,380) | 1,347 |
Remeasurement of deferred taxes | (43,806) | 0 | 0 |
Gains not taxable | (45,312) | 0 | 0 |
Total changes | (117,967) | (38,794) | 19,047 |
Income tax expense (benefit) | $ 291,056 | $ (164,097) | $ 162,537 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Income tax expense (benefit) at statutory income tax rate of 12.5% | 12.50% | 12.50% | 12.50% |
Foreign rate differential | 0.20% | (1.30%) | 0.60% |
Other reconciling items | 0.40% | 2.00% | 0.10% |
Remeasurement of deferred taxes | (1.30%) | 0.00% | 0.00% |
Gains not taxable | (1.40%) | 0.00% | 0.00% |
Valuation allowance | (1.50%) | 3.20% | 1.00% |
Total changes | (3.60%) | 3.90% | 1.70% |
Income tax expense (benefit) | 8.90% | 16.40% | 14.20% |
Non-deductible expenses | $ 6,000 | $ 8,000 | $ 19,000 |
Withholding taxes | 13,000 | ||
Consolidation of group | 22,000 | ||
Other items | $ 5,000 | $ 7,000 | 1,000 |
Non-taxable income | $ 19,000 |
Income taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Deferred tax assets | |||
Flight equipment | $ 12,681 | $ 294,372 | |
Other intangibles | 77,344 | 74,998 | |
Deferred losses on sale of assets | 11,937 | 13,509 | |
Operating loss and tax credit carryforwards | 2,086,080 | 1,839,825 | |
Other | (22,206) | (15,964) | |
Total deferred tax assets | 2,210,248 | 2,238,668 | |
Valuation allowance | (70,812) | (119,961) | $ (11,000) |
Deferred tax assets, net of valuation allowance | 2,139,436 | 2,118,707 | |
Deferred tax liabilities | |||
Flight equipment | (4,357,054) | (4,023,650) | |
Other intangibles | (20,193) | (22,927) | |
Other | (12,553) | (55,894) | |
Total deferred tax liabilities | (4,389,800) | (4,102,471) | |
Total net deferred tax (liabilities) assets | (2,250,364) | (1,983,764) | |
Ireland | |||
Deferred tax assets | |||
Flight equipment | 8,690 | 289,860 | |
Other intangibles | 0 | 0 | |
Deferred losses on sale of assets | 0 | 0 | |
Operating loss and tax credit carryforwards | 1,991,125 | 1,723,673 | |
Other | (1,756) | (8,608) | |
Total deferred tax assets | 2,001,571 | 2,022,141 | |
Valuation allowance | (17,242) | (16,285) | |
Deferred tax assets, net of valuation allowance | 1,984,329 | 2,005,856 | |
Deferred tax liabilities | |||
Flight equipment | (4,274,880) | (3,964,247) | |
Other intangibles | (20,193) | (22,927) | |
Other | (6,325) | (51,306) | |
Total deferred tax liabilities | (4,301,398) | (4,038,480) | |
Total net deferred tax (liabilities) assets | (2,317,069) | (2,032,624) | |
Other | |||
Deferred tax assets | |||
Flight equipment | 3,991 | 4,512 | |
Other intangibles | 77,344 | 74,998 | |
Deferred losses on sale of assets | 11,937 | 13,509 | |
Operating loss and tax credit carryforwards | 94,955 | 116,152 | |
Other | (20,450) | (7,356) | |
Total deferred tax assets | 208,677 | 216,527 | |
Valuation allowance | (53,570) | (103,676) | |
Deferred tax assets, net of valuation allowance | 155,107 | 112,851 | |
Deferred tax liabilities | |||
Flight equipment | (82,174) | (59,403) | |
Other intangibles | 0 | 0 | |
Other | (6,228) | (4,588) | |
Total deferred tax liabilities | (88,402) | (63,991) | |
Total net deferred tax (liabilities) assets | $ 66,705 | $ 48,860 |
Income taxes - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income Tax Disclosure [Line Items] | |||
Income (loss) before income taxes and income of investments accounted for under the equity method | $ 3,272,186 | $ (1,002,420) | $ 1,147,917 |
Net deferred income tax liabilities | 2,250,364 | 1,983,764 | |
Deferred tax assets | 275,756 | 210,334 | |
Deferred tax liabilities | 2,526,120 | 2,194,098 | |
Valuation allowance, deferred tax asset, increase (decrease), amount | 49,000 | 32,000 | |
Valuation allowance on tax assets | 70,812 | 119,961 | $ 11,000 |
Unrecognized tax benefits | $ 17,000 | $ 32,000 | |
Local statutory tax rate | 12.50% | 12.50% | 12.50% |
Valuation allowance, deferred tax asset, decrease, amount | $ 1,000 | ||
Valuation allowance, deferred tax asset, increase, amount | 12,000 | ||
GECAS | |||
Income Tax Disclosure [Line Items] | |||
Valuation allowance acquired | 61,000 | ||
Ireland | |||
Income Tax Disclosure [Line Items] | |||
Income (loss) before income taxes and income of investments accounted for under the equity method | $ 3,200,000 | $ (1,100,000) | 1,100,000 |
Net deferred income tax liabilities | 2,317,069 | 2,032,624 | |
Valuation allowance on tax assets | $ 17,242 | 16,285 | |
Local statutory tax rate | 12.50% | ||
Operating loss carryforwards | $ 12,000 | ||
Valuation allowance, recognized | 5,000 | ||
Ireland | No expiration date | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 15,800,000 | ||
Other | |||
Income Tax Disclosure [Line Items] | |||
Income (loss) before income taxes and income of investments accounted for under the equity method | 100,000 | 100,000 | $ 100,000 |
Valuation allowance on tax assets | 53,570 | $ 103,676 | |
Other | Internal Revenue Service (IRS) | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 325,000 | ||
Other | No expiration date | Internal Revenue Service (IRS) | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 192,000 | ||
Other | Expires Between 2028 and 2038 | Internal Revenue Service (IRS) | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 133,000 | ||
Other | Subject To Annual Limitation | Internal Revenue Service (IRS) | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 52,000 | ||
State and Local Jurisdiction | Expires Between 2035 and 2042 | Internal Revenue Service (IRS) | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | $ 4,000 |
Income taxes - Summary of Valuation Allowance (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Movement in Valuation Allowance [Roll Forward] | ||
Valuation allowance at beginning of period | $ 119,961 | $ 152,077 |
Increase of allowance included in income tax expense | 2,035 | 5,810 |
Decrease of allowance included in income tax expense | (51,184) | (37,926) |
Net decrease in valuation allowance | (49,149) | (32,116) |
Valuation allowance at end of period | $ 70,812 | $ 119,961 |
Leases - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Leases [Abstract] | ||
Remaining lease term (up to) | 18 years | |
Lease extension term | 10 years | |
Operating lease right of use asset | $ 57,009 | $ 81,952 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities |
Operating lease, liability | $ 92,083 | $ 135,215 |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Debt | Debt |
Present value of lease liabilities | $ 139,574 | $ 137,000 |
Leases - Supplemental Balance Sheet Information Related to Leases (Details) |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Weighted average remaining lease term (years) | ||
Operating lease, weighted average remaining lease term | 4 years 3 months 18 days | 4 years 6 months |
Finance lease, weighted average remaining lease term | 13 years 8 months 12 days | 14 years 3 months 18 days |
Weighted average discount rate | ||
Operating lease, weighted average discount rate (in percentage) | 4.10% | 3.80% |
Finance lease, weighted average discount rate (in percentage) | 6.50% | 6.50% |
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Operating leases | ||
2024 | $ 50,221 | |
2025 | 13,174 | |
2026 | 8,670 | |
2027 | 8,702 | |
2028 | 8,258 | |
Thereafter | 18,745 | |
Total lease payments | 107,770 | |
Less: Imputed interest | (15,687) | |
Present value of lease liabilities | 92,083 | $ 135,215 |
Finance leases | ||
2024 | 12,800 | |
2025 | 12,800 | |
2026 | 12,800 | |
2027 | 12,800 | |
2028 | 12,800 | |
Thereafter | 171,505 | |
Total lease payments | 235,505 | |
Less: Imputed interest | (95,931) | |
Present value of lease liabilities | $ 139,574 | $ 137,000 |
Equity - Share Repurchase Programs (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Oct. 31, 2023 |
Sep. 30, 2023 |
Jul. 31, 2023 |
Apr. 30, 2023 |
Mar. 31, 2023 |
---|---|---|---|---|---|---|
Stockholders' Equity Note [Abstract] | ||||||
Share repurchase program, authorized amount | $ 250 | $ 500 | $ 650 | $ 500 | $ 500 | $ 500 |
Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands |
2 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 16, 2023 |
Sep. 14, 2023 |
Mar. 13, 2023 |
Nov. 01, 2021 |
Feb. 20, 2024 |
Dec. 31, 2023 |
Dec. 31, 2021 |
Feb. 23, 2024 |
Oct. 31, 2023 |
Sep. 30, 2023 |
Jul. 31, 2023 |
Apr. 30, 2023 |
Mar. 31, 2023 |
|
Class of Stock [Line Items] | |||||||||||||
Share repurchase program, authorized amount | $ 250,000 | $ 500,000 | $ 650,000 | $ 500,000 | $ 500,000 | $ 500,000 | |||||||
Treasury stock acquired (in shares) | 44,300 | ||||||||||||
Treasury stock acquired, average cost per share (in dollars per share) | $ 59.09 | ||||||||||||
Stock cancelled during period (in shares) | 34,800 | ||||||||||||
Market auction Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares redeemed during period, par value | $ 100,000,000 | ||||||||||||
Shares redeemed during period, carrying value | $ 77,000,000 | ||||||||||||
Subsequent event | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Share repurchase program, authorized amount | $ 500,000,000 | ||||||||||||
Treasury stock acquired (in shares) | 2,200 | ||||||||||||
Treasury stock acquired, average cost per share (in dollars per share) | $ 76.17 | ||||||||||||
General Electric | Related Party | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Treasury stock acquired (in shares) | 7,900 | 17,500 | 8,800 | 36,400 | |||||||||
Treasury stock acquired, average cost per share (in dollars per share) | $ 63.62 | $ 57.53 | $ 56.89 | ||||||||||
General Electric | Related Party | March Secondary Public Offering | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Sale of stock, number of shares issued in transaction (in shares) | 23,000 | ||||||||||||
General Electric | Related Party | March Secondary Public Offering | Secondary Offering | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock repurchase program, authorized per share amount (in dollars per share) | $ 58.50 | ||||||||||||
General Electric | Related Party | September Secondary Public Offering | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Sale of stock, number of shares issued in transaction (in shares) | 46,800 | ||||||||||||
General Electric | Related Party | September Secondary Public Offering | Secondary Offering | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock repurchase program, authorized per share amount (in dollars per share) | $ 59.00 | ||||||||||||
General Electric | Related Party | November Secondary Public Offering | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Sale of stock, number of shares issued in transaction (in shares) | 30,700 | ||||||||||||
General Electric | Related Party | November Secondary Public Offering | Secondary Offering | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock repurchase program, authorized per share amount (in dollars per share) | $ 65.25 | ||||||||||||
Ordinary share capital | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
GECAS Transaction, stock issued during period (in shares) | 111,500 | ||||||||||||
GE Capital Aviation Services | Ordinary share capital | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
GECAS Transaction, stock issued during period (in shares) | 111,500 |
Share-based compensation - Narrative (Details) $ in Thousands, shares in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
May 31, 2014
shares
|
Mar. 31, 2012
shares
|
|
Share-Based Compensation [Line Items] | |||||
Share based compensation expense | $ | $ 97,058 | $ 102,848 | $ 96,087 | ||
Income tax benefit for share-based compensation | $ | $ 16,000 | $ 13,000 | |||
Equity Incentive Plan 2012 | |||||
Share-Based Compensation [Line Items] | |||||
Equity awards available for grants (in shares) | shares | 8.1 | ||||
Equity Incentive Plan 2014 | |||||
Share-Based Compensation [Line Items] | |||||
Equity awards available for grants (in shares) | shares | 8.5 | ||||
NV Equity Plan | |||||
Share-Based Compensation [Line Items] | |||||
Restricted stock units convertible to common shares, conversion ratio | 1 | ||||
NV Equity Plan | Minimum | |||||
Share-Based Compensation [Line Items] | |||||
Equity award vesting period | 3 years | ||||
NV Equity Plan | Maximum | |||||
Share-Based Compensation [Line Items] | |||||
Equity award vesting period | 5 years |
Share-based compensation - Restricted Stock Units and Restricted Stocks Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Weighted average grant date fair value ($) | |||
Share based compensation expense | $ 97,058 | $ 102,848 | $ 96,087 |
Time based restricted stock units and restricted stock | |||
Number | |||
Number at beginning of period (in shares) | 2,929,585 | ||
Granted (in shares) | 813,256 | ||
Vested (in shares) | (1,369,328) | ||
Forfeited (in shares) | (18,076) | ||
Number at end of period (in shares) | 2,355,437 | 2,929,585 | |
Weighted average grant date fair value ($) | |||
Number at beginning of period (in USD per share) | $ 49.94 | ||
Granted (in USD per share) | 63.48 | ||
Vested (in USD per share) | 47.87 | ||
Forfeited (in USD per share) | 52.64 | ||
Number at end of period (in USD per share) | $ 55.80 | $ 49.94 | |
Peformance based restricted stock units and restricted stock | |||
Number | |||
Number at beginning of period (in shares) | 4,010,991 | ||
Granted (in shares) | 625,169 | ||
Vested (in shares) | (234,340) | ||
Forfeited (in shares) | (11,551) | ||
Number at end of period (in shares) | 4,390,269 | 4,010,991 | |
Weighted average grant date fair value ($) | |||
Number at beginning of period (in USD per share) | $ 51.18 | ||
Granted (in USD per share) | 65.72 | ||
Vested (in USD per share) | 55.11 | ||
Forfeited (in USD per share) | 64.13 | ||
Number at end of period (in USD per share) | $ 53.01 | $ 51.18 | |
Restricted stock | NV Equity Plan | |||
Number | |||
Granted (in shares) | 830,580 | ||
Weighted average grant date fair value ($) | |||
Restricted stocks issued (in shares) | 538,853 | ||
Shares withheld to pay taxes (in shares) | 291,727 | ||
Shares withheld to pay taxes, treated as granted (in shares) | 162,316 | ||
Share based compensation expense | $ 10,000 | ||
Lapsed restrictions on restricted stock | NV Equity Plan | |||
Weighted average grant date fair value ($) | |||
Shares withheld to pay taxes, treated as granted (in shares) | 813,500 | ||
Restricted stock issued (in shares) | 982,882 | ||
Restricted stock units | NV Equity Plan | |||
Number | |||
Vested (in shares) | (465,998) | ||
Weighted average grant date fair value ($) | |||
Shares withheld to pay taxes, treated as granted (in shares) | 162,316 | ||
Ordinary shares issued to the holders of these restricted stock units with the remainder being withheld and applied to pay the taxes involved (in shares) | 295,547 |
Share-based compensation - Expected Share-Based Compensation Expense (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
---|---|
2024 | |
Unrecognized Share-Based Compensation, Expected Period Of Recognition [Line Items] | |
Expected share-based compensation expense | $ 93.1 |
2025 | |
Unrecognized Share-Based Compensation, Expected Period Of Recognition [Line Items] | |
Expected share-based compensation expense | 57.3 |
2026 | |
Unrecognized Share-Based Compensation, Expected Period Of Recognition [Line Items] | |
Expected share-based compensation expense | 24.9 |
2027 | |
Unrecognized Share-Based Compensation, Expected Period Of Recognition [Line Items] | |
Expected share-based compensation expense | $ 4.1 |
Post-retirement benefit plans - Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
GECAS Plan | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Liability, unfunded status of plan | $ (10) | $ 3 |
Geographic information - Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Segment Reporting Information [Line Items] | |||
Lease income | $ 6,860,320 | $ 6,530,546 | $ 4,412,003 |
Geographic concentration risk | Total lease revenue | |||
Segment Reporting Information [Line Items] | |||
Percentage of lease revenue | 100.00% | 100.00% | 100.00% |
China | |||
Segment Reporting Information [Line Items] | |||
Lease income | $ 1,153,435 | $ 1,106,429 | $ 782,297 |
China | Geographic concentration risk | Total lease revenue | |||
Segment Reporting Information [Line Items] | |||
Percentage of lease revenue | 16.80% | 16.90% | 17.70% |
United States | |||
Segment Reporting Information [Line Items] | |||
Lease income | $ 1,087,541 | $ 1,032,503 | $ 579,270 |
United States | Geographic concentration risk | Total lease revenue | |||
Segment Reporting Information [Line Items] | |||
Percentage of lease revenue | 15.90% | 15.80% | 13.10% |
Other countries | |||
Segment Reporting Information [Line Items] | |||
Lease income | $ 4,619,344 | $ 4,391,614 | $ 3,050,436 |
Other countries | Geographic concentration risk | Total lease revenue | |||
Segment Reporting Information [Line Items] | |||
Percentage of lease revenue | 67.30% | 67.30% | 69.20% |
Geographic information - Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 60,638,530 | $ 59,291,578 |
Long-lived assets | Geographic concentration risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Percentage of lease revenue | 100.00% | 100.00% |
China | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 9,537,078 | $ 10,005,969 |
China | Long-lived assets | Geographic concentration risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Percentage of lease revenue | 15.70% | 16.90% |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 8,870,847 | $ 9,104,327 |
United States | Long-lived assets | Geographic concentration risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Percentage of lease revenue | 14.60% | 15.40% |
Other countries | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 42,230,605 | $ 40,181,282 |
Other countries | Long-lived assets | Geographic concentration risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Percentage of lease revenue | 69.70% | 67.70% |
Selling, general and administrative expenses (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Selling, General and Administrative Expense [Abstract] | |||
Personnel expenses | $ 208,715 | $ 174,004 | $ 150,286 |
Share-based compensation | 97,058 | 102,848 | 96,087 |
Professional services | 40,251 | 37,805 | 28,999 |
Travel expenses | 38,700 | 24,752 | 5,649 |
Office expenses | 25,307 | 23,930 | 15,417 |
Other expenses | 54,097 | 36,191 | 21,450 |
Total selling, general and administrative expenses | $ 464,128 | $ 399,530 | $ 317,888 |
Other income - Schedule of Other Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Other Income [Line Items] | |||
Proceeds from unsecured claims | $ 5,754 | $ 98,565 | $ 635,075 |
Interest and other income | 190,909 | 117,280 | 71,774 |
Total other income | 230,478 | 254,074 | 722,574 |
Management fees and other | |||
Other Income [Line Items] | |||
Management fees | $ 33,815 | $ 38,229 | $ 15,725 |
Other income - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Other Income [Line Items] | |||
Proceeds from unsecured claims | $ 5,754 | $ 98,565 | $ 635,075 |
LATAM Airlines Group S.A. | |||
Other Income [Line Items] | |||
Proceeds from unsecured claims | $ 39,000 | $ 595,000 |
Lease revenue - Schedule of Minimum Future Lease Payments (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
---|---|
Lease Revenue [Abstract] | |
Term of operating lease agreements | 16 years |
2024 | $ 6,384,586 |
2025 | 6,001,847 |
2026 | 5,512,314 |
2027 | 4,931,941 |
2028 | 4,360,764 |
Thereafter | 14,980,420 |
Contracted minimum future lease receivables | $ 42,171,872 |
Lease revenue - Narrative (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Lease Revenue [Abstract] | ||
Percent of rent attributable to variable leases | 5.00% | 6.00% |
Net charges related to Ukraine Conflict - Narrative (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2023
aircraft
|
Dec. 31, 2023
USD ($)
aircraft
airline
spareEngine
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Unusual or Infrequent Item, or Both [Line Items] | ||||
Net charges (income) related to Ukraine conflict | $ (1,288,000) | $ 2,666,000 | ||
Cash proceeds from insurance claim settlements | 1,254,400 | 0 | $ 0 | |
Letters of credit receipts and other collections | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Net charges (income) related to Ukraine conflict | (19,000) | $ (257,000) | ||
Russian Federation | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Cash proceeds from insurance claim settlements | $ 1,300,000 | |||
Number of russian airlines | airline | 6 | |||
Number of aircraft on lease | aircraft | 67 | |||
Number of engines on lease | spareEngine | 10 | |||
Ukraine | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Number of aircrafts remaining in Ukraine | aircraft | 2 |
Net charges related to Ukraine Conflict - Schedule of Impairments Recognized as a Result of Conflict in Ukraine (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Unusual or Infrequent Item, or Both [Line Items] | ||
Net (recoveries) charges related to Ukraine Conflict | $ (1,288) | $ 2,666 |
(Recoveries) write-offs and impairments of flight equipment | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Net (recoveries) charges related to Ukraine Conflict | (15) | 3,160 |
Write-Off | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Net (recoveries) charges related to Ukraine Conflict | 2,900 | |
Impairment | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Net (recoveries) charges related to Ukraine Conflict | 295 | |
Insurance proceeds received | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Net (recoveries) charges related to Ukraine Conflict | (1,254) | 0 |
Derecognition of lease-related assets and liabilities | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Net (recoveries) charges related to Ukraine Conflict | 0 | (237) |
Letters of credit receipts and other collections | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Net (recoveries) charges related to Ukraine Conflict | $ (19) | $ (257) |
Asset impairment (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Net (recoveries) charges related to Ukraine Conflict | $ (1,288,000) | $ 2,666,000 | |
Write-offs and impairment, net (Note 25 and 26) | 71,507 | 3,256,717 | |
(Recoveries) write-offs and impairments of flight equipment | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Net (recoveries) charges related to Ukraine Conflict | (15,000) | 3,160,000 | |
Write-Off | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Net (recoveries) charges related to Ukraine Conflict | 2,900,000 | ||
Impairment | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Net (recoveries) charges related to Ukraine Conflict | 295,000 | ||
Sale Transactions And Certain Lease Amendments | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-offs and impairment, net (Note 25 and 26) | $ 87,000 | $ 97,000 | $ 128,000 |
Allowance for credit losses - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Allowance For Credit Loss [Roll Forward] | ||
Allowance for credit losses at beginning of period | $ 137,861 | $ 117,547 |
Current period (decrease) increase in provision for expected credit losses | 4,022 | 109,692 |
Write-offs charged against the allowance | (107,996) | (89,378) |
Allowance for credit losses at end of period | 33,887 | 137,861 |
Investment in finance leases | ||
Allowance For Credit Loss [Roll Forward] | ||
Allowance for credit losses at beginning of period | 23,025 | 71,292 |
Current period (decrease) increase in provision for expected credit losses | (14,101) | (11,483) |
Write-offs charged against the allowance | 0 | (36,784) |
Allowance for credit losses at end of period | 8,924 | 23,025 |
Notes receivable | ||
Allowance For Credit Loss [Roll Forward] | ||
Allowance for credit losses at beginning of period | 110,938 | 40,964 |
Current period (decrease) increase in provision for expected credit losses | 21,332 | 122,568 |
Write-offs charged against the allowance | (107,996) | (52,594) |
Allowance for credit losses at end of period | 24,274 | 110,938 |
Loans receivable | ||
Allowance For Credit Loss [Roll Forward] | ||
Allowance for credit losses at beginning of period | 3,898 | 5,291 |
Current period (decrease) increase in provision for expected credit losses | (3,209) | (1,393) |
Write-offs charged against the allowance | 0 | 0 |
Allowance for credit losses at end of period | $ 689 | $ 3,898 |
Allowance for credit losses - Narrative (Details) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023
USD ($)
category
|
Dec. 31, 2022
USD ($)
category
|
|
Allowance For Credit Loss [Line Items] | ||
Increase in allowance for credit loss | $ 4,000 | |
Allowance for credit loss, writeoff | $ 107,996 | $ 89,378 |
Number of categories of financing receivables | category | 3 | 3 |
Ukraine Conflict | ||
Allowance For Credit Loss [Line Items] | ||
Increase in allowance for credit loss | $ 110,000 | |
Allowance for credit loss, writeoff | $ 89,000 |
Allowance for credit losses - Financing Receivables Grouped by Credit Risk (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Allowance For Credit Loss [Line Items] | ||
Investment in finance leases | $ 1,263,000 | $ 1,379,000 |
Notes receivable | 688,000 | 597,000 |
Loans receivable | 656,000 | 355,000 |
Total | 2,607,000 | 2,331,000 |
Category A | ||
Allowance For Credit Loss [Line Items] | ||
Investment in finance leases | 357,000 | 292,000 |
Notes receivable | 0 | 0 |
Loans receivable | 0 | 16,000 |
Total | 357,000 | 308,000 |
Category B | ||
Allowance For Credit Loss [Line Items] | ||
Investment in finance leases | 213,000 | 486,000 |
Notes receivable | 13,000 | 18,000 |
Loans receivable | 44,000 | 329,000 |
Total | 270,000 | 833,000 |
Category C | ||
Allowance For Credit Loss [Line Items] | ||
Investment in finance leases | 693,000 | 601,000 |
Notes receivable | 675,000 | 579,000 |
Loans receivable | 612,000 | 10,000 |
Total | $ 1,980,000 | $ 1,190,000 |
Earnings per share - Narrative (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Earnings Per Share [Abstract] | |||
Unvested restricted stock (in shares) | 4,561,249 | 4,837,602 | 5,822,811 |
Number of shares excluded from diluted shares outstanding (in shares) | 372,250 | 122,237 | |
Dilutive securities that would have been excluded from computation of earnings per share (in shares) | 3,099,221 |
Earnings per share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Earnings Per Share [Abstract] | |||
Net income (loss) for the computation of basic EPS | $ 3,136,091 | $ (726,041) | $ 1,000,507 |
Weighted average ordinary shares outstanding - basic (in shares) | 224,216,801 | 240,486,849 | 146,421,188 |
Basic EPS (in USD per share) | $ 13.99 | $ (3.02) | $ 6.83 |
Weighted average ordinary shares outstanding - diluted (in shares) | 227,656,343 | 240,486,849 | 149,005,981 |
Diluted EPS (in USD per share) | $ 13.78 | $ (3.02) | $ 6.71 |
Earnings per share - Computation of Outstanding Shares For Basic EPS (Details) - shares |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Earnings Per Share [Abstract] | |||
Ordinary share issued (in shares) | 215,543,739 | 250,347,345 | 250,347,345 |
Treasury shares (in shares) | (13,050,571) | (4,416,070) | (4,951,897) |
Ordinary shares outstanding (in shares) | 202,493,168 | 245,931,275 | 245,395,448 |
Shares of unvested restricted stock (in shares) | (4,561,249) | (4,837,602) | (5,822,811) |
Ordinary shares outstanding, excluding shares of unvested restricted stock (in shares) | 197,931,919 | 241,093,673 | 239,572,637 |
Variable interest entities - Narrative (Details) - Variable interest entity - AerFunding $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2023
USD ($)
| |
Variable Interest Entity [Line Items] | |
Ownership (in percentage) | 5.00% |
Subordinated notes ownership (in percentage) | 100.00% |
Amount outstanding | $ 1,000 |
Senior debt facility | $ 2,000 |
Variable interest entities - Schedule of Maximum Exposure to Loss in VIEs (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Variable Interest Entities [Abstract] | ||
Carrying value of debt and equity investments | $ 120,677 | $ 118,403 |
Related party transactions - Narrative (Details) $ / shares in Units, $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Nov. 16, 2023
shares
|
Sep. 14, 2023
shares
|
Mar. 13, 2023
shares
|
Dec. 31, 2023
USD ($)
aircraft
$ / shares
shares
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Nov. 01, 2021 |
|
Related Party Transaction [Line Items] | |||||||
Treasury stock acquired (in shares) | shares | 44,300,000 | ||||||
Total lease revenue | $ 6,860,320 | $ 6,530,546 | $ 4,412,003 | ||||
Share repurchase | $ 2,618,547 | 1,458 | 35,406 | ||||
SES | |||||||
Related Party Transaction [Line Items] | |||||||
Ownership (in percentage) | 50.00% | ||||||
Related Party | General Electric | |||||||
Related Party Transaction [Line Items] | |||||||
Treasury stock acquired (in shares) | shares | 7,900,000 | 17,500,000 | 8,800,000 | 36,400,000 | |||
Total lease revenue | $ 140 | 143 | 22 | ||||
Purchases and provision of services from GE | $ 212 | 150 | $ 1 | ||||
Accounts Payable | 9,000 | ||||||
Related Party | General Electric | All Offerings | |||||||
Related Party Transaction [Line Items] | |||||||
Stock repurchase program, authorized per share amount (in dollars per share) | $ / shares | $ 58.86 | ||||||
Related Party | SES | |||||||
Related Party Transaction [Line Items] | |||||||
Total lease revenue | $ 124,000 | $ 74,000 | |||||
Related Party | Gilead Aviation Designated Activity Company (“Gilead”) | |||||||
Related Party Transaction [Line Items] | |||||||
Number of aircrafts sold | aircraft | 3 | ||||||
Officer | |||||||
Related Party Transaction [Line Items] | |||||||
Treasury stock acquired (in shares) | shares | 12,913 | ||||||
Share repurchase | $ 700 | ||||||
AerCap Holdings N.V. | Related Party | General Electric | |||||||
Related Party Transaction [Line Items] | |||||||
Ownership percentage by GE (in percentage) | 46.00% |
Related party transactions - Amounts recognized from/to GE (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Related Party Transaction [Line Items] | |||
Sales to GE | $ 7,580,418 | $ 7,013,550 | $ 5,224,005 |
Total lease revenue | 6,860,320 | 6,530,546 | 4,412,003 |
General Electric | Related Party | |||
Related Party Transaction [Line Items] | |||
Purchases and provision of services from GE | 212 | 150 | 1 |
Sales to GE | 29 | 27 | 0 |
Total lease revenue | $ 140 | $ 143 | $ 22 |
Related party transactions - Schedule of Related Party Transactions (Details) - Associated Companies - Related Party - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Related Party Transaction [Line Items] | |||
Management fees and other | $ 11,074 | $ 14,418 | $ 6,748 |
Dividends | 10,933 | 34,245 | 5,262 |
Income from transactions with related parties | $ 22,007 | $ 48,663 | $ 12,010 |
Commitments and contingencies - Narrative (Details) |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2023
USD ($)
engine
aircraft
helicopter
spareEngine
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2008
USD ($)
|
Jan. 31, 2024
aircraft
|
Jan. 31, 2024
USD ($)
|
Jan. 31, 2024
engine
|
Dec. 31, 1992
aircraft
engine
|
|
Loss Contingencies [Line Items] | |||||||
Purchase obligation, number of engines | engine | 37 | ||||||
Purchase obligation, number of helicopters | helicopter | 8 | ||||||
Non-refundable deposits | $ 3,300,000,000 | ||||||
Interest expense capitalized | 130,000,000 | ||||||
Subsequent event | |||||||
Loss Contingencies [Line Items] | |||||||
Number of managed aircrafts | aircraft | 3 | ||||||
Aircraft Hull and Spares and Equipment | |||||||
Loss Contingencies [Line Items] | |||||||
Insurance coverage claimable by entity | 2,200,000,000 | ||||||
Aviation, War and Allied Perils | |||||||
Loss Contingencies [Line Items] | |||||||
Insurance coverage claimable by entity | 1,200,000,000 | ||||||
C&P Policy | AerCap Ireland | |||||||
Loss Contingencies [Line Items] | |||||||
Insurance proceeds | $ 1,300,000,000 | ||||||
Russian Operator Reinsurance Claims | Subsequent event | |||||||
Loss Contingencies [Line Items] | |||||||
Insurance claim | $ 1,800,000,000 | ||||||
Russian Federation | |||||||
Loss Contingencies [Line Items] | |||||||
Number of aircraft on lease | aircraft | 67 | ||||||
Number of engines on lease | spareEngine | 10 | ||||||
Russian Federation | Subsequent event | |||||||
Loss Contingencies [Line Items] | |||||||
Number of aircraft on lease | aircraft | 113 | ||||||
Number of engines on lease | 6 | 23 | |||||
Russian Federation | Russian Operator Reinsurance Claims | Subsequent event | |||||||
Loss Contingencies [Line Items] | |||||||
Number of aircraft on lease | aircraft | 46 | ||||||
VASP litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, loss in period | $ 0 | ||||||
VASP litigation | VASP litigation English court | |||||||
Loss Contingencies [Line Items] | |||||||
Claim award for loss of profit plus accrued interest | $ 66,000,000 | ||||||
Aircraft | |||||||
Loss Contingencies [Line Items] | |||||||
Number of forward orders | aircraft | 338 | ||||||
Aircraft | VASP litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Number of aircraft on lease | aircraft | 13 | ||||||
Number of leases that company incurred obligations due to another company's default | aircraft | 13 | ||||||
Engines | VASP litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Number of engines on lease | engine | 3 | ||||||
Number of leases that company incurred obligations due to another company's default | engine | 3 |
Commitments and contingencies - Schedule of Prepayments of Flight Equipment (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Prepayments on Flight Equipment [Roll Forward] | ||
Prepayments on flight equipment at beginning of period | $ 3,806,602 | $ 4,586,848 |
Prepayments and additions during the period, net | 1,463,929 | 244,937 |
Interest paid and capitalized during the period, net | 125,944 | 104,191 |
Prepayments and capitalized interest applied to the purchase of flight equipment | (1,820,288) | (1,129,374) |
Prepayments on flight equipment at end of period | $ 3,576,187 | $ 3,806,602 |
Commitments and contingencies - Unrecorded Unconditional Purchase Obligations Disclosure (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2023
USD ($)
engine
aircraft
helicopter
| |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Purchase obligation, number of engines | engine | 37 |
Purchase obligation, number of helicopters | helicopter | 8 |
Purchase obligations | Flight equipment | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2024 | $ 7,220,900 |
2025 | 5,817,100 |
2026 | 2,859,900 |
2027 | 1,551,000 |
2028 | 254,700 |
Thereafter | 162,100 |
Total | $ 17,865,700 |
Number of forward orders | aircraft | 338 |
Number of purchase-leaseback transactions | aircraft | 10 |
Fair value measurements - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities, FV-NI, unrealized gain (loss) | $ 2,334 | $ (17,676) | $ 2,301 |
Fair value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, at fair value | 84,130 | 59,081 | |
Loans receivable | 650,398 | 329,650 | |
Notes receivable | 663,644 | 486,223 | |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, at fair value | 84,130 | 59,081 | |
Level 1 | Fair value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, at fair value | 72,540 | 39,081 | |
Loans receivable | 0 | 0 | |
Notes receivable | 0 | 0 | |
Level 1 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, at fair value | 72,540 | 39,081 | |
Level 3 | Fair value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, at fair value | 11,590 | 20,000 | |
Loans receivable | 650,398 | 329,650 | |
Notes receivable | 663,644 | 486,223 | |
Level 3 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, at fair value | 11,590 | 20,000 | |
Level 3 | Fair Value, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans receivable | 650,000 | 330,000 | |
Notes receivable | $ 664,000 | $ 486,000 |
Fair value measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets | ||
Derivative assets | $ 130,614 | $ 211,993 |
Liabilities | ||
Derivative liabilities | 80,840 | 0 |
Recurring | ||
Assets | ||
Derivative assets | 130,614 | 211,993 |
Investments, at fair value | 84,130 | 59,081 |
Liabilities | ||
Derivative liabilities | 80,840 | |
Recurring | Level 1 | ||
Assets | ||
Derivative assets | 0 | 0 |
Investments, at fair value | 72,540 | 39,081 |
Liabilities | ||
Derivative liabilities | 0 | |
Recurring | Level 2 | ||
Assets | ||
Derivative assets | 130,614 | 211,993 |
Investments, at fair value | 0 | 0 |
Liabilities | ||
Derivative liabilities | 80,840 | |
Recurring | Level 3 | ||
Assets | ||
Derivative assets | 0 | 0 |
Investments, at fair value | 11,590 | $ 20,000 |
Liabilities | ||
Derivative liabilities | $ 0 |
Fair value measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Flight equipment, fair value | $ 358,462,405 |
Discount rate | Income approach | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Weighted average rate | 0.08 |
Non-contractual cash flows as a % of total cash flows | Income approach | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Weighted average rate | 0.95 |
Fair value measurements - Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets | ||
Derivative assets | $ 130,614 | $ 211,993 |
Liabilities | ||
Derivative liabilities | 80,840 | 0 |
Carrying value | ||
Assets | ||
Cash and cash equivalents | 1,627,181 | 1,597,147 |
Restricted cash | 198,285 | 159,623 |
Loans receivable | 654,925 | 351,357 |
Notes receivable | 663,644 | 486,223 |
Derivative assets | 130,614 | 211,993 |
Investments, at fair value | 84,130 | 59,081 |
Assets | 3,358,779 | 2,865,424 |
Liabilities | ||
Debt | 46,696,525 | 46,801,683 |
Derivative liabilities | 80,840 | |
Liabilities | 46,777,365 | 46,801,683 |
Fair value | ||
Assets | ||
Cash and cash equivalents | 1,627,181 | 1,597,147 |
Restricted cash | 198,285 | 159,623 |
Loans receivable | 650,398 | 329,650 |
Notes receivable | 663,644 | 486,223 |
Derivative assets | 130,614 | 211,993 |
Investments, at fair value | 84,130 | 59,081 |
Assets | 3,354,252 | 2,843,717 |
Liabilities | ||
Debt | 44,377,940 | 42,525,932 |
Derivative liabilities | 80,840 | |
Liabilities | 44,458,780 | 42,525,932 |
Fair value | Level 1 | ||
Assets | ||
Cash and cash equivalents | 1,627,181 | 1,597,147 |
Restricted cash | 198,285 | 159,623 |
Loans receivable | 0 | 0 |
Notes receivable | 0 | 0 |
Derivative assets | 0 | 0 |
Investments, at fair value | 72,540 | 39,081 |
Assets | 1,898,006 | 1,795,851 |
Liabilities | ||
Debt | 0 | 0 |
Derivative liabilities | 0 | |
Liabilities | 0 | 0 |
Fair value | Level 2 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Loans receivable | 0 | 0 |
Notes receivable | 0 | 0 |
Derivative assets | 130,614 | 211,993 |
Investments, at fair value | 0 | 0 |
Assets | 130,614 | 211,993 |
Liabilities | ||
Debt | 44,377,940 | 42,525,932 |
Derivative liabilities | 80,840 | |
Liabilities | 44,458,780 | 42,525,932 |
Fair value | Level 3 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Loans receivable | 650,398 | 329,650 |
Notes receivable | 663,644 | 486,223 |
Derivative assets | 0 | 0 |
Investments, at fair value | 11,590 | 20,000 |
Assets | 1,325,632 | 835,873 |
Liabilities | ||
Debt | 0 | 0 |
Derivative liabilities | 0 | |
Liabilities | $ 0 | $ 0 |
Subsequent events (Details) - USD ($) |
Feb. 23, 2024 |
Jan. 31, 2024 |
Dec. 31, 2023 |
Oct. 31, 2023 |
Sep. 30, 2023 |
Jul. 31, 2023 |
Apr. 30, 2023 |
Mar. 31, 2023 |
---|---|---|---|---|---|---|---|---|
Subsequent Event [Line Items] | ||||||||
Share repurchase program, authorized amount | $ 250,000 | $ 500,000 | $ 650,000 | $ 500,000 | $ 500,000 | $ 500,000 | ||
Subsequent event | ||||||||
Subsequent Event [Line Items] | ||||||||
Share repurchase program, authorized amount | $ 500,000,000 | |||||||
Subsequent event | 5.100% Senior Unsecured Debt Due 2029 | Unsecured | ||||||||
Subsequent Event [Line Items] | ||||||||
Aggregate principal amount | $ 800,000,000 | |||||||
Debt instrument, interest rate (in percentage) | 5.10% | |||||||
Subsequent event | 5.300% Senior Unsecured Debt Due 2034 | Unsecured | ||||||||
Subsequent Event [Line Items] | ||||||||
Aggregate principal amount | $ 700,000,000 | |||||||
Debt instrument, interest rate (in percentage) | 5.30% |
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