These statements and any projections as to the company's future performance represent management's estimates for future results and speak only as of today, August 5, 2021.
For the second quarter of 2021, we're reporting $492 million in total revenues and diluted earnings per share of $0.75 a share, down 6% and 41%, respectively, compared to the prior year's second quarter, which, for the most part, was a pre-pandemic quarter.
Our results this quarter were primarily impacted by approximately $87 million of rental revenues we did not recognize in the quarter due to cash versus accrual basis revenue recognition and lease restructurings.
While we took delivery of about $1 billion in new aircraft in the second quarter, that was $200 million less than we originally anticipated, and 50% of these deliveries took place in the month of June, providing a minimal contribution to the full quarter, but providing long-term rental contribution thereafter.
We're pleased that our collection rate improved in the second quarter to 87% as compared to 84% in the first quarter and our lease utilization rate was strong at 99.7%.
Importantly, our net deferrals balance continues to decline to $115 million today -- as of today from $131 million as of early May when we last spoke, with now more than half of the deferrals granted to date having been repaid.
The decline in our deferrals balance contributed to the increase in our operating cash flow, which is up nearly 30% for the first six months of 2021 versus 2020.
Now as I highlighted earlier, revenues were impacted by $87 million from cash basis accounting and lease restructuring agreements.
$42 million of this quarter came from lessees on a cash basis where the lease receivables exceed the security package, and collection was not reasonably assured.
It's important to note that approximately 2/3 of the $42 million is attributable to one customer, Vietnam Airlines, where we have 12 young A321neos and four 787-10s on lease with one of those Neos being owned by one of our management vehicles.
The remaining $45 million of the $87 million was related to lease restructurings.
But consistent with the original expectations we shared with you months ago, our 737 and 787s remain at Aeromexico as these young aircraft combine the backbone of the airline fleet.
In fact, we have three more 737-9s yet to go in future delivery to Aeromexico.
Our lease placements remained strong with 90% -- 93% excuse me, of our order book placed on long-term leases for aircraft delivering through 2022 and 80% through 2023.
I want to remind all of you that ALC has $27.1 billion in rental commitments on our current fleet and forward order book placements.
Many of you probably read, in fact, about the European Green Deal Legislative Package known as "Fit for 55", which aims to cut 2030 net greenhouse gas emissions by 55% compared to 1990 levels.
An important proposal within this package is the integration of advanced sustainable aviation fuels, which can reduce emissions by up to 80% as compared to traditional jet fuel.
Looking ahead, although we have OEM contractual commitments to take delivery of 52 aircraft in the second half of 2021, you're all aware of Boeing's delivery pause on the 787.
As the commitment table in our 10-Q shows, we were scheduled to take delivery of 10 787s through the end of the year.
Given these OEM delays, we currently expect to take delivery of approximately 36 aircraft out of the 52 contracted aircraft stream, and that translates to approximately $1 billion of deliveries to occur in the third quarter and $1.6 billion to occur in the fourth quarter of 2021.
Reflecting this continued confidence, our Board of Directors has declared another dividend of $0.16 per share for the second quarter of 2021.
The first is in the developed versus emerging markets, with countries and regions with the highest incomes getting vaccinated as much as 30 times faster than those with the lowest income brackets.
In a study also conducted by IATA, 85% of the respondents agreed in some regard that they will not travel if there's a chance of quarantine at their destination.
Yet at the same time, 86% said we're willing to undergo COVID-19 test as part of the overall travel process.
Per IATA's latest release for June 2021, traffic industrywide domestic RPKs were down only 22% as compared to June of 2019.
Whereas international, they were down 81% versus June of 2019.
For example, in the United States, one of the most recently reported week, U.S. domestic passenger airline departures were down only 18% as compared to 2019 levels, whereas international was down 37%.
Similarly, in China, domestic traffic recorded an increase of 7% above January 2020 levels, whereas international flights were suppressed at nearly 70% below January 2020 levels.
And IATA forecasts that by the end of '23, we should be -- or could be at 105% of 2019 levels.
In the second quarter, we delivered new single-aisle 737 and A320, A321neo aircraft in Europe, Middle East and Latin America, and new wide-body aircraft to China, Europe and the United States.
In fact, as of the end of June, industry information indicates that 88%, I repeat, 88% of the aircraft under the age of five years were back in service.
And 78% of aircraft in the age range of five to 15 years old were in service, whereas only 63% of aircraft over the age of 15 were back in service.
United Airlines recently placed an order for over 270 Boeing MAX and Airbus A321neo aircraft, which will replace older aircraft in their fleet and lead to significant improvement in fuel efficiencies, reduction in carbon emissions as they strive to reduce greenhouse gas emissions, 100% by 2050.
You have also seen similar announcements on the tackling of sustainability initiatives by the utilization and purchase of new aircraft from airlines, including Korean Airlines, which committed to reducing greenhouse gas by introducing new generation aircraft like the 787-10.
Korean has a number of 787-10 aircraft delivery from ALC over the next several years.
Alaska Airlines also recently placed a direct order for a substantial number of new 737 aircraft to achieve better fuel efficiency, and the airline is also leasing 13 new 737-9 MAX aircraft from ALC with deliveries beginning in the fourth quarter of this year.
Over the past year, despite the pandemic, we have made over $3 billion in aircraft investments, which has benefited our revenue line.
However, as John mentioned, revenues in the quarter were negatively impacted by $87 million from lease restructuring agreements and cash basis accounting, of which $42 million came from lessees on a cash basis.
This compares to $49 million in the first quarter and $21 million in the fourth quarter of last year.
In total, our cash basis lessees represented 10.9% of the net book value of our fleet as of June 30, which compares to 15.3% in the first quarter of '21 with improvements stemming from the resolution we reached with Aeromexico.
As John mentioned, rental revenues were negatively impacted by $45 million in the second quarter, much of which was attributable to restructuring that took place in prior quarters.
Finally, as of today, our total deferrals net of repayments are $115 million, which is a 12% decline from $131 million we reported on our last call.
Repayment activity has continued with the total repayments aggregating $127 million or 52% of the gross deferrals granted.
This compares to $18.5 million in gains recognized from the sale of four aircraft and repurchase of $185 million in short-term debt maturities below par in the second quarter of 2020.
Our composite rate decreased to 2.9% from 3.2% in the second quarter of 2020.
We are dedicated to maintaining a investment-grade balance sheet, utilizing unsecured debt as a primary source of financing, and have over $24 billion in unencumbered assets at quarter end.
We ended the period with a debt-to-equity ratio of 2.5 times on a GAAP basis.
We raised $1.8 billion in debt capital during the second quarter, beginning with a $1.2 billion senior unsecured issuance at 1.875%, which represents a record low for our company for a 5-year issuance.
Additionally, we raised another $600 million of floating rate senior unsecured notes at LIBOR plus 35 basis points, which represents another record low for ALC.

Summary:
For the second quarter of 2021, we're reporting $492 million in total revenues and diluted earnings per share of $0.75 a share, down 6% and 41%, respectively, compared to the prior year's second quarter, which, for the most part, was a pre-pandemic quarter.