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Income taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents our income tax (benefit) expense by significant tax jurisdiction for the years ended December 31, 2022, 2021 and 2020:

			Year Ended December 31,
			2022						2021						2020
Deferred tax (benefit) expense, excluding the net change in valuation  allowance
Ireland			$	25,648					$	(26,968)					$	(31,387)
United States			10,111						7,566						6,180
Other			(13,229)						2,076						(707)
			22,530						(17,326)						(25,914)
Deferred tax (benefit) expense related to the net change in valuation  allowance
Ireland			5,621						3,128						1,882
United States			(24,669)						109						12,085
Other			(13,068)						8,184						(8,935)
			(32,116)						11,421						5,032
Current tax (benefit) expense
Ireland			(159,730)						160,866						—
United States			1,617						1,198						3,016
Other			3,602						6,378						635
			(154,511)						168,442						3,651
Income tax (benefit) expense			$	(164,097)					$	162,537					$	(17,231)

Schedule of Effective Income Tax Rate Reconciliation

The following table provides a reconciliation of the income tax (benefit) expense at the domestic statutory income tax rate in Ireland, where the Company is tax resident, to income tax (benefit) expense for the years ended December 31, 2022, 2021 and 2020:

			Year Ended December 31,
			2022						2021						2020
Income tax (benefit) expense at statutory income tax rate of 12.5%			$	(125,303)					$	143,490					$	(39,327)
Permanent differences and other items			(14,450)			(a)			14,133			(b)			22,486			(c)
Foreign income tax rate differential			(24,344)						4,914						(390)
			(38,794)						19,047						22,096
Income tax (benefit) expense			$	(164,097)					$	162,537					$	(17,231)

(a)The 2022 permanent differences and other items included the following tax-effected amounts: a valuation allowance change in respect of Irish, U.S. and certain other jurisdictions’ deferred tax assets of $14.9 million (excluding the foreign tax rate differential) and other items of $0.4 million.

(b)The 2021 permanent differences and other items included the following tax-effected amounts: non-deductible expenses of $19.1 million, non-taxable income of $18.9 million, a valuation allowance change in respect of U.S., Dutch and Irish tax losses of $6.5 million and other items of $7.4 million.

(c)The 2020 permanent differences included non-deductible goodwill impairment, non-deductible interest, non-deductible share-based compensation in Ireland, and a valuation allowance change in respect of U.S., Dutch and Irish tax losses.

Schedule of Global Tax Activities

The following tables present our foreign income tax rate differential by significant tax jurisdiction for the years ended December 31, 2022, 2021 and 2020:

			Year Ended December 31, 2022
			(Loss) income before income taxes						Local statutory income tax rate (a)						Variance to Irish statutory income tax rate of 12.5%						Foreign income tax rate differential (b)
Tax jurisdiction
Ireland			$	(935,044)					12.5		%				—						$	—
United States			(61,625)						21.0		%				8.5		%				(5,238)
Other			(121,432)						28.2		%				15.7		%				(19,106)
Taxable loss adjusted for temporary differences			$	(1,118,101)																	$	(24,344)
Permanent differences (c)			115,681
Loss before income taxes and income of investments  accounted for under the equity method			$	(1,002,420)

			Year Ended December 31, 2021
			Income (loss) before income taxes						Local statutory income tax rate (a)						Variance to Irish statutory income tax rate of 12.5%						Foreign income tax rate differential (b)
Tax jurisdiction
Ireland			$	1,201,968					12.5		%				—						$	—
United States			42,253						21.0		%				8.5		%				3,592
Other			22,274						18.4		%				5.9		%				1,322
Taxable income adjusted for temporary differences			$	1,266,495																	$	4,914
Permanent differences (d)			(118,578)
Income before income taxes and income of investments  accounted for under the equity method			$	1,147,917

			Year Ended December 31, 2020
			Pre-tax income (loss)						Local statutory tax rate (a)						Variance to Irish statutory tax rate of 12.5%						Tax variance as a result of global activities (b)
Tax jurisdiction
Ireland			$	(160,739)					12.5		%				—						$	—
United States			101,339						21.0		%				8.5		%				8,614
Other			(75,332)						24.5		%				12.0		%				(9,004)
Taxable loss			$	(134,732)																	$	(390)
Permanent differences (e)			(179,886)
Loss before income taxes and income of investments  accounted for under the equity method			$	(314,618)

(a)The local statutory income tax rate for the other jurisdictions is a weighted average that considers jurisdictions with positive and negative (loss) income before taxes.

(b)The foreign income tax rate differential is primarily caused by our operations in countries with a higher or lower statutory income tax rate than the statutory income tax rate in Ireland.

(c)The 2022 permanent differences included other permanent differences of $3.7 million.

(d)The 2021 permanent differences included non-deductible expenses of $152.8 million, non-taxable income of $151.2 million and other permanent differences of $116.9 million.

(e)The 2020 permanent differences included non-deductible goodwill impairment, non-deductible interest, non-deductible share-based compensation in Ireland, and a valuation allowance change in respect of U.S., Dutch and Irish tax losses.

Schedule of Deferred Tax Assets and Liabilities

The following tables provide details regarding the principal components of our deferred tax liabilities and assets by significant jurisdiction as of December 31, 2022 and 2021:

			As of December 31, 2022
			Ireland						United States						Other						Total
Flight equipment			$	(3,315,574)					$	(47,505)					$	(4,290)					$	(3,367,369)
Intangibles			(295,480)						17,268						1						(278,211)
Accrued maintenance liability			(11,451)						1,179						1,432						(8,840)
Associated companies			—						(3,973)						—						(3,973)
Deferred losses on sale of assets			—						13,509						—						13,509
Valuation allowance			(16,285)						(87,509)						(16,167)						(119,961)
Operating loss and tax credit carryforwards			1,828,473						140,970						33,449						2,002,892
Other			(222,308)						109						388						(221,811)
Net deferred tax (liabilities) assets			$	(2,032,625)					$	34,048					$	14,813					$	(1,983,764)

			As of December 31, 2021
			Ireland						United States						Other						Total
Flight equipment			$	(3,091,396)					$	214,404					$	(7,103)					$	(2,884,095)
Intangibles			(390,846)						(7,092)						—						(397,938)
Accrued maintenance liability			(20,286)						292						—						(19,994)
Obligations under capital leases and debt obligations			(2,079)						(178,299)						—						(180,378)
Associated companies			—						(10,507)						—						(10,507)
Deferred losses on sale of assets			—						17,079						—						17,079
Valuation allowance			(10,664)						(112,177)						(29,236)						(152,077)
Operating loss and tax credit carryforwards			1,726,510						87,199						27,314						1,841,023
Other			(185,787)						9,863						(848)						(176,772)
Net deferred tax (liabilities) assets			$	(1,974,548)					$	20,762					$	(9,873)					$	(1,963,659)

Summary of Valuation Allowance

The following table presents the movements in the valuation allowance for deferred tax assets during the years ended December 31, 2022 and 2021:

			Year Ended December 31,
			2022						2021
Valuation allowance at beginning of period			$	152,077					$	79,393
GECAS Transaction			—						61,263
(Decrease) Increase of allowance included in income tax expense			(32,116)						11,421
Valuation allowance at end of period			$	119,961					$	152,077

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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