XML 67 R57.htm IDEA: XBRL DOCUMENT v3.24.2.u1

Income taxes (Tables)

12 Months Ended

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:

			Year Ended December 31,
			2023						2022						2021
Deferred tax expense (benefit), excluding the net change in valuation  allowance
Ireland			$	300,646					$	25,648					$	(26,968)
Other			28,572						(3,118)						9,642
			329,218						22,530						(17,326)
Deferred tax (benefit) expense related to the net change in valuation  allowance
Ireland			957						5,621						3,128
Other			(50,106)						(37,737)						8,293
			(49,149)						(32,116)						11,421
Current tax expense (benefit)
Ireland			13,147						(159,730)						160,866
Other			(2,160)						5,219						7,576
			10,987						(154,511)						168,442
Income tax expense (benefit)			$	291,056					$	(164,097)					$	162,537

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:

			Year Ended December 31,
			2023									2022									2021
Income tax expense (benefit) at statutory   income tax rate of 12.5%			$	409,023		12.5		%				$	(125,303)		12.5		%				$	143,490		12.5		%
Foreign rate differential			6,025			0.2		%				13,701			(1.3		%)				6,279			0.6		%
Other reconciling items			14,275			0.4		%	(a)			(20,380)			2.0		%	(d)			1,347			0.1		%	(e)
Remeasurement of deferred taxes			(43,806)			(1.3		%)	(b)			—			—						—			—
Gains not taxable			(45,312)			(1.4		%)	(c)			—			—						—			—
Valuation allowance			(49,149)			(1.5		%)				(32,115)			3.2		%				11,421			1.0		%
			(117,967)			(3.6		%)				(38,794)			3.9		%				19,047			1.7		%
Income tax expense (benefit)			$	291,056		8.9		%				$	(164,097)		16.4		%				$	162,537		14.2		%

(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.

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:

			As of December 31, 2023
			Ireland												Other						Total
Deferred tax assets
Flight equipment			$	8,690											$	3,991					$	12,681
Other intangibles			—												77,344						77,344
Deferred losses on sale of assets			—												11,937						11,937
Operating loss and tax credit carryforwards			1,991,125												94,955						2,086,080
Other			1,756												20,450						22,206
Total deferred tax assets			2,001,571												208,677						2,210,248
Valuation allowance			(17,242)												(53,570)						(70,812)
Deferred tax assets, net of valuation allowance			$	1,984,329											$	155,107					$	2,139,436
Deferred tax liabilities
Flight equipment			$	(4,274,880)											$	(82,174)					$	(4,357,054)
Other intangibles			(20,193)												—						(20,193)
Other			(6,325)												(6,228)						(12,553)
Total deferred tax liabilities			$	(4,301,398)											$	(88,402)					$	(4,389,800)
Total net deferred tax (liabilities) assets			$	(2,317,069)											$	66,705					$	(2,250,364)

			As of December 31, 2022
			Ireland												Other						Total
Deferred tax assets
Flight equipment			$	289,860											$	4,512					$	294,372
Other intangibles			—												74,998						74,998
Deferred losses on sale of assets			—												13,509						13,509
Operating loss and tax credit carryforwards			1,723,673												116,152						1,839,825
Other			8,608												7,356						15,964
Total deferred tax assets			2,022,141												216,527						2,238,668
Valuation allowance			(16,285)												(103,676)						(119,961)
Deferred tax assets, net of valuation allowance			$	2,005,856											$	112,851					$	2,118,707
Deferred tax liabilities
Flight equipment			$	(3,964,247)											$	(59,403)					$	(4,023,650)
Other intangibles			(22,927)												—						(22,927)
Other			(51,306)												(4,588)						(55,894)
Total deferred tax liabilities			$	(4,038,480)											$	(63,991)					$	(4,102,471)
Total net deferred tax (liabilities) assets			$	(2,032,624)											$	48,860					$	(1,983,764)

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:

			Year Ended December 31,
			2023						2022
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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration