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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024, 2023 and 2022:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Deferred tax expense (benefit), excluding the net change in valuation allowance |  |  |  |  |
Ireland | $ | 261,669 |  |  | $ | 300,646 |  |  | $ | 25,648 |
Other | 3,691 |  |  | 28,572 |  |  | (3,118) |
| 265,360 |  |  | 329,218 |  |  | 22,530 |
Deferred tax (benefit) expense related to the net change in valuation allowance |  |  |  |  |
Ireland | 16,360 |  |  | 957 |  |  | 5,621 |
Other | (31,216) |  |  | (50,106) |  |  | (37,737) |
| (14,856) |  |  | (49,149) |  |  | (32,116) |
Current tax expense (benefit) |  |  |  |  |
Ireland | 41,838 |  |  | 13,147 |  |  | (159,730) |
Other | 31,362 |  |  | (2,160) |  |  | 5,219 |
| 73,200 |  |  | 10,987 |  |  | (154,511) |
Income tax expense (benefit) | $ | 323,704 |  |  | $ | 291,056 |  |  | $ | (164,097) |
Schedule of Effective Income Tax Rate Reconciliation | The following table provides a reconciliation of income tax expense (benefit) at the domestic trading statutory income tax rate of 12.5% in Ireland, where the Company is tax resident, to income tax expense (benefit) for the years ended December 31, 2024, 2023 and 2022:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022 |
Income tax expense (benefit) at statutory income tax rate of 12.5% | $ | 282,922 |  | 12.5 | % |  | $ | 409,023 |  | 12.5 | % |  | $ | (125,303) |  | 12.5 | % |
Foreign rate differential | 14,412 |  | 0.6 | % |  | 6,025 |  | 0.2 | % |  | 13,701 |  | (1.3 | %) |
Pillar Two top-up taxes | 42,598 |  | 1.9 | % | (a) | — |  | — |  |  | — |  | — |  |
Withholding tax borne | 22,557 |  | 1.0 | % | (b) | 12,716 |  | 0.4 | % |  | — |  | — |  |
Entities taxable at a higher Irish rate | (16,321) |  | (0.7 | %) | (c) | (1,788) |  | (0.1 | %) |  | (2,862) |  | 0.3 | % |
Other reconciling items | (7,608) |  | (0.3 | %) | (d) | 3,347 |  | 0.1 | % | (f) | (17,518) |  | 1.7 | % | (i)
Remeasurement of deferred taxes | — |  | — |  |  | (43,806) |  | (1.3 | %) | (g) | — |  | — |  |
Gains not taxable | — |  | — |  |  | (45,312) |  | (1.4 | %) | (h) | — |  | — |  |
Valuation allowance | (14,856) |  | (0.7 | %) | (e) | (49,149) |  | (1.5 | %) |  | (32,115) |  | 3.2 | % |
| 40,782 |  | 1.8 | % |  | (117,967) |  | (3.6 | %) |  | (38,794) |  | 3.9 | % |
Income tax expense (benefit) | $ | 323,704 |  | 14.3 | % |  | $ | 291,056 |  | 8.9 | % |  | $ | (164,097) |  | 16.4 | % |
(a)This amount relates to 2024 top-up taxes arising in respect of Pillar Two in Ireland. (b)Withholding taxes relate to cross border payments made to group entities that are subject to withholding taxes. (c)A higher rate of taxation of 25% applies to certain Irish tax resident entities. Some of our entities with a 25% Irish tax rate incurred a loss during the year and therefore their losses have been valued at 25%. (d)The 2024 other reconciling items include the following tax-effected amounts: non-deductible interest expense of $10 million, unrecognized tax benefit release of $8 million which is discussed further below and other items of $10 million. (e)See note below table presenting the movements in the valuation allowance for deferred tax assets for further detail. (f)The 2023 other reconciling items included the following tax-effected amounts: non-deductible expenses of $6 million and other items of $3 million. (g)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. (h)The 2023 gains not taxable arises due to tax-exempt gains realized by group companies on the release of intra-group liabilities. (i)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 $4 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, 2024 and 2023:
| As of December 31, 2024
| Ireland |  |  |  | Other |  | Total
Deferred tax assets |  |  |  |  |  |  |
Flight equipment | $ | 7,285 |  |  |  |  | $ | 3,639 |  |  | $ | 10,924 |
Other intangibles | — |  |  |  |  | 72,702 |  |  | 72,702 |
Deferred losses on sale of assets | — |  |  |  |  | 8,137 |  |  | 8,137 |
Operating loss and tax credit carryforwards | 1,713,394 |  |  |  |  | 108,108 |  |  | 1,821,502 |
Other | 1,332 |  |  |  |  | 16,056 |  |  | 17,388 |
Total deferred tax assets | 1,722,011 |  |  |  |  | 208,642 |  |  | 1,930,653 |
Valuation allowance | (33,601) |  |  |  |  | (22,355) |  |  | (55,956) |
Deferred tax assets, net of valuation allowance | $ | 1,688,410 |  |  |  |  | $ | 186,287 |  |  | $ | 1,874,697 |
Deferred tax liabilities |  |  |  |  |  |  |
Flight equipment | $ | (4,264,191) |  |  |  |  | $ | (86,207) |  |  | $ | (4,350,398) |
Other intangibles | (17,458) |  |  |  |  | — |  |  | (17,458) |
Other | (6,421) |  |  |  |  | (7,290) |  |  | (13,711) |
Total deferred tax liabilities | $ | (4,288,070) |  |  |  |  | $ | (93,497) |  |  | $ | (4,381,567) |
Total net deferred tax (liabilities) assets | $ | (2,599,660) |  |  |  |  | $ | 92,790 |  |  | $ | (2,506,870) |
| 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) |
Summary of Valuation Allowance | The following table presents the movements in the valuation allowance for deferred tax assets during the years ended December 31, 2024, and 2023:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022 |  |
Valuation allowance at beginning of period | $ | 70,812 |  |  | $ | 119,961 |  |  | $ | 152,077 |  |  |
Increase of allowance included in income tax expense | 21,396 |  |  | 2,035 |  |  | 5,810 |  |  |
Decrease of allowance included in income tax expense | (36,252) |  |  | (51,184) |  |  | (37,926) |  |  |
Net decrease in valuation allowance | (14,856) |  |  | (49,149) |  |  | (32,116) |  |  |
Valuation allowance at end of period | $ | 55,956 |  |  | $ | 70,812 |  |  | $ | 119,961 |  |  |

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