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Income taxes (Tables)

12 Months Ended

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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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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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.

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