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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Taxes  
Schedule of provision for income taxes

Year Ended December 31, 

    

2019

    

2018

    

2017

(in thousands)

Current:

Federal

$

38,520

$

$

State

 

1,025

 

492

 

380

Foreign

 

2,937

 

2,839

 

3,853

Deferred:

Federal

 

91,243

 

125,160

 

(150,850)

State

 

14,839

 

812

 

(5)

Foreign

 

 

 

Income tax expense/(benefit)

$

148,564

$

129,303

$

(146,622)

Schedule of differences between the provision for income taxes and income taxes at the statutory federal income tax rate

Year Ended December 31, 

 

2019

2018

2017

 

    

Amount

    

Percent

    

Amount

    

Percent

    

Amount

    

Percent

 

(in thousands, except percentages)

 

Income taxes at statutory federal rate

$

154,494

21.0

$

134,429

21.0

$

213,336

35.0

%

Impact of tax legislation

(354,127)

(58.1)

Foreign tax credit

(18,231)

(2.5)

(9,600)

(1.5)

(10,873)

(1.8)

State income taxes, net of federal income tax effect and other

12,532

1.7

1,030

0.2

228

Other

(231)

3,444

0.5

4,814

0.9

Income tax expense/(benefit)

$

148,564

20.2

$

129,303

20.2

$

(146,622)

(24.0)

%

Schedule of net deferred tax assets (liabilities)

    

December 31, 2019

    

December 31, 2018

 

(in thousands)

 

Assets (Liabilities)

Equity compensation

$

8,711

$

11,951

Net operating losses

 

 

17

Foreign tax credit

2,425

Rents received in advance

 

28,161

 

25,165

Accrued bonus

 

3,244

 

2,825

Straight-line rents

 

434

 

(320)

Other

 

(1,316)

 

1,972

Aircraft depreciation

 

(788,729)

 

(687,802)

Net deferred tax assets/(liabilities)

$

(749,495)

$

(643,767)