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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in thousands)
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | (38,520) |
State | 113 |  |  | 184 |  |  | (107) |
Foreign | 1,750 |  |  | 6,754 |  |  | 2,574 |
Deferred: |  |  |  |  |
Federal | (43,414) |  |  | 94,050 |  |  | 163,002 |
State | (190) |  |  | 3,396 |  |  | 3,465 |
Foreign | — |  |  | — |  |  | — |
Income tax expense | $ | (41,741) |  |  | $ | 104,384 |  |  | $ | 130,414 |
Schedule of Differences Between the Provision for Income Taxes and Income Taxes at the Statutory Federal Income Tax Rate | Differences between the provision for income taxes and income taxes at the statutory federal income tax rate are as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
| (in thousands, except percentages)
Income taxes at statutory federal rate | $ | (29,141) |  |  | 21.0 | % |  | $ | 113,613 |  |  | 21.0 | % |  | $ | 135,802 |  |  | 21.0 | %
Effect of rates different than statutory | (10,728) |  |  | 7.7 |  |  | (8,067) |  |  | (1.5) |  |  | (5,329) |  |  | (0.8) |
Foreign tax credit | (8,274) |  |  | 6.0 |  |  | (15,651) |  |  | (2.9) |  |  | (9,464) |  |  | (1.5) |
Section 162(m) limitation | 3,913 |  |  | (2.8) |  |  | 3,808 |  |  | 0.7 |  |  | 2,736 |  |  | 0.4 |
Foreign income taxes | 1,750 |  |  | (1.3) |  |  | 6,754 |  |  | 1.3 |  |  | 2,575 |  |  | 0.4 |
State income taxes, net of federal income tax effect and other | (61) |  |  | 0.1 |  |  | 2,828 |  |  | 0.5 |  |  | 2,653 |  |  | 0.4 |
Other | 800 |  |  | (0.6) |  |  | 1,099 |  |  | 0.2 |  |  | 1,441 |  |  | 0.2 |
Income tax (benefit)/expense | $ | (41,741) |  |  | 30.1 | % |  | $ | 104,384 |  |  | 19.3 | % |  | $ | 130,414 |  |  | 20.1 | %
Schedule of Net Deferred Tax Assets (Liabilities) | As of December 31, 2022 and 2021, the Company’s net deferred tax assets (liabilities) are as follows:
| December 31, 2022 |  | December 31, 2021
| (in thousands)
Deferred tax assets |  |  |
Interest expense limitation | $ | 102,125 |  |  | $ | — |
Net operating losses | 82,821 |  |  | 127,591 |
Foreign tax credit | 77,273 |  |  | 78,286 |
Rents received in advance | 28,909 |  |  | 26,702 |
Other | 10,638 |  |  | 19,743 |
Accrued bonus | 3,965 |  |  | 4,349 |
Equity compensation | 3,444 |  |  | 4,462 |
Total deferred tax assets | 309,175 |  |  | 261,133 |
Deferred tax liabilities |  |  |
Aircraft depreciation | $ | (1,222,772) |  |  | $ | (1,219,061) |
Straight-line rents | (57,200) |  |  | (55,342) |
Total deferred tax liabilities | $ | (1,279,972) |  |  | $ | (1,274,403) |
Net deferred tax assets/(liabilities) | $ | (970,797) |  |  | $ | (1,013,270) |
Summary of Net Operating Loss Carryforwards Expiration | The Company's loss and tax credit carryforwards expire in the following periods:
| NOL Carryforwards |  | Tax Credit Carryforwards
| (in thousands)
2023-2027 | $ | — |  |  | $ | 24,099 |
Thereafter | 410,273 |  |  | 53,174 |
Total carryforwards | $ | 410,273 |  |  | $ | 77,273 |
Summary of Tax Credit Carryforwards Expiration | The Company's loss and tax credit carryforwards expire in the following periods:
| NOL Carryforwards |  | Tax Credit Carryforwards
| (in thousands)
2023-2027 | $ | — |  |  | $ | 24,099 |
Thereafter | 410,273 |  |  | 53,174 |
Total carryforwards | $ | 410,273 |  |  | $ | 77,273 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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