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Income Tax (Tables)

12 Months Ended

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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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 pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances.

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