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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in thousands)
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | — |
State | 2,195 |  |  | 113 |  |  | 184 |
Foreign | 3,463 |  |  | 1,750 |  |  | 6,754 |
Deferred: |  |  |  |  |
Federal | 309,614 |  |  | (43,414) |  |  | 94,050 |
State | 343 |  |  | (190) |  |  | 3,396 |
Foreign | (176,603) |  |  | — |  |  | — |
Income tax expense | $ | 139,012 |  |  | $ | (41,741) |  |  | $ | 104,384 |
Schedule of Differences Between Provision for Income Taxes and Income Taxes | Differences between the provision for income taxes and income taxes at the statutory federal income tax rate are as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
| (in thousands, except percentages)
Income taxes at statutory federal rate | $ | 158,264 |  |  | 21.0 | % |  | $ | (29,141) |  |  | 21.0 | % |  | $ | 113,613 |  |  | 21.0 | %
Effect of rates different than statutory | (18,917) |  |  | (2.5) |  |  | (10,728) |  |  | 7.7 |  |  | (8,067) |  |  | (1.5) |
Foreign tax credit | (10,252) |  |  | (1.4) |  |  | (8,274) |  |  | 6.0 |  |  | (15,651) |  |  | (2.9) |
Section 162(m) limitation | 4,349 |  |  | 0.6 |  |  | 3,913 |  |  | (2.8) |  |  | 3,808 |  |  | 0.7 |
Foreign income taxes | 3,371 |  |  | 0.5 |  |  | 1,750 |  |  | (1.3) |  |  | 6,754 |  |  | 1.3 |
State income taxes, net of federal income tax effect and other | 2,005 |  |  | 0.2 |  |  | (61) |  |  | 0.1 |  |  | 2,828 |  |  | 0.5 |
Other | 192 |  |  | 0.1 |  |  | 800 |  |  | (0.6) |  |  | 1,099 |  |  | 0.2 |
Income tax (benefit)/expense | $ | 139,012 |  |  | 18.5 | % |  | $ | (41,741) |  |  | 30.1 | % |  | $ | 104,384 |  |  | 19.3 | %
Schedule of Net Deferred Tax Assets (Liabilities) | As of December 31, 2023 and 2022, the Company’s net deferred tax assets (liabilities) are as follows:
| December 31, 2023 |  | December 31, 2022
| (in thousands)
Deferred tax assets |  |  |
Net operating losses | $ | 491,684 |  |  | $ | 82,821 |
Interest expense limitation | 209,493 |  |  | 102,125 |
Foreign tax credit | 64,945 |  |  | 77,273 |
Rents received in advance | 27,642 |  |  | 28,909 |
Other | 24,456 |  |  | 18,047 |
Total deferred tax assets | 818,220 |  |  | 309,175 |
Deferred tax liabilities |  |  |
Aircraft depreciation | $ | (1,696,839) |  |  | $ | (1,222,772) |
Effects of foreign jurisdiction deferred taxes | (177,879) |  |  | — |
Straight-line rents | (47,460) |  |  | (57,200) |
Total deferred tax liabilities | $ | (1,922,178) |  |  | $ | (1,279,972) |
Net deferred tax assets/(liabilities) | $ | (1,103,958) |  |  | $ | (970,797) |
Schedule of Loss Carryforwards | The Company’s NOL and foreign tax credit carryforwards expire in the following periods:
| NOL Carryforwards (tax effected) |  | Tax Credit Carryforwards
| (in thousands)
2024-2028 | $ | — |  |  | $ | 20,950 |
Thereafter | 491,684 |  |  | 43,995 |
Total carryforwards | $ | 491,684 |  |  | $ | 64,945 |
Schedule of Tax Credit Carryforwards | The Company’s NOL and foreign tax credit carryforwards expire in the following periods:
| NOL Carryforwards (tax effected) |  | Tax Credit Carryforwards
| (in thousands)
2024-2028 | $ | — |  |  | $ | 20,950 |
Thereafter | 491,684 |  |  | 43,995 |
Total carryforwards | $ | 491,684 |  |  | $ | 64,945 |

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