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Income Tax (Tables)

12 Months Ended

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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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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