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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in thousands)
Current: |  |  |  |  |
Federal | $ | 37,405 |  |  | $ | — |  |  | $ | — |
State | 3,209 |  |  | 2,195 |  |  | 113 |
Foreign | 1,918 |  |  | 3,463 |  |  | 1,750 |
Deferred: |  |  |  |  |
Federal | 16,548 |  |  | 309,614 |  |  | (43,414) |
State | 36 |  |  | 343 |  |  | (190) |
Foreign | 46,437 |  |  | (176,603) |  |  | — |
Income tax expense/(benefit) | $ | 105,553 |  |  | $ | 139,012 |  |  | $ | (41,741) |
Schedule of Income (Loss) Before Taxes | Income/(loss) before taxes consisted of the following:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in thousands)
Domestic | $ | 415,001 |  |  | $ | 658,023 |  |  | $ | (189,849) |
Foreign | 118,256 |  |  | 95,611 |  |  | 51,084 |
Income/(loss) before taxes | $ | 533,257 |  |  | $ | 753,634 |  |  | $ | (138,765) |
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,
| 2024 |  | 2023 |  | 2022
| Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
| (in thousands, except percentages)
Income taxes at statutory federal rate | $ | 111,984 |  |  | 21.0 | % |  | $ | 158,264 |  |  | 21.0 | % |  | $ | (29,141) |  |  | 21.0 | %
Effect of rates different than statutory | (12,287) |  |  | (2.3) |  |  | (18,917) |  |  | (2.5) |  |  | (10,728) |  |  | 7.7 |
Foreign tax credit | (9,668) |  |  | (1.8) |  |  | (10,252) |  |  | (1.4) |  |  | (8,274) |  |  | 6.0 |
Section 162(m) limitation | 5,083 |  |  | 0.9 |  |  | 4,349 |  |  | 0.6 |  |  | 3,913 |  |  | (2.8) |
Foreign income taxes | 1,912 |  |  | 0.4 |  |  | 3,371 |  |  | 0.5 |  |  | 1,750 |  |  | (1.3) |
State income taxes, net of federal income tax effect and other | 2,564 |  |  | 0.5 |  |  | 2,005 |  |  | 0.2 |  |  | (61) |  |  | 0.1 |
Other | 5,965 |  |  | 1.1 |  |  | 192 |  |  | 0.1 |  |  | 800 |  |  | (0.6) |
Income tax expense/(benefit) | $ | 105,553 |  |  | 19.8 | % |  | $ | 139,012 |  |  | 18.5 | % |  | $ | (41,741) |  |  | 30.1 | %
Schedule of Net Deferred Tax Assets (Liabilities) | As of December 31, 2024 and 2023, the Company’s net deferred tax assets (liabilities) are as follows:
| December 31, 2024 |  | December 31, 2023
| (in thousands)
Deferred tax assets |  |  |
Net operating losses | $ | 561,287 |  |  | $ | 491,684 |
Interest expense limitation | 319,546 |  |  | 209,493 |
Foreign tax credit | — |  |  | 64,945 |
Rents received in advance | 22,492 |  |  | 27,642 |
Other | 23,979 |  |  | 24,456 |
Total deferred tax assets | 927,304 |  |  | 818,220 |
Deferred tax liabilities |  |  |
Aircraft depreciation | $ | (1,919,687) |  |  | $ | (1,696,839) |
Effects of foreign jurisdiction deferred taxes | (148,114) |  |  | (177,879) |
Straight-line rents | (31,785) |  |  | (47,460) |
Total deferred tax liabilities | $ | (2,099,586) |  |  | $ | (1,922,178) |
Net deferred tax assets/(liabilities) | $ | (1,172,282) |  |  | $ | (1,103,958) |
Schedule of Loss Carryforwards | The Company’s NOL carryforward expire in the following periods:
| NOL Carryforwards (tax effected)
| (in thousands)
2024-2028 | $ | — |
Thereafter | 561,287 |
Total carryforwards | $ | 561,287 |
Schedule of Tax Credit Carryforwards | The Company’s NOL carryforward expire in the following periods:
| NOL Carryforwards (tax effected)
| (in thousands)
2024-2028 | $ | — |
Thereafter | 561,287 |
Total carryforwards | $ | 561,287 |

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