XML 69 R39.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Tax (Tables)

12 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-3

+ Details

Name:	us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-3

+ Details

Name:	us-gaap_SummaryOfTaxCreditCarryforwardsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration