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Income Tax (Tables)

12 Months Ended

Dec. 31, 2025

The provision for income taxes consists of the following:


	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023
	(in thousands)
Current:
Federal	$	113,626	$	37,405	$	—
State	4,145		3,209		2,195
Foreign	12,537		1,918		3,463
Deferred:
Federal	91,400		16,548		309,614
State	3,155		36		343
Foreign	56,443		46,437		(176,603)
Income tax expense	$	281,306	$	105,553	$	139,012

Schedule of Income (Loss) Before Taxes

Income before taxes consisted of the following:


	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023
	(in thousands)
Domestic	$	1,151,087	$	415,001	$	658,023
Foreign	218,606		118,256		95,611
Income before taxes	$	1,369,693	$	533,257	$	753,634

Schedule of Differences Between Provision for Income Taxes and Income Taxes

Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, as described in Note 1, Basis of Preparation and Summary of Significant Accounting Policies, the reconciliation of taxes at the federal statutory rate to our provision for income taxes for the year ended December 31, 2025 was as follows:


	Year Ended December 31, 2025
	Amount of Income Tax Expense		% of Total
	(in thousands, except percentages)
Income taxes at statutory federal rate	$	287,625	21.0	%
State and local income taxes, net of federal income tax effect(a)	5,767		0.4
Foreign tax effects
Ireland
Statutory rate differences between Ireland and United States	(16,159)		(1.2)
Other	233		0.1
Hong Kong
Statutory rate differences between Hong Kong and United States	(3,554)		(0.3)
Other	1,882		0.1
Other foreign jurisdictions	1,117		0.1
Tax Credits
Foreign tax credit	(3,617)		(0.3)
Non-taxable or non-deductible items
Section 162(m) limitation	10,737		0.8
Other	(2,725)		(0.2)
Income tax expense	$	281,306	20.5	%

(a) State taxes in California, New York State, and New York City, made up the majority (greater than 50 percent) of the tax-effect in this category.

The reconciliation of taxes at the federal statutory rate to our provision for income taxes for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09 was as follows:



	Year Ended December 31, 2024				Year Ended December 31, 2023
	Amount of Income Tax Expense		% of Total		Amount of Income Tax Expense		% of Total
	(in thousands, except percentages)
Income taxes at statutory federal rate	$	111,984	21.0	%	$	158,264	21.0	%
Effect of rates different than statutory	(12,287)		(2.3)		(18,917)		(2.5)
Foreign tax credit	(9,668)		(1.8)		(10,252)		(1.4)
Section 162(m) limitation	5,083		0.9		4,349		0.6
Foreign income taxes	1,912		0.4		3,371		0.5
State income taxes, net of federal income tax effect and other	2,564		0.5		2,005		0.2
Other	5,965		1.1		192		0.1
Income tax expense	$	105,553	19.8	%	$	139,012	18.5	%

Schedule of Cash Paid for Income Taxes, Net of Refunds

Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, as described in Note 1, Basis of Preparation and Summary of Significant Accounting Policies, cash paid for income taxes, net of refunds, during the year ended December 31, 2025 was as follows:


	December 31, 2025
	(in thousands)
Domestic
Federal	$	48,315
State	5,131
Foreign
Hong Kong	$	4,680
Other countries	1,204
Total cash paid for income taxes, net of refunds	$	59,330

Schedule of Net Deferred Tax Assets (Liabilities)

As of December 31, 2025 and 2024, the Company’s net deferred tax assets (liabilities) are as follows:


	December 31, 2025		December 31, 2024
	(in thousands)
Deferred tax assets
Net operating losses	$	621,393	$	561,287
Interest expense limitation	291,865		319,546
Rents received in advance	21,104		22,492
Other	31,254		23,979
Total deferred tax assets	965,616		927,304

Deferred tax liabilities
Aircraft depreciation	$	(2,152,757)	$	(1,919,687)
Effects of foreign jurisdiction deferred taxes	(108,560)		(148,114)
Straight-line rents	(20,969)		(31,785)
Total deferred tax liabilities	$	(2,282,286)	$	(2,099,586)

Net deferred tax assets/(liabilities)	$	(1,316,670)	$	(1,172,282)

Schedule of Loss Carryforwards

The Company’s NOL carryforward expire in the following periods:


	NOL Carryforwards (tax effected)
	(in thousands)
2026-2030	$	—
Thereafter	621,393
Total carryforwards	$	621,393

Schedule of Tax Credit Carryforwards

The Company’s NOL carryforward expire in the following periods:


	NOL Carryforwards (tax effected)
	(in thousands)
2026-2030	$	—
Thereafter	621,393
Total carryforwards	$	621,393