INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The domestic and foreign components of the Company’s pre-tax income (loss) are as follows:

	Year Ended December 31,
	2025
Pre-tax book income (loss)
Domestic (Ireland)	$	410,329
Foreign	196,355
Total	$	606,684

	Year Ended December 31,
	2024		2023
Pre-tax book income (loss)
Domestic (Cayman Islands)	$	(259)	$	(282)
Foreign	14,428		184,299
Total	$	14,169	$	184,017

Schedule of Components of Income Tax Expense

The current and deferred components of the provision for (benefit from) income taxes are as follows:

	Year Ended December 31,
	2025
Current:
Ireland	$	13,534
Cayman Islands	—
Bermuda	4,800
United States:
Federal	1,353
State and local	4,949
Other Non-Ireland including Pillar II Tax	7,028
Total current provision	31,664
Deferred:
Ireland	34,920
Cayman Islands	—
Bermuda	10,643
United States:
Federal	25,436
State and local	2,379
Other Non-Ireland	578
Total deferred provision (benefit)	73,956
Total	$	105,620

	Year Ended December 31,
	2024		2023
Current:
Cayman Islands	$	—	$	—
Bermuda	—		—
United States:
Federal	847		935
State and local	1,158		1,176
Other Non-U.S.	1,604		1,715
Total current provision	3,609		3,826
Deferred:
Cayman Islands	—		—
Bermuda	2,320		(72,185)
United States:
Federal	6,020		3,943
State and local	(616)		(2)
Other Non-U.S.	(5,846)		4,618
Total deferred provision (benefit)	1,878		(63,626)
Total	$	5,487	$	(59,800)

Schedule of Effective Income Tax Rate Reconciliation

The difference between the Company’s reported income tax rate and the Irish statutory rate is as follows:

	Year Ended December 31, 2025
	Amount		Percent
Ireland statutory rate	$	75,836	12.50	%
Foreign tax effects	24,946		4.11	%
United States
Statutory tax rate difference between the US and Ireland	9,092		1.50	%
Nondeductible expenses	6,601		1.09	%
US State and local taxes (1)	5,053		0.83	%
Bermuda
Statutory tax rate difference between Bermuda and Ireland	3,109		0.51	%
Other foreign jurisdictions	1,091		0.18	%
Ireland alternative minimum tax (2)	5,798		0.96	%
Changes in valuation allowance	(4,460)		(0.74)	%
Other	3,500		0.58	%
Income tax rate	$	105,620	17.41	%

(1) State taxes in Arizona, California, and Florida made up the majority (greater than 50%) of the tax effect in this category.

(2) Represents top-up tax in Ireland driven by Pillar Two given Ireland statutory tax rate of 12.5%.

Note: As of January 1, 2025, the Company adopted ASU 2023-09 related to income tax disclosures in connection with 2025 only (as presented above). The effective tax rate reconciliation for pre-2025 years are presented consistently with historical presentation below.

The difference between the Company’s reported income tax rate and the Cayman Islands statutory rate of 0% is as follows:

 

	Year Ended December 31,
	2024		2023
Income subject to tax in the United States	53.0	%	3.3	%
Foreign taxes	80.1	%	(30.9)	%
Change in valuation allowance	(94.4)	%	(4.9)	%
Income tax rate	38.7	%	(32.5)	%

Schedule of Cash Paid for Income Taxes

The cash and noncash related activities described above during the years ended December 31, 2025, 2024 and 2023 are detailed below:

	Year Ended December 31,
(in thousands)	2025		2024		2023
Cost of modules and parts sold sourced from engines originally within leasing equipment	$	25,558	$	38,300	$	41,167
Transfers of engines from leasing equipment to inventory for manufacturing and sale	259,383		239,462		178,740
Transfers of inventory to leasing equipment for rebuilding and sale of engines	(255,845)		(223,129)		(78,788)
Total outflows related to manufacturing modules and parts - included in net cash (used in) provided by operating activities	(779,374)		(345,821)		(138,045)
Cash received for assets sold sourced from leasing equipment - inflow included in cash (used in) provided by operating activities	61,513		76,157		94,222
Cash received for sales of leasing equipment that include components sourced from inventory - inflow included in cash used in investing activities	1,058,961		436,217		79,474
Cash paid for engine and aircraft inventory - outflow included in cash provided by (used in) operating activities	(325,056)		(8,280)		—

For the year ended December 31, 2025, the Company paid income taxes, net of refunds, by jurisdiction as follows:

	Year Ended December 31,
	2025
Ireland	$	1,238
US Federal	8,777
Florida (US State)	2,735
Other	2,911
Total	$	15,661

Note: The table above also is a result of the adoption of ASU 2023-09 for the year ended December 31, 2025. Historically, any cash taxes paid disclosure was disclosed in the Statement of Cash Flows. Cash paid for taxes was $5,655 and $1,393 in the years ended December 31, 2024 and 2023, respectively.

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	6,985	$	34,097
Interest expense	—		2,187
Inventory	2,089		2,704
Customer relationship intangibles	25,650		28,500
Other	9,399		4,250
Total deferred tax assets	44,123		71,738
Less valuation allowance	—		(5,228)
Net deferred tax assets	44,123		66,510
Deferred tax liabilities:
Fixed assets and goodwill	(51,480)		(32,545)
Equity method investments	(12,223)		(163)
Other	(1,896)		(2,214)
Total deferred tax liabilities	(65,599)		(34,922)
Net deferred tax (liabilities) assets	$	(21,476)	$	31,588

Schedule of Valuation Allowance

A summary of the changes in the valuation allowance is as follows:

	December 31,
	2025		2024		2023
Valuation allowance at beginning of period	$	5,228	$	18,599	$	27,565
Change due to current year losses	—		885		855
Change due to current year releases	(5,228)		(14,256)		(9,821)
Valuation allowance at end of period	$	—	$	5,228	$	18,599