Company: AYR
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001628280-25-019189
Chunk: 65

Company: Aircastle LTD
Filing Date: 2025-04-23
Form: 10-K
Item: Item 16
Chunk 65
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 per share amounts)

The components of the income tax provision for the years ended February 28, 2025, February 29, 2024 and February 28, 2023, consisted of the following: Year Ended February 28/29, 202520242023Current:United States:Federal$2,069 $2,484 $5,671 State771 2,249 1,667 Non-U.S.1,558 (1,521)4,438 Current income tax provision4,398 3,212 11,776 Deferred:United States:Federal3,536 5,415 (728)State12 1,120 (341)Non-U.S.14,002 13,518 14,759 Deferred income tax17,550 20,053 13,690 Total$21,948 $23,265 $25,466 Significant components of the Company’s deferred tax assets and liabilities at February 28, 2025 and February 29, 2024, consisted of the following: Year Ended February 28/29, 20252024Deferred tax assets:Net operating loss carry forwards$282,103 $239,306 Interest expense carry forwards2,648 2,085 Other21,369 23,426 Valuation allowance(45,641)(53,408)Total deferred tax assets260,479 211,409 Deferred tax liabilities:Accelerated depreciation(370,989)(299,957)Other(8,124)(11,809)Total deferred tax liabilities(379,113)(311,766)Net deferred tax liabilities$(118,634)$(100,357)The Company had $283.1 million of federal net operating loss (“NOL”) carry forwards available at February 28, 2025 with no expiration date to offset future taxable income subject to U.S. graduated tax rates.  The Company also had NOL carry forwards of $1.3 billion with no expiration date to offset future Irish taxable income.  The CIT Act includes a provision which would allow the Company to carry forward losses incurred in Bermuda for the year ended February 28, 2021 and subsequent fiscal years.  The Company has NOL carryforwards of $302.3 million with no expiration date to offset future Bermuda taxable income.  A full valuation allowance of $302.3 million has been recognized against the Bermuda tax