Company: AYR
Filing Date: 2025-01-10
Form Type: 10-Q
Source: 0001628280-25-001098
Chunk: 74

Company: Aircastle LTD
Filing Date: 2025-01-10
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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2.2 million during the three months ended November 30, 2024 and 2023, respectively, and $6.6 million and $6.3 million during the nine months ended November 30, 2024 and 2023, respectively, whereby our Shareholders provide certain management and administrative services to the Company.See Note 9 for additional information regarding our Subscription Agreement with our Shareholders and related Shares issuances.

17

Aircastle Limited and SubsidiariesNotes to Unaudited Consolidated Financial Statements(Dollars in thousands, except per share amounts)November 30, 2024

Note 11. Income Taxes

Income taxes have been provided for based upon the tax laws and rates in countries in which our operations are conducted and income is earned.  In December 2023, the Government of Bermuda enacted the Bermuda Corporate Income Tax Act (the “Bermuda CIT Act”), which imposes a 15% corporate current income tax (the “Bermuda CIT”) effective for tax years beginning on or after January 1, 2025.  The Company expects to become subject to the Bermuda CIT with respect to its fiscal year beginning March 1, 2025 and subsequent years.  Consequently, the provision for income taxes relates to income earned by certain subsidiaries of the Company which are located in, or earn income in, jurisdictions that impose income taxes, primarily the United States and Ireland.The sources of income from continuing operations before income taxes and earnings of our unconsolidated equity method investment for the three and nine months ended November 30, 2024 and 2023 were as follows: Three Months Ended November 30,Nine Months Ended November 30, 2024202320242023U.S. operations$6,369 $7,518 $17,053 $18,388 Non-U.S. operations15,269 23,227 60,926 49,044 Income from continuing operations before income taxes and earnings of unconsolidated equity method investment$21,638 $30,745 $77,979 $67,432 Our aircraft-owning subsidiaries generally earn income from sources outside the United States and typically are not subject to U.S. federal, state or local income taxes.  The aircraft owning subsidiaries resident in the United States and Ireland are subject to tax in those respective jurisdictions.We have a U.S.-based subsidiary which provides management services to our subsidiaries and is subject to U.S.