Company: TRTN-PA
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001660734-25-000004
Chunk: 129

Company: Triton International Ltd
Filing Date: 2025-02-28
Form: 20-F
Item: Item 19
Chunk 129
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 a U. S. company and therefore is subject to taxation in the U. S.

F-30

TRITON INTERNATIONAL LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table sets forth income tax expense (benefit) for the periods indicated (in thousands):

                                    Year Ended December 31,                                                           
                                    2024                                     2023                  2022               
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Current taxes:                                                                                                      
  Bermuda                           $                            —           $              —      $               —  
  U. S.                                                          50,604                45,861                 46,380  
  Foreign                           563                                      580                   952                
                                    $                            51,167      $         46,441      $          47,332  
  Deferred taxes:                                                                                                     
  Bermuda                           $                            —           $              —      $               —  
  U. S.                             ( 2,350)                                            8,010                 23,522  
  Foreign                           ( 14)                                    13                    ( 47)              
                                    ( 2,364)                                            8,023                 23,475  
  Income tax expense (benefit)      $                            48,803      $         54,464      $          70,807  

Included in the Company’s U. S. current taxes is a $ 2.3 Related Party Transactions" for additional details related to the Tax Credit Transfer Agreement.

The following table sets forth the components of income (loss) before income taxes (in thousands):

                                         Year Ended December 31,                                                             
                                         2024                                      2023                   2022               
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Bermuda sources                        $                            308,711      $         325,453      $         532,391  
  U. S. sources                                                       256,967                201,960                284,468  
  Foreign sources                                                       1,320                  1,140      870                
  Income (loss) before income taxes      $                            566,998      $         528,553      $         817,729  

The following table sets forth the difference between the Bermuda statutory income tax rate and the effective tax rate on the Consolidated Statements of Operations for the periods indicated below:

                                                             Year Ended