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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Taxes |
Schedule of components of provision for income taxes | The provision for income taxes includes the following components (in thousands):
|  | Year ended December 31, |
|  | 2016 |  | 2015 |  | 2014 |
Current tax provision (benefit): |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (3,801) |  | $ | 3,801 |  | $ | (176) |
State |  |  | 111 |  |  | 1,035 |  |  | 838 |
Foreign |  |  |  |  |  | — |  |  | 2,081 |
|  |  | (3,690) |  |  | 4,836 |  |  | 2,743 |
Deferred tax provision (benefit): |  |  |  |  |  |  |  |  |  |
Federal |  |  | (77,430) |  |  | 66,430 |  |  | 4,697 |
State |  |  | (6,106) |  |  | 5,239 |  |  | 371 |
|  |  | (83,536) |  |  | 71,669 |  |  | 5,068 |
Provision for income taxes |  | $ | (87,226) |  | $ | 76,505 |  | $ | 7,811 |
Schedule of income tax rate reconciliation |
|  | Year ended December 31, |
|  | 2016 |  | 2015 |  | 2014 |
Current tax provision (benefit): |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (3,801) |  | $ | 3,801 |  | $ | (176) |
State |  |  | 111 |  |  | 1,035 |  |  | 838 |
Foreign |  |  |  |  |  | — |  |  | 2,081 |
|  |  | (3,690) |  |  | 4,836 |  |  | 2,743 |
Deferred tax provision (benefit): |  |  |  |  |  |  |  |  |  |
Federal |  |  | (77,430) |  |  | 66,430 |  |  | 4,697 |
State |  |  | (6,106) |  |  | 5,239 |  |  | 371 |
|  |  | (83,536) |  |  | 71,669 |  |  | 5,068 |
Provision for income taxes |  | $ | (87,226) |  | $ | 76,505 |  | $ | 7,811 |
The following is a reconciliation between the statutory federal income tax rate of 35% and the effective rate which is derived by dividing the provision for income taxes by income (loss) before for income taxes (in thousands):
|  | Year ended December 31, |
|  | 2016 |  | 2015 |  | 2014 |
Computed provision (benefit) for income taxes at the statutory rate |  | $ | (87,084) |  | $ | 68,013 |  | $ | (5,720) |
Increase (decrease) in income taxes resulting from: |  |  |  |  |  |  |  |  |  |
State income tax provision (benefit), net of federal income tax benefit |  |  | (5,768) |  |  | 5,416 |  |  | (107) |
Non-deductible expenses |  |  | 3,552 |  |  | 3,641 |  |  | 3,865 |
Valuation allowance changes affecting the provision for income taxes |  |  | 751 |  |  | (899) |  |  | 5,981 |
Foreign income taxes, net of federal & state benefit |  |  | — |  |  | — |  |  | 1,973 |
Other, net |  |  | 1,323 |  |  | 334 |  |  | 1,819 |
Provision for income taxes |  | $ | (87,226) |  | $ | 76,505 |  | $ | 7,811 |
Schedule of components of the net deferred tax assets and liabilities | The significant components of the Company’s net deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows (in thousands):
|  | As of December 31, |
|  | 2016 |  | 2015 |
Deferred tax assets: |  |  |  |  |  |  |
Intangible asset |  | $ | 4,983 |  | $ | 30,369 |
Accrued benefits |  |  | 48,482 |  |  | 47,514 |
Net operating loss carryforward |  |  | 286,389 |  |  | 82,211 |
AMT credit carryforward |  |  | 17,589 |  |  | 21,391 |
Deferred aircraft credits |  |  | 60,415 |  |  | 55,544 |
Accrued reserves and other |  |  | 47,906 |  |  | 24,575 |
Total deferred tax assets |  |  | 465,764 |  |  | 261,604 |
Valuation allowance |  |  | (8,877) |  |  | (8,126) |
Deferred tax liabilities: |  |  |  |  |  |  |
Accelerated depreciation |  |  | (1,022,291) |  |  | (902,322) |
Total deferred tax liabilities |  |  | (1,022,291) |  |  | (902,322) |
Net deferred tax liability |  | $ | (565,404) |  | $ | (648,844) |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319 + Details
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