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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of components of income (loss) from continuing operation before income taxes | The components of income before income taxes are as follows:
| Years ended December 31,
| 2020 |  | 2019
| (in thousands)
United States | $ | 16,990 |  |  | $ | 88,182 |
Foreign | 346 |  |  | 699 |
Income before income taxes | $ | 17,336 |  |  | $ | 88,881 |
Schedule of components of income tax expense | The components of income tax expense for the years ended December 31, 2020 and 2019 were as follows:
| Federal |  | State |  | Foreign |  | Total
| (in thousands)
2020 |  |  |  |  |  |  |
Current | $ | — |  |  | $ | (88) |  |  | $ | 723 |  |  | $ | 635 |
Deferred | 6,251 |  |  | 702 |  |  | — |  |  | 6,953 |
Total | $ | 6,251 |  |  | $ | 614 |  |  | $ | 723 |  |  | $ | 7,588 |
2019 |  |  |  |  |  |  |
Current | $ | — |  |  | $ | 722 |  |  | $ | 163 |  |  | $ | 885 |
Deferred | 20,205 |  |  | 869 |  |  | — |  |  | 21,074 |
Total | $ | 20,205 |  |  | $ | 1,591 |  |  | $ | 163 |  |  | $ | 21,959 |
Schedule of reconciliation of the federal income tax expense at the statutory rate to the effective income tax expense | The following is a reconciliation of the federal income tax expense at the statutory rate of 21% for the years ended December 31, 2020 and 2019 to the effective income tax expense:
| Years Ended December 31,
| 2020 |  | 2019
| (in thousands)
Statutory federal income tax expense | $ | 3,640 |  |  | $ | 18,665 |
State taxes, net of federal benefit | 633 |  |  | 1,440 |
Foreign tax paid | — |  |  | — |
Foreign jurisdiction rate differential | 508 |  |  | 475 |
Permanent differences-nondeductible executive compensation | 2,748 |  |  | 2,083 |
Permanent differences and other | 59 |  |  | (704) |
Effective income tax expense | $ | 7,588 |  |  | $ | 21,959 |
Summary of activity related to the Company's unrecognized tax benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits:
| (in thousands)
Balance as of December 31, 2018 | $ | 182 |
Increases related to current year tax positions | 250 |
Decreases due to tax positions expired | (162) |
Balance as of December 31, 2019 | 270 |
Increases related to current year tax positions | 66 |
Decreases due to tax positions expired | (6) |
Balance as of December 31, 2020 | $ | 330 |
Schedule of tax effects of temporary differences of the deferred tax assets and liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below:
| As of December 31,
| 2020 |  | 2019
| (in thousands)
Deferred tax assets: |  |  |
Unearned lease revenue | $ | 2,519 |  |  | $ | 1,277 |
State taxes | 10 |  |  | 152 |
Inventory | 2,153 |  |  | — |
Reserves and allowances | 4,356 |  |  | 1,988 |
Other accruals | 1,769 |  |  | 4,974 |
Foreign tax credit | — |  |  | 19 |
Lease liability | 198 |  |  | 271 |
Net operating loss carry forward | 74,045 |  |  | 12,091 |
California alternative minimum tax credit | 33 |  |  | — |
Charitable contributions | 65 |  |  | 57 |
Total deferred tax assets | 85,148 |  |  | 20,829 |
Less: valuation allowance | (468) |  |  | (153) |
Net deferred tax assets | 84,680 |  |  | 20,676 |
Deferred tax liabilities: |  |  |
Depreciation and impairment on aircraft engines and equipment | (163,773) |  |  | (118,595) |
Inventory | — |  |  | (2,350) |
Notes receivable | (34,426) |  |  | (6,640) |
Right of use liability | (184) |  |  | (260) |
Other deferred tax assets (liabilities) | (4,616) |  |  | (4,198) |
Net deferred tax liabilities | (202,999) |  |  | (132,043) |
Other comprehensive loss deferred tax liability | 1,481 |  |  | 949 |
Net deferred tax liabilities | $ | (116,838) |  |  | $ | (110,418) |

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