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Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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