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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of components of income from continuing operation before income taxes | The components of income before income taxes are as follows:
| Years ended December 31,
| 2021 |  | 2020
| (in thousands)
United States | $ | 4,659 |  |  | $ | 16,990 |
Foreign | 4,481 |  |  | 346 |
Income before income taxes | $ | 9,140 |  |  | $ | 17,336 |
Schedule of components of income tax expense | The components of income tax expense for the years ended December 31, 2021 and 2020 were as follows:
| Federal |  | State |  | Foreign |  | Total
| (in thousands)
2021 |  |  |  |  |  |  |
Current | $ | — |  |  | $ | (2) |  |  | $ | 1,597 |  |  | $ | 1,595 |
Deferred | 4,072 |  |  | 121 |  |  | — |  |  | 4,193 |
Total | $ | 4,072 |  |  | $ | 119 |  |  | $ | 1,597 |  |  | $ | 5,788 |
2020 |  |  |  |  |  |  |
Current | $ | — |  |  | $ | (88) |  |  | $ | 723 |  |  | $ | 635 |
Deferred | 6,251 |  |  | 702 |  |  | — |  |  | 6,953 |
Total | $ | 6,251 |  |  | $ | 614 |  |  | $ | 723 |  |  | $ | 7,588 |
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, 2021 and 2020 to the effective income tax expense:
| Years Ended December 31,
| 2021 |  | 2020
| (in thousands)
Statutory federal income tax expense | $ | 1,844 |  |  | $ | 3,640 |
State taxes, net of federal benefit | 119 |  |  | 633 |
Foreign tax paid | — |  |  | — |
Foreign jurisdiction rate differential | 705 |  |  | 508 |
Permanent differences-nondeductible executive compensation | 2,042 |  |  | 2,748 |
Permanent differences and other | 1,078 |  |  | 59 |
Effective income tax expense | $ | 5,788 |  |  | $ | 7,588 |
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, 2019 | $ | 270 |
Increases related to current year tax positions | 66 |
Decreases due to tax positions expired | (6) |
Balance as of December 31, 2020 | 330 |
Decreases related to current year tax positions | — |
Decreases due to tax positions expired | (317) |
Balance as of December 31, 2021 | $ | 13 |
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,
| 2021 |  | 2020
| (in thousands)
Deferred tax assets: |  |  |
Unearned lease revenue | $ | 2,217 |  |  | $ | 2,519 |
State taxes | — |  |  | 10 |
Inventory | 1,486 |  |  | 2,153 |
Reserves and allowances | 6,781 |  |  | 4,356 |
Other accruals | 2,577 |  |  | 1,769 |
Foreign tax credit | — |  |  | — |
Lease liability | 146 |  |  | 198 |
Net operating loss carry forward | 68,168 |  |  | 74,045 |
California alternative minimum tax credit | 33 |  |  | 33 |
Charitable contributions | 2 |  |  | 65 |
Total deferred tax assets | 81,410 |  |  | 85,148 |
Less: valuation allowance | (518) |  |  | (468) |
Net deferred tax assets | 80,892 |  |  | 84,680 |
Deferred tax liabilities: |  |  |
Depreciation and impairment on aircraft engines and equipment | (183,131) |  |  | (163,773) |
Inventory | — |  |  | — |
Notes receivable | (15,911) |  |  | (34,426) |
Right of use liability | (139) |  |  | (184) |
Other deferred tax liabilities | (4,595) |  |  | (4,616) |
Net deferred tax liabilities | (203,776) |  |  | (202,999) |
Other comprehensive (income) loss deferred tax liability | (1,448) |  |  | 1,481 |
Net deferred tax liabilities | $ | (124,332) |  |  | $ | (116,838) |

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