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Income Taxes (Tables)

12 Months Ended

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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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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