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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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,
			2022						2021
			(in thousands)
United States			$	11,864					$	4,659
Foreign			(2,071)						4,481
Income before income taxes			$	9,793					$	9,140

Schedule of components of income tax expense

The components of income tax expense for the years ended December 31, 2022 and 2021 were as follows:

			Federal						State						Foreign						Total
			(in thousands)
2022
Current			$	—					$	128					$	2,161					$	2,289
Deferred			3,758						(1,693)						—						2,065
Total			$	3,758					$	(1,565)					$	2,161					$	4,354
2021
Current			$	—					$	(2)					$	1,597					$	1,595
Deferred			4,072						121						—						4,193
Total			$	4,072					$	119					$	1,597					$	5,788

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, 2022 and 2021 to the effective income tax expense:

			Years Ended December 31,
			2022						2021
			(in thousands)
Statutory federal income tax expense			$	2,057					$	1,844
State taxes, net of federal benefit			(1,593)						119
Foreign tax paid			1,509						—
Foreign jurisdiction rate differential			666						705
Permanent differences-nondeductible executive compensation			2,180						2,042
Permanent differences and other			(465)						1,078
Effective income tax expense			$	4,354					$	5,788

Schedule 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, 2020			$	330
Decreases related to current year tax positions			—
Decreases due to tax positions expired			(317)
Balance as of December 31, 2021			13
Decreases related to current year tax positions			11
Decreases due to tax positions expired			(5)
Balance as of December 31, 2022			$	19

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,
			2022						2021
			(in thousands)
Deferred tax assets:
Unearned lease revenue			$	3,867					$	2,217
State taxes			2						—
Inventory			2,123						1,486
Reserves and allowances			4,425						6,781
Other accruals			15,973						2,577
Lease liability			1,366						146
Net operating loss carry forward			67,595						68,168
California alternative minimum tax credit			33						33
Charitable contributions			2						2
Total deferred tax assets			95,386						81,410
Less: valuation allowance			(536)						(518)
Net deferred tax assets			94,850						80,892
Deferred tax liabilities:
Depreciation and impairment on aircraft engines and equipment			(208,389)						(183,131)
Notes receivable			(5,479)						(15,911)
Right of use liability			(1,360)						(139)
Other deferred tax liabilities			(4,590)						(4,595)
Net deferred tax liabilities			(219,818)						(203,776)
Other comprehensive income deferred tax liability			(7,548)						(1,448)
Net deferred tax liabilities			$	(132,516)					$	(124,332)

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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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