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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
			2024						2023
			(in thousands)
United States			$	165,339					$	73,853
Foreign			(12,694)						(6,723)
Income before income taxes			$	152,645					$	67,130

Schedule of Components of Income Tax Expense

The components of income tax expense for the years ended December 31, 2024 and 2023 were as follows:

			Federal						State						Foreign						Total
			(in thousands)
2024
Current			$	2,331					$	2,916					$	205					$	5,452
Deferred			38,871						(290)						—						38,581
Total			$	41,202					$	2,626					$	205					$	44,033
2023
Current			$	2,449					$	1,387					$	(139)					$	3,697
Deferred			16,338						3,314						—						19,652
Total			$	18,787					$	4,701					$	(139)					$	23,349

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, 2024 and 2023 to the effective income tax expense:

			Years Ended December 31,
			2024						2023
			(in thousands)
Statutory federal income tax expense			$	32,055					$	14,097
State taxes, net of federal benefit			2,014						4,410
Foreign tax paid			(559)						(169)
Foreign jurisdiction rate differential			445						545
Permanent differences - nondeductible executive compensation			6,553						2,929
Permanent differences and other			1,355						1,046
Valuation allowance			2,170						491
Effective income tax expense			$	44,033					$	23,349

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, 2022			$	19
Increases related to current year tax positions			435
Decreases due to tax positions expired			(5)
Balance as of December 31, 2023			449
Increases related to current year tax positions			123
Decreases due to tax positions expired			(5)
Balance as of December 31, 2024			$	567

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,
			2024						2023
			(in thousands)
Deferred tax assets:
Unearned lease revenue			$	8,335					$	9,614
State taxes			590						167
Inventory			2,770						2,426
Reserves and allowances			4,629						5,471
Other accruals			46,144						29,231
Lease liability			584						934
Net operating loss carry forward			40,906						51,240
Charitable contributions			—						2
Total deferred tax assets			103,958						99,085
Less: valuation allowance			(3,137)						(978)
Net deferred tax assets			100,821						98,107
Deferred tax liabilities:
Depreciation and impairment on aircraft engines and equipment			(272,492)						(231,694)
Notes receivable			(5,181)						(5,405)
Lease liability			(597)						(930)
Other deferred tax liabilities			(5,619)						(4,622)
Net deferred tax liabilities			(283,889)						(242,651)
Other comprehensive income deferred tax liability			(1,981)						(3,235)
Net deferred tax liabilities			$	(185,049)					$	(147,779)

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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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