Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Significant components of the provision for income taxes from continuing operations

Significant components of the provision for income taxes from continuing operations are as follows:

	Year Ended December 31,
	2016		2015		2014
	(in thousands)
Current:
Federal	$	60,079	$	21,632	$	85,966
State and local	6,322		6,702		5,389
Foreign	2,034		1,235		2,057
Total current expense	68,435		29,569		93,412
Deferred:
Federal	82,455		149,583		34,240
State and local	3,691		6,031		(122		)
Total deferred expense (benefit)	86,146		155,614		34,118
Total income tax expense (benefit)	$	154,581	$	185,183	$	127,530

Reconciliation of income tax expense

The income tax provision differs from that computed at the federal statutory corporate tax rate as follows:

	Year Ended December 31,
	2016		2015		2014
Expected provision at federal statutory tax rate	35.0	%	35.0	%	35.0	%
State tax expense, net of federal benefit	1.6	%	1.7	%	1.0	%
Income tax credits	—	%	—	%	(0.4	)%
Other	0.3	%	0.2	%	0.5	%
Total income tax expense (benefit)	36.9	%	36.9	%	36.1	%

Deferred taxes

At December 31, 2016 and 2015, the significant components of the Company's deferred taxes consisted of the following:

	December 31,
	2016			2015
	(in thousands)
Deferred tax assets:
Deferred revenue	3,057			3,381
Nondeductible accruals	20,547			11,056
Deferred manufacturing credits	910			822
Accrued maintenance	1,854			830
Equity compensation	3,882			4,485
Other	4,026			2,751
Deferred tax assets	34,276			23,325
Deferred tax liabilities:
Capitalized interest	—			286
Deferred gain (loss) on leases, net	2,435			2,393
Accrued rent	14,025			6,724
Prepaid expenses	1,217			2,151
Property, plant and equipment	278,872			168,813
Deferred financing costs	5,358			—
Accrued aircraft and engine maintenance	40,512			64,439
Deferred tax liabilities	342,419			244,806
Net deferred tax assets (liabilities)	$	(308,143	)	$	(221,481	)