Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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



	Year Ended December 31,
	2017			2016		2015
	(in thousands)
Current:
Federal	$	(68,601	)	$	60,079	$	21,632
State and local	515			6,322		6,702
Foreign	2,742			2,034		1,235
Total current expense (benefit)	(65,344		)	68,435		29,569
Deferred:
Federal	(10,370		)	82,455		149,583
State and local	8,760			3,691		6,031
Total deferred expense (benefit)	(1,610		)	86,146		155,614
Total income tax expense (benefit)	$	(66,954	)	$	154,581	$	185,183

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



	Year Ended December 31,
	2017		2016		2015
Expected provision at federal statutory tax rate	35.0	%	35.0	%	35.0	%
State tax expense, net of federal benefit	1.7	%	1.6	%	1.7	%
Income tax credits	—	%	—	%	—	%
Revaluation of deferred taxes	(56.3	)%	—	%	—	%
Other	0.7	%	0.3	%	0.2	%
Total income tax expense (benefit)	(18.9	)%	36.9	%	36.9	%

At December 31, 2017 and 2016, the significant components of the Company's deferred taxes consisted of the following:



	December 31,
	2017			2016
	(in thousands)
Deferred tax assets:
Foreign tax credits	$	5,980		$	—
Deferred revenue	1,631			3,057
Nondeductible accruals	10,107			20,547
Deferred manufacturing credits	258			910
Accrued maintenance	1,991			1,854
Equity compensation	2,392			3,882
Other	5,555			4,026
Valuation allowance	(454		)	—
Deferred tax assets	27,460			34,276
Deferred tax liabilities:
Deferred gain (loss) on leases, net	1,605			2,435
Accrued rent	12,055			14,025
Prepaid expenses	754			1,217
Property, plant and equipment	298,703			278,872
Deferred financing costs	225			5,358
Accrued aircraft and engine maintenance	27,258			40,512
Deferred tax liabilities	340,600			342,419
Net deferred tax assets (liabilities)	$	(313,140	)	$	(308,143	)