Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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



	Year Ended December 31,
	2019			2018			2017
	(in thousands)
Current:
Federal	$	(22,429	)	$	(2,178	)	$	(68,601	)
State and local	1,218			410			515
Foreign	6,693			4,692			2,742
Total current expense (benefit)	(14,518		)	2,924			(65,344		)
Deferred:
Federal	106,703			42,246			(9,349		)
State and local	8,986			4,057			8,857
Total deferred expense (benefit)	115,689			46,303			(492		)
Total income tax expense (benefit)	$	101,171		$	49,227		$	(65,836	)

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



	Year Ended December 31,
	2019		2018		2017
Expected provision at federal statutory tax rate	21.0	%	21.0	%	35.0	%
State tax expense, net of federal benefit	1.8	%	1.7	%	1.7	%
Revaluation of deferred taxes	(2.1	)%	—	%	(56.3	)%
Other	2.5	%	1.3	%	0.7	%
Total income tax expense (benefit)	23.2	%	24.0	%	(18.9	)%

At December 31, 2019 and 2018, the significant components of the Company's deferred taxes consisted of the following:



	December 31,
	2019			2018
	(in thousands)
Deferred tax assets:
Income tax credits	$	9,632		$	10,004
Net operating losses	13,604			155,670
Deferred revenue	8,824			6,824
Nondeductible accruals	14,133			14,691
Deferred manufacturing credits	2,813			—
Accrued maintenance	1,668			2,168
Equity compensation	2,851			2,592
Operating lease liability	305,161			—
Other	482			5,262
Valuation allowance	(1,746		)	(254		)
Deferred tax assets	357,422			196,957
Deferred tax liabilities:
Deferred gain (loss) on leases, net	—			1,672
Accrued rent	—			6,068
Prepaid expenses	1,120			793
Property, plant and equipment	430,523			481,847
Deferred financing costs	154			189
Accrued aircraft and engine maintenance	84,479			61,529
Right-of-use asset	310,438			—
Deferred tax liabilities	826,714			552,098
Net deferred tax assets (liabilities)	$	(469,292	)	$	(355,141	)