XML 59 R38.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
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,
 
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
)

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,
 
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
)%

Deferred taxes 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
)