Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
	(in thousands)
Current:
Federal	$	—	$	(141,997)	$	(22,429)
State and local	568		(1,847)		1,218
Foreign	1,183		(1,554)		6,693
Total current expense (benefit)	1,751		(145,398)		(14,518)
Deferred:
Federal	(47,468)		(33,494)		106,703
State and local	(2,034)		(12,592)		8,986
Total deferred expense (benefit)	(49,502)		(46,086)		115,689
Total income tax expense (benefit)	$	(47,751)	$	(191,484)	$	101,171

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,
	2021		2020		2019
Expected provision at federal statutory tax rate	21.0	%	21.0	%	21.0	%
State tax expense, net of federal benefit	0.2	%	1.9	%	1.8	%
Revaluation of deferred taxes	—	%	9.2	%	(2.1)	%
Premium on convertible debt repurchase	(11.4)	%	—	%	—	%
Other	(0.6)	%	(1.2)	%	2.5	%
Total income tax expense (benefit)	9.2	%	30.9	%	23.2	%

Schedule of Deferred Taxes

At December 31, 2021 and 2020, the significant components of the Company's deferred taxes consisted of the following:

	December 31,
	2021		2020
	(in thousands)
Deferred tax assets:
Income tax credits	$	4,298	$	4,298
Net operating losses	263,350		220,071
Deferred revenue	23,119		11,740
Nondeductible accruals	21,858		21,918
Deferred manufacturing credits	8,458		6,442
Accrued maintenance	566		568
Equity compensation	3,787		3,433
Loan liability	11,643		—
Operating lease liability	432,492		313,142
Interest expense	18,544		—
Other	334		465
Valuation allowance	(5,099)		(2,949)
Deferred tax assets	783,350		$	579,128
Deferred tax liabilities:
Convertible debt	—		14,942
Prepaid expenses	770		898
Property, plant and equipment	644,407		603,173
Deferred financing costs	99		124
Accrued aircraft and engine maintenance	74,742		80,916
Right-of-use asset	438,804		318,969
Deferred tax liabilities	1,158,822		1,019,022
Net deferred tax assets (liabilities)	$	(375,472)	$	(439,894)