Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021		2020
	(in thousands)
Current:
Federal	$	—	$	—	$	(141,997)
State and local	327		568		(1,847)
Foreign	1,695		1,183		(1,554)
Total current expense (benefit)	2,022		1,751		(145,398)
Deferred:
Federal	(141,251)		(47,468)		(33,494)
State and local	(7,360)		(2,034)		(12,592)
Total deferred expense (benefit)	(148,611)		(49,502)		(46,086)
Total income tax expense (benefit)	$	(146,589)	$	(47,751)	$	(191,484)

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,
	2022		2021		2020
Expected provision at federal statutory tax rate	21.0	%	21.0	%	21.0	%
State tax expense, net of federal benefit	0.8	%	0.2	%	1.9	%
Revaluation of deferred taxes	—	%	—	%	9.2	%
Premium on convertible debt repurchase	—	%	(11.4)	%	—	%
Other	(0.9)	%	(0.6)	%	(1.2)	%
Total income tax expense (benefit)	20.9	%	9.2	%	30.9	%

Schedule of Deferred Taxes

At December 31, 2022 and 2021, the significant components of the Company's deferred taxes consisted of the following:

	December 31,
	2022		2021
	(in thousands)
Deferred tax assets:
Income tax credits	$	4,306	$	4,298
Net operating losses	340,023		263,350
Deferred revenue	20,751		23,119
Nondeductible accruals	25,738		21,858
Deferred manufacturing credits	14,054		8,458
Loan liability	11,404		11,643
Operating lease liability	598,097		432,492
Interest expense	38,327		18,544
Other	27,190		4,687
Valuation allowance	(10,852)		(5,099)
Deferred tax assets	1,069,038		$	783,350
Deferred tax liabilities:
Property, plant and equipment	634,018		644,407
Accrued aircraft and engine maintenance	38,755		74,742
Right-of-use asset	608,176		438,804
Other	14,932		869
Deferred tax liabilities	1,295,881		1,158,822
Net deferred tax assets (liabilities)	$	(226,843)	$	(375,472)