Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Current:
Federal	$	5,449	$	—	$	—
State and local	1,309		327		568
Foreign	1,350		1,695		1,183
Total current expense (benefit)	8,108		2,022		1,751
Deferred:
Federal	(115,905)		(141,251)		(47,468)
State and local	(3,334)		(7,360)		(2,034)
Total deferred expense (benefit)	(119,239)		(148,611)		(49,502)
Total income tax expense (benefit)	$	(111,131)	$	(146,589)	$	(47,751)

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


	Year Ended December 31,
	2023		2022		2021
Expected provision at federal statutory tax rate	21.0	%	21.0	%	21.0	%
State tax expense, net of federal benefit	1.5	%	1.6	%	0.8	%
Permanent tax differences	(1.3)	%	(0.6)	%	(0.4)	%
Premium on convertible debt repurchase	—	%	—	%	(11.4)	%
Valuation allowance	(1.2)	%	(0.8)	%	(0.5)	%
Other	(0.1)	%	(0.3)	%	(0.3)	%
Total income tax expense (benefit)	19.9	%	20.9	%	9.2	%

At December 31, 2023 and 2022, the significant components of the Company's deferred taxes consisted of the following:


	December 31,
	2023		2022
	(in thousands)
Deferred tax assets:
Income tax credits	$	4,298	$	4,306


Net operating losses	328,977		340,023
Deferred revenue	25,924		20,751

Nondeductible accruals	32,899		25,738
Deferred manufacturing credits	14,556		14,054




Loan liability	115,161		11,404
Operating lease liability	797,778		598,097

Interest expense	51,305		38,327
Other	38,910		27,190
Valuation allowance	(17,654)		(10,852)
Deferred tax assets	1,392,154		$	1,069,038
Deferred tax liabilities:





Property, plant and equipment	612,571		634,018


Accrued aircraft and engine maintenance	70,997		38,755
Right-of-use asset	803,232		608,176
Other	13,115		14,932
Deferred tax liabilities	1,499,915		1,295,881
Net deferred tax assets (liabilities)	$	(107,761)	$	(226,843)