INCOME TAXES (Table)

12 Months Ended

Dec. 31, 2020

INCOME TAXES

Summary of the significant components of the provision for income taxes from continuing operations

	Successor
	Year Ended December 31,				For the period April 11, 2018 to
	2020		2019		December 31, 2018
Current:
Federal	$	—	$	—	$	—
State and Local		10		66		—
Total Current Tax Expense		10		66		—
Deferred:
Federal		(597)		12,509		129
State and Local		(191)		1,513		32
Total Deferred Tax Expense / (Benefit)		(788)		14,022		161
Total Income Tax Expense / (Benefit)	$	(778)	$	14,088	$	161

Summary of difference of income tax provision from that computed at the federal statutory corporate tax rate

	Successor
	Year Ended December 31,				For the period April 11, 2018 to
	2020		2019		December 31, 2018
Expected Provision at Federal Statutory
Tax Rate	21.0	%	21.0	%	21.0	%
State Tax, net of Federal Impact	3.1	%	2.1	%	(12.0)	%
Employee Parking	(3.3)	%	0.2	%	(40.4)	%
Meals and Entertainment	(2.2)	%	0.2	%	(42.9)	%
Other Permanent Adjustments	(2.0)	%	0.0	%	(3.6)	%
Effective Tax Rate	16.6	%	23.5	%	(77.9)	%

Summary of the significant components of the deferred taxes

	December 31,
	2020		2019
Deferred Tax Assets:
Net Operating Loss	$	75,389	$	24,680
Operating Lease Obligations		32,942		38,629
Finance Lease Obligations		20,095		45,392
Goodwill and Other Intangible Assets		12,586		15,325
Loyalty Program Liabilities		4,911		5,064
Accrued Maintenance		4,434		7,481
Other		4,318		2,769
Total Deferred Tax Assets		154,675		139,340
Deferred Tax Liabilities:
Accelerated Depreciation		(67,105)		(24,858)
Operating Lease Right-of-use Assets		(27,892)		(33,844)
Finance Lease Assets		(23,462)		(44,696)
Unrealized Gain on Fuel Derivatives		—		(514)
Total Deferred Tax Liabilities		(118,459)		(103,912)
Total Net Deferred Tax Assets	$	36,216	$	35,428