Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income (Loss) from Continuing Operations Before Income Taxes

Income (loss) from continuing operations before income taxes by geographic area is summarized in the table below. The table below also gives effect to the Historical Adjustments, as discussed in note 2. 

	Years Ended December 31,
	2019		2018		2017
			(As Restated)
Domestic	$	850	$	618	$	372
Foreign(a)	31		23		20
Total	$	881	$	641	$	392

(a)

Inclusive of income (loss) before income taxes from Puerto Rico.

Benefit (Provision) for Income Taxes

The benefit (provision) for income taxes consists of the following: 

	Years Ended December 31,
	2019			2018			2017
Current:
Federal	$	(6	)	$	(5	)	$	(3	)
Foreign	(8		)	(7		)	(6		)
State	(5		)	(5		)	(2		)
Total current	(19		)	(17		)	(11		)
Deferred:
Federal	—			—			(18		)
Foreign	(2		)	(2		)	3
Total deferred	(2		)	(2		)	(15		)
Total tax benefit (provision)	$	(21	)	$	(19	)	$	(26	)

Effective Tax Rate

A reconciliation between the benefit (provision) for income taxes and the amount computed by applying the federal statutory income tax rate to the income (loss) before income taxes is as follows:

	Years Ended December 31,
	2019			2018			2017
				(As Restated)
Benefit (provision) for income taxes at statutory rate	$	(185	)	$	(135	)	$	(137	)
Tax effect of foreign income (losses)	1			1			—
Tax adjustment related to REIT operations	178			128			131
State tax (provision) benefit, net of federal	(5		)	(4		)	(2		)
Foreign tax	(10		)	(9		)	(3		)
Effects of tax law change(a)	—			—			(15		)
Total	$	(21	)	$	(19	)	$	(26	)

(a) Pursuant to the Tax Cuts and Jobs Act, which was signed into law in December 2017, the Company was required to write down its net federal deferred tax asset in the amount of $17 million as a result of the reduction in the federal corporate tax rate offset by a benefit of $2 million related to the refund of the Company's alternative minimum tax credit carryforward.

Components of Deferred Tax Assets and Liabilities

The components of the net deferred income tax assets and liabilities are as follows: 

	December 31,
	2019		2018
Deferred income tax liabilities:
Property and equipment	$	6	$	5
Deferred site rental receivable	7		7
Total deferred income tax liabilities	13		12
Deferred income tax assets:
Intangible assets	3		4
Net operating loss carryforwards(a)	18		18
Straight-line rent expense liability(b)	3		2
Accrued liabilities	5		5
Other	2		3
Valuation allowances	—		(1		)
Total deferred income tax assets, net	31		31
Net deferred income tax asset (liabilities)	$	18	$	19

(a) Balance results from the Company's foreign NOLs. Due to the Company's REIT status, no federal or state NOLs result in the Company recording a deferred income tax asset. See further discussion surrounding the Company's NOL balances below.

(b)

See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard.

Jurisdictional Components of Deferred Tax Assets and Liabilities

The components of the net deferred income tax assets (liabilities) are as follows:

	December 31, 2019								December 31, 2018
Classification	Gross			Valuation Allowance		Net			Gross			Valuation Allowance			Net
Federal	$	25		$	—	$	25		$	25		$	—		$	25
State	1			—		1			1			—			1
Foreign	(8		)	—		(8		)	(6		)	(1		)	(7		)
Total	$	18		$	—	$	18		$	20		$	(1	)	$	19