Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income tax expense (benefit)

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

	For the Years Ended December 31,
(in thousands)	2019			2018			2017
Federal:
Current	$	64		$	(113	)	$	2,200
Deferred	2,654			52,367			15,310
Total Federal	2,718			52,254			17,510
State:
Current	(449		)	(2,798		)	(995		)
Deferred (included in Federal above)	—			—			—
Total State	(449		)	(2,798		)	(995		)
Total	$	2,269		$	49,456		$	16,515

Reconciliation of the benefit for income taxes to the amount computed at the U.S. Federal statutory rate

A reconciliation of the benefit (provision) for income taxes to the amount computed at the U.S. Federal statutory rate of 21% for the years ended December 31, 2019 and 2018 and 35% for the year ended December 31, 2017, is as follows:

	For the Years Ended December 31,
(in thousands)	2019			2018			2017
Tax benefit at U.S. statutory rate	$	56,742		$	121,320		$	205,777
State taxes, net of federal income tax	10,423			21,576			24,891
Valuation allowance	(60,376		)	5,713			(246,037		)
Goodwill impairment	—			(88,265		)	(78,515		)
Impact of the Tax Act	—			(6,042		)	114,716
Stock compensation	(2,639		)	(4,717		)	(4,093		)
Meals and entertainment	(416		)	(493		)	(726		)
Tax credits	(106		)	688			1,908
Other	(1,359		)	(324		)	(1,406		)
Total	$	2,269		$	49,456		$	16,515

Components of deferred tax assets and liabilities

Significant components of the Company's deferred tax assets and liabilities are as follows:

	As of December 31,
(in thousands)	2019			2018
Deferred income tax assets:
Financing lease obligations	$	156,913		$	165,703
Operating lease obligations	406,172			—
Operating loss carryforwards	330,983			298,255
Deferred lease liability	—			63,263
Accrued expenses	54,154			61,309
Tax credits	50,356			50,462
Capital loss carryforward	40,723			41,413
Intangible assets	11,160			10,133
Other	8,098			2,872
Total gross deferred income tax asset	1,058,559			693,410
Valuation allowance	(408,903		)	(336,417		)
Net deferred income tax assets	649,656			356,993
Deferred income tax liabilities:
Property, plant and equipment	(303,853		)	(334,145		)
Operating lease right-of-use assets	(328,100		)	—
Investment in unconsolidated ventures	(33,100		)	(41,219		)
Total gross deferred income tax liability	(665,053		)	(375,364		)
Net deferred tax liability	$	(15,397	)	$	(18,371	)

Schedule of impact from Tax Cuts and Jobs Act

A summary of the effect of the Tax Act is as follows:

(in thousands)	For the Year Ended December 31, 2017
Rate change - decrease in net deferred tax assets	$	108,070
Rate change - decrease in valuation allowance	(172,235		)
Impact on net operating loss usage	(50,551		)
Reduction of deferred tax asset - AMT credits	2,361
Total impact of the Tax Act on the Company's deferred taxes position	(112,355		)
Realization of AMT credits	(2,361		)
Net impact of the Tax Act on the Company's effective tax rate	$	(114,716	)

Summary of valuation allowance

A summary of the change in the Company's valuation allowance is as follows:

	For the Years Ended December 31,
(in thousands)	2019			2018
Increase in valuation allowance before consideration of the Tax Act	$	60,376		$	(5,713	)
Increase due to the adoption of ASC 842	13,790			—
Other decrease during the year	(1,680		)	—
Total increase (decrease) in valuation allowance before consideration of the Tax Act	72,486			(5,713		)
Impact of the Tax Act on net operating loss usage	—			6,042
Total increase (decrease) in valuation allowance	$	72,486		$	329

Reconciliation of the unrecognized tax benefits

A reconciliation of the unrecognized tax benefits is as follows:

	For the Years Ended December 31,
(in thousands)	2019			2018
Balance at January 1,	$	18,507		$	18,461
Additions for tax positions related to the current year	—			80
Reductions for tax positions related to prior years	(181		)	(34		)
Balance at December 31,	$	18,326		$	18,507