Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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)	2020		2019		2018
Federal:
Current	$	55	$	64	$	(113)
Deferred	5,840		2,654		52,367
Total federal	5,895		2,718		52,254
State:
Current	(11,247)		(449)		(2,798)
Deferred (included in federal above)	—		—		—
Total state	(11,247)		(449)		(2,798)
Total	$	(5,352)	$	2,269	$	49,456

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% is as follows:

	For the Years Ended December 31,
(in thousands)	2020		2019		2018
Tax benefit (provision) at U.S. statutory rate	$	(18,348)	$	56,742	$	121,320
State taxes, net of federal income tax	(11,909)		10,423		21,576
Valuation allowance	27,913		(60,376)		5,713
Goodwill impairment	—		—		(88,265)
Impact of the Tax Cuts and Jobs Act	—		—		(6,042)
Stock compensation	(2,118)		(2,639)		(4,717)
Meals and entertainment	(169)		(416)		(493)
Tax credits	—		(106)		688
Other	(721)		(1,359)		(324)
Total	$	(5,352)	$	2,269	$	49,456

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)	2020		2019
Deferred income tax assets:
Operating lease obligations	$	322,122	$	406,172
Financing lease obligations	90,011		156,913
Operating loss carryforwards	237,728		330,983
Accrued expenses	96,410		54,154
Intangible assets	60,069		11,160
Tax credits	50,356		50,356
Investment in unconsolidated ventures	5,105		—
Capital loss carryforward	2,263		40,723
Other	8,561		8,098
Total gross deferred income tax asset	872,625		1,058,559
Valuation allowance	(380,990)		(408,903)
Net deferred income tax assets	491,635		649,656
Deferred income tax liabilities:
Operating lease right-of-use assets	(277,489)		(328,100)
Property, plant and equipment	(223,703)		(303,853)
Investment in unconsolidated ventures	—		(33,100)
Total gross deferred income tax liability	(501,192)		(665,053)
Net deferred tax asset (liability)	$	(9,557)	$	(15,397)

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)	2020		2019
Increase (decrease) before consideration of adoption of ASC 842	$	(27,913)	$	60,376
Increase due to the adoption of ASC 842	—		13,790
Other decrease during the year	—		(1,680)
Total increase (decrease) in valuation allowance	$	(27,913)	$	72,486

Reconciliation of the unrecognized tax benefits

A reconciliation of the unrecognized tax benefits is as follows:

	For the Years Ended December 31,
(in thousands)	2020		2019
Balance at beginning of period	$	18,326	$	18,507
Additions for tax positions related to the current year	—		—
Additions (reductions) for tax positions related to prior years	59		(181)
Balance at end of period	$	18,385	$	18,326