INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Significant Components of Provision for Income Tax Benefit (Expense)

Significant components of the provision for income tax benefit (expense) from continuing operations are as follows:



(In thousands)	Successor Company			Predecessor Company
	Period from May 2, 2019 through December 31,			Period from January 1, 2019 through May 1,			Year Ended December 31,
	2019			2019			2018			2017
Current - Federal	$	(172	)	$	2,264		$	1		$	(2,049	)
Current - foreign	(754		)	(282		)	(969		)	(729		)
Current - state	(10,045		)	74,762			(9,225		)	2,861
Total current benefit (expense)	(10,971		)	76,744			(10,193		)	83

Deferred - Federal	(14,470		)	(109,511		)	1,276			185,161
Deferred - foreign	23			(8		)	(1		)	(12		)
Deferred - state	5,327			(6,320		)	(4,918		)	(8,044		)
Total deferred benefit (expense)	(9,120		)	(115,839		)	(3,643		)	177,105
Income tax benefit (expense)	$	(20,091	)	$	(39,095	)	$	(13,836	)	$	177,188

Schedule of Significant Components of Deferred Tax Liabilities and Assets

Significant components of the Company's deferred tax liabilities and assets as of December 31, 2019 (Successor) and 2018 (Predecessor) are as follows:



	Successor Company		Predecessor Company
(In thousands)	2019		2018
Deferred tax liabilities:
Intangibles and fixed assets	$	1,163,310	$	681,030
Long-term debt	—		259,324
Investments	—		319
Operating lase right-of-use assets	130,123		—
Other	—		4,031
Total deferred tax liabilities	1,293,433		944,704

Deferred tax assets:
Accrued expenses	24,525		80,997
Net operating loss carryforwards	167,008		621,528
Interest expense carryforwards	324,481		280,745
Operating lease liability	109,503		—
Capital loss carryforwards	601,309		—
Investments	26,071		—
Bad debt reserves	9,916		8,731
Other	13,799		1,318
Total gross deferred tax assets	1,276,612		993,319
Less: Valuation allowance	720,622		693,541
Total deferred tax assets	555,990		299,778
Net deferred tax liabilities	$	737,443	$	644,926

Reconciliation of Income Tax to Income Tax Benefit

The reconciliations of income tax on income (loss) from continuing operations computed at the U.S. federal statutory tax rates to the recorded income tax benefit (expense) for the Successor Company and Predecessor Company are:



Successor Company
(In thousands)	Period from May 2, 2019 through December 31,
	2019
	Amount			Percent
Income tax benefit at statutory rates	$	(28,012	)	21.0	%
State income taxes, net of federal tax effect	(4,718		)	3.5	%
Foreign income taxes	(1,593		)	1.2	%
Nondeductible items	(7,345		)	5.5	%
Changes in valuation allowance and other estimates	24,439			(18.2	)%
Other, net	(2,862		)	2.1	%
Income tax benefit (expense)	$	(20,091	)	15.1	%



Predecessor Company
	Period from January 1, 2019 through May 1,					Years Ended December 31,
(In thousands)	2019					2018					2017
	Amount			Percent		Amount			Percent		Amount			Percent
Income tax benefit at statutory rates	$	(1,999,008	)	21.0	%	$	5,069		21.0	%	$	291,619		35.0	%
State income taxes, net of federal tax effect	68,442			(0.7	)%	(14,958		)	(62.0	)%	(15,711		)	(1.9	)%
Foreign income taxes	(270		)	—	%	(3,076		)	(12.7	)%	(572		)	(0.1	)%
Nondeductible items	(1,793		)	—	%	(4,834		)	(20.0	)%	(6,012		)	(0.7	)%
Changes in valuation allowance and other estimates	648,384			(6.8	)%	10,958			45.4	%	(202,018		)	(24.2	)%
U.S. tax reform	—			—	%	—			—	%	282,053			33.9	%
Tax impact of outdoor charges eliminated in discontinued operations	—			—	%	(8,017		)	(33.2	)%	(172,472		)	(20.7	)%
Reorganization and fresh start adjustments	1,245,282			(13.1	)%	—			—	%	—			—	%
Other, net	(132		)	—	%	1,022			4.2	%	301			—	%
Income tax benefit (expense)	$	(39,095	)	0.4	%	$	(13,836	)	(57.3	)%	$	177,188		21.3	%

Schedule of Unrecognized Tax Benefits



(In thousands)	Successor Company			Predecessor Company
	Years Ended December 31,			Years Ended December 31,
Unrecognized Tax Benefits	2019			2018
Balance at beginning of period	$	53,156		$	53,234
Increases for tax position taken in the current year	4,070			3,228
Increases for tax positions taken in previous years	2,534			177
Decreases for tax position taken in previous years	(2,948		)	(1,372		)
Decreases due to settlements with tax authorities	(1,183		)	—
Decreases due to lapse of statute of limitations	(41,965		)	(2,111		)
Balance at end of period	$	13,664		$	53,156