Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit (Expense)

From our TRS and our foreign operations, income tax benefit (expense) were as follows (in thousands):

	For the Years Ended December 31,
	2019			2018			2017
Current income tax benefit (expense):
Domestic	$	61		$	125		$	41
Foreign		(1,669	)		(3,294	)		(3,062	)
		(1,608	)		(3,169	)		(3,021	)
Deferred income tax benefit (expense):
Domestic		5,490			3,713			233
Foreign		(1,261	)		(1,471	)		107
		4,229			2,242			340
Income tax benefit (expense)	$	2,621		$	(927	)	$	(2,681	)

Summary of Reconciliation of the Income Tax Benefit (Expense) at the Statutory Income Tax Rate and the Effective Tax Rate for Income before Income Taxes

A reconciliation of the income tax benefit (expense) at the statutory income tax rate and the effective tax rate for income before income taxes for the years ended December 31, 2019, 2018, and 2017 is as follows (in thousands):

	For the Years Ended December 31,
	2019			2018			2017
Income before income tax	$	373,780		$	1,019,404		$	293,919
Income tax at the U.S. statutory federal rate (21% in    2019 and 2018 and 35% in 2017)		(78,494	)		(214,075	)		(102,872	)
Decrease (increase) in income tax resulting from:
Foreign rate differential		438			2,643			2,326
State income taxes, net of federal benefit		1,621			(379	)		—
U.S. earnings not subject to federal income tax		85,495			208,472			98,026
Equity investments		1,091			46			(3,293	)
Change in valuation allowance		(7,911	)		2,668			5,391
Other items, net		381			(302	)		(2,259	)
Total income tax benefit (expense)	$	2,621		$	(927	)	$	(2,681	)

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2019 and 2018, components of our deferred tax assets and liabilities were as follows (in thousands):

	2019			2018
Deferred tax assets:
Operating loss and interest deduction carry forwards	$	28,684		$	21,984
Other		1,711			277
Total deferred tax assets		30,395			22,261
Valuation allowance		(11,355	)		(3,444	)
Total net deferred tax assets	$	19,040		$	18,817
Deferred tax liabilities:
Property and equipment	$	(7,324	)	$	(12,359	)
Net unbilled revenue		(1,449	)		(1,633	)
Partnership investments		—			—
Other		(737	)		(300	)
Total deferred tax liabilities		(9,510	)		(14,292	)
Net deferred tax asset (liability)	$	9,530		$	4,525

Schedule of Net NOL Carryforwards

At December 31, 2019, we had net NOL carryforwards as follows (in thousands):

	U.S.			Luxembourg			Germany			U.K.			Australia
Gross NOL carryforwards	$	192,358		$	9,946		$	1,426		$	5,416		$	12,939
Tax-effected NOL carryforwards		22,960			2,481			226			921			1,941
Valuation allowance		(6,212	)		(2,481	)		(226	)		(921	)		—
Net deferred tax asset - NOL carryforwards	$	16,748		$	—		$	—		$	—		$	1,941
Expiration periods	2027-indefinite			2034-indefinite			Indefinite			Indefinite			Indefinite

Schedule of Per Share Distributions to Stockholders

A schedule of per share distributions we paid and reported to our stockholders is set forth in the following:

	For the Years Ended December 31,
	2019		2018		2017
Common share distribution	$	1.010000	$	0.990000	$	0.950000
Ordinary income		0.701910		0.438792		0.655535
Capital gains(1)		0.275040		0.551208		0.021022
Unrecaptured Sec. 1250 gain		0.041160		0.132280		0.004647
Section 199A Dividends		0.701910		0.438792		—
Return of capital		0.033050		—		0.273443

(1)Capital gains include unrecaptured Sec. 1250 gains.