Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of the Company’s provision (benefit) for income taxes for the years ended December 31, 2019, 2018 and 2017 are presented below (amounts in thousands).

	2019			2018			2017
Current:
Federal	$	31,511		$	3,813		$	(3,959	)
State		13,516			2,445			380
Local		597			304			(627	)
Total current		45,624			6,562			(4,206	)
Deferred:
Federal		4,751			16,561			(104,400	)
State		(6,493	)		17,574			(186	)
Local		95			(310	)		(7,977	)
Total deferred		(1,647	)		33,825			(112,563	)
Income tax (benefit) expense	$	43,977		$	40,387		$	(116,769	)

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2019, 2018 and 2017:

	2019				2018				2017
Federal statutory rate		21.0		%		21.0		%		35.0		%
State and local taxes		7.8		%		3.7		%		2.8		%
State tax rate adjustment		(2.3	)	%		8.9		%		5.7		%
Stock compensation		1.8		%		(1.8	)	%		0.8		%
Goodwill disposition		7.4		%		—		%		(27.1	)	%
Transaction expenses		—		%		—		%		(10.7	)	%
Tax Cuts and Jobs Act		—		%		(1.6	)	%		264.0		%
Valuation allowance		1.8		%		(0.3	)	%		(2.3	)	%
Tax credits		(1.1	)	%		(1.1	)	%		3.5		%
Other		(1.2	)	%		1.0		%		(2.6	)	%
Effective income tax rate		35.2		%		29.8		%		269.1		%

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred taxes related to continuing operations at December 31, 2019 and 2018 are as follows (amounts in thousands):

	2019			2018
Deferred tax assets:
Loss carryforwards	$	25,795		$	31,880
Accrued expenses		56,896			19,306
Credit carryforwards		373			8,986
Financing obligation to GLPI		124,623			126,368
Long-term lease obligation		41,376			—
Other		3,925			9,623
		252,988			196,163
Deferred tax liabilities:
Identified intangibles		(151,039	)		(214,756	)
Fixed assets		(217,764	)		(149,491	)
Right-of-use assets		(41,137	)		—
Other		(12,663	)		(6,560	)
		(422,603	)		(370,807	)
Valuation allowance		(27,651	)		(25,366	)
Net deferred tax liabilities	$	(197,266	)	$	(200,010	)