Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Income Before Income Taxes

Our tax provision includes U.S. federal, state and foreign income taxes payable. The domestic and foreign components of income before income taxes were:

	Year Ended December 31,
	2019		2018		2017
	(in millions)
U.S. income before tax	$	350	$	498	$	279
Foreign income before tax		1		2		6
Income before income taxes	$	351	$	500	$	285

Components of (Benefit) Provision for Income Taxes

The components of our (benefit) provision for income taxes were:

	Year Ended December 31,
	2019		2018			2017
	(in millions)
Current:
U.S. Federal	$	16	$	34		$	21
State		3		6			2
Foreign		11		3			9
Total current		30		43			32
Deferred:
U.S. Federal		3		(18	)		(2,373	)
Foreign		2		(2	)		(5	)
Total deferred		5		(20	)		(2,378	)
Total provision (benefit) for income taxes	$	35	$	23		$	(2,346	)

Schedule of Effective Income Tax Rate Reconciliation

Reconciliations of our tax provision at the U.S. statutory rate to the (benefit) provision for income taxes were:

	Year Ended December 31,
	2019			2018			2017
	(in millions)
Statutory U.S. federal income tax provision	$	74		$	105		$	100
State income taxes, net of U.S. federal tax benefit		2			3			2
Foreign income tax expense		13			2			4
Change in deferred tax asset valuation allowance		2			—			3
Tax rate change		—			(2	)		(25	)
REIT income not subject to tax		(69	)		(92	)		(83	)
Derecognition and remeasurement of deferred taxes		13			7			(2,347	)
Provision (benefit) for income taxes	$	35		$	23		$	(2,346	)

Schedule of Composition of Net Deferred Tax Balances

Deferred income taxes represent the tax effect of the differences between the book and tax bases of assets and liabilities plus carryforward items. The composition of net deferred tax balances were as follows:

	December 31,
	2019			2018
	(in millions)
Deferred income tax assets(1)	$	8		$	3
Deferred income tax liabilities		(50	)		(42	)
Net deferred tax liability	$	(42	)	$	(39	)

⁽¹⁾ Included within other assets in our consolidated balance sheets, net of valuation allowance.

Schedule of Net Deferred Tax Liability

The tax effects of the temporary differences and carryforwards that give rise to our net deferred tax liability were:

	December 31,
	2019			2018
	(in millions)
Deferred tax assets:
Net operating loss carryforwards	$	9		$	8
Deferred income		4			3
Accrued compensation		2			3
Other		6			4
Total gross deferred tax assets		21			18
Less: valuation allowance		(6	)		(4	)
Deferred tax assets		15			14
Deferred tax liabilities:
Property and equipment		(48	)		(44	)
Investments		(8	)		(9	)
Accrued compensation		(1	)		—
Deferred tax liabilities		(57	)		(53	)
Net deferred tax liability	$	(42	)	$	(39	)

Schedule of Cash Distributions to Stockholders for Federal Income Tax Purposes

For U.S. federal income tax purposes, the cash distributions to stockholders are characterized as follows:

	For the Year Ended		For the Year Ended
	December 31, 2019		December 31, 2018
Common distributions (per share):
Ordinary dividends	$	1.61	$	1.64
Capital gain distributions		0.29		1.32