Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) for the years ended December 31, 2020, 2019 and 2018 as reported in the accompanying Consolidated Statements of Income was comprised of the following:

	Year Ended December 31,
(Thousands)	2020			2019			2018
Current
Federal	$	(901	)	$	10,401		$	674
State		(498	)		2,742			1,290
Foreign		87			2,948			-
Total current expense		(1,312	)		16,091			1,964

Deferred
Federal		(7,665	)		(9,378	)		(5,451	)
State		(6,226	)		(2,050	)		(1,770	)
Foreign		-			-			(164	)
Total deferred expense		(13,891	)		(11,428	)		(7,385	)
Total income tax (benefit) expense	$	(15,203	)	$	4,663		$	(5,421	)

Income Tax Expense Reconciliation Between U.S. Statutory Tax Rate and Effective Tax Rate

An income tax expense reconciliation between the U.S. statutory tax rate and the effective tax rate is as follows:

	Year Ended December 31,
(Thousands)	2020			2019			2018
Income from continuing operations, before tax	$	(734,015	)	$	15,571		$	11,124
Income tax at U.S. statutory federal rate		(154,143	)		3,270			2,336
Increases (decreases) resulting from:
State taxes, net of federal benefit		(3,452	)		407			(655	)
Benefit of REIT status		129,742			(2,188	)		(5,687	)
Goodwill impairment		14,910			-			-
Return to accrual		(2,795	)		104			(26	)
Permanent differences		448			122			41
Foreign taxes		87			2,948			(111	)
Rate differential		-			-			(1,319	)
Income tax (benefit) expense	$	(15,203	)	$	4,663		$	(5,421	)

Schedule of Components of Deferred Tax Assets and Liabilities

The components of the Company's deferred tax assets and liabilities are as follows:

(Thousands)	December 31, 2020			December 31, 2019
Deferred tax assets:
Deferred revenue	$	34,207		$	25,507
Accrued bonuses		3			4
Stock-based compensation		801			1,123
Accrued expenses and other		270			75
Asset retirement obligation		1,429			1,068
Inventory reserve		241			322
Excess business interest expense		17			2,111
Lease asset liability		16,842			19,264
Settlement obligation		883			-
Other		3,032			1,387
Net operating loss carryforwards		126,464			116,736
Deferred tax assets		184,189			167,597
Valuation allowance		-			-
Deferred tax assets, net of valuation allowance		184,189			167,597

Deferred tax liabilities:
Property, plant and equipment	$	(103,441	)	$	(106,716	)
Customer list intangible		(42,898	)		(46,164	)
Other intangible amortization		(24,852	)		(15,486	)
Right of use asset		(18,443	)		(18,012	)
Deferred or prepaid costs		(3,041	)		(2,121	)
Debt discount and interest expense		(2,034	)		(2,890	)
Other		(20	)		(639	)
Deferred tax liabilities	$	(194,729	)	$	(192,028	)

Deferred tax liability, net	$	(10,540	)	$	(24,431	)

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the Company’s beginning and ending liability for unrecognized tax benefits is as follows:

(Thousands)	2020		2019
Balance at January 1	$	1,734	$	3,036
Additions related to acquisitions		-		-
Additions for tax positions for the current year		-		1,734
Additions for tax positions of prior years		-		-
Reductions for tax positions of prior years		-		(3,036	)
Settlements		-		-
Balance at December 31	$	1,734	$	1,734