Correction of Error in Previously Reported 2020 Interim Financial Statements (Unaudited)

12 Months Ended

Dec. 31, 2020

Accounting Changes And Error Corrections [Abstract]

Correction of Error in Previously Reported 2020 Interim Financial Statements (Unaudited)

 (18) Correction of Error in Previously Reported 2020 Interim Financial Statements (Unaudited)

In connection with our year-end financial close process and related preparation of our 2020 Annual Report on Form 10-K, a misstatement of deferred income taxes was identified in our previously filed 2020 unaudited interim financial statements. We assessed the materiality of this error in accordance with the U.S. Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality and have concluded that our interim financial information as filed in each of our 2020 Quarterly Reports on Form 10-Q should be restated. This misstatement is the result of an error in management’s conclusions regarding the realizability of deferred tax assets resulting from changes to the tax law under the Coronavirus Aid, Relief and Economic Security Act (also known as the CARES Act) and has resulted in a change to deferred tax expense (benefit) which has been corrected in the tables below. This correction also includes previously identified immaterial errors in those periods, which also is related to the accounting for income taxes. There was no impact on our net cash flows from operating activities, investing activities or financing activities. As of December 31, 2020, we have $3.2 billion of federal net operating loss carryforwards.

The effects of this error on our previously reported 2020 quarterly statements of operations on a quarter-to-date basis are as follows (in thousands, except per share data):

	Originally Reported									Adjustments									Restated
		Q1			Q2			Q3			Q1			Q2			Q3			Q1			Q2			Q3
Total revenues and other     income	$	693,920		$	376,546		$	299,345		$	—		$	—		$	—		$	693,920		$	376,546		$	299,345
Total costs and expenses		498,727			566,395			1,084,644			—			—			—			498,727			566,395			1,084,644
Income (loss) before     income taxes		195,193			(189,849	)		(785,299	)		—			—			—			195,193			(189,849	)		(785,299	)
Income tax (benefit) expense
Current		(363	)		(3	)		—			—			—			—			(363	)		(3	)		—
Deferred		50,581			(43,277	)		(105,251	)		(21,220	)		21,014			68,742			29,361			(22,263	)		(36,509	)
		50,218			(43,280)			(105,251	)		(21,220	)		21,014			68,742			28,998			(22,266	)		(36,509	)
Net income (loss)	$	144,975		$	(146,569)		$	(680,048	)	$	21,220		$	(21,014	)	$	(68,742	)	$	166,195		$	(167,583	)	$	(748,790	)
Net income (loss) per     common share:
Basic	$	0.58		$	(0.61	)	$	(2.83	)	$	0.09		$	(0.09	)	$	(0.29	)	$	0.67		$	(0.70	)	$	(3.12	)
Diluted	$	0.58		$	(0.61	)	$	(2.83	)	$	0.08		$	(0.09	)	$	(0.29	)	$	0.66		$	(0.70	)	$	(3.12	)
Comprehensive     income (loss)	$	145,048		$	(146,498	)	$	(679,978	)	$	21,220		$	(21,014	)	$	(68,742	)	$	166,268		$	(167,512	)	$	(748,720	)

The effects of this error on our previously reported 2020 quarterly statements of operations on a year-to-date basis are as follows (in thousands, except per share data):

	Originally Reported									Adjustments									Restated
		Q1			Q2			Q3			Q1			Q2			Q3			Q1			Q2			Q3
Total revenues and other      income	$	693,920		$	1,070,466		$	1,369,811		$	—		$	—		$	—		$	693,920		$	1,070,466		$	1,369,811
Total costs and expenses		498,727			1,065,122			2,149,766			—			—			—			498,727			1,065,122			2,149,766
Income (loss) before     income taxes		195,193			5,344			(779,955	)		—			—			—			195,193			5,344			(779,955	)
Income tax (benefit) expense
Current		(363	)		(366	)		(366	)		—			—			—			(363	)		(366	)		(366	)
Deferred		50,581			7,304			(97,947	)		(21,220	)		(206	)		68,536			29,361			7,098			(29,411	)
		50,218			6,938			(98,313	)		(21,220	)		(206	)		68,536			28,998			6,732			(29,777	)
Net income (loss)	$	144,975		$	(1,594	)	$	(681,642	)	$	21,220		$	206		$	(68,536	)	$	166,195		$	(1,388	)	$	(750,178	)
Net income (loss) per     common share:
Basic	$	0.58		$	(0.01	)	$	(2.82	)	$	0.09		$	—		$	(0.28	)	$	0.67		$	(0.01	)	$	(3.10	)
Diluted	$	0.58		$	(0.01	)	$	(2.82	)	$	0.08		$	—		$	(0.28	)	$	0.66		$	(0.01	)	$	(3.10	)
Comprehensive     income (loss)	$	145,048		$	(1,450	)	$	(681,428	)	$	21,220		$	206		$	(68,536	)	$	166,268		$	(1,244	)	$	(749,964	)

The effects of this error on our previously reported 2020 quarterly balance sheets are as follows (in thousands):

	Originally Reported									Adjustments									Restated
		Q1			Q2			Q3			Q1			Q2			Q3			Q1			Q2			Q3
Total current assets	$	467,117		$	331,839		$	209,147		$	—		$	—		$	—		$	467,117		$	331,839		$	209,147
Total non-current    assets	$	6,122,521		$	6,120,372		$	5,803,751		$	—		$	—		$	—		$	6,122,521		$	6,120,372		$	5,803,751
Total current liabilities	$	490,125		$	530,253		$	630,120		$	—		$	—		$	—		$	490,125		$	530,253		$	630,120
Total non-current    liabilities	$	3,624,925		$	3,586,142		$	3,720,274		$	(21,220)		$	(206)		$	68,536		$	3,603,705		$	3,585,936		$	3,788,810
Deferred tax liabilities	$	210,803		$	167,548		$	62,319		$	(21,220	)	$	(206	)	$	68,536		$	189,583		$	167,342		$	130,855
Total liabilities	$	4,115,050		$	4,116,395		$	4,350,394		$	(21,220	)	$	(206	)	$	68,536		$	4,093,830		$	4,116,189		$	4,418,930
Retained deficit	$	(3,161,859	)	$	(3,308,502	)	$	(3,988,550	)	$	21,220		$	206		$	(68,536	)	$	(3,140,639	)	$	(3,308,296	)	$	(4,057,086	)
Total stockholders’    equity	$	2,474,588		$	2,335,816		$	1,662,504		$	21,220		$	206		$	(68,536	)	$	2,495,808		$	2,336,022		$	1,593,968
Total liabilities and    stockholders’ equity	$	6,589,638		$	6,452,211		$	6,012,898		$	—		$	—		$	—		$	6,589,638		$	6,452,211		$	6,012,898