Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Differences Between United States Federal Income Tax Rate and Effective Income Tax Rate

The total income tax provision (benefit) differed from the amounts computed by applying the U.S. federal income tax rate of 21% and 35.0% for the years ended December 31, 2018 and 2017, respectively, to net loss before income taxes as a result of the following:



	Year Ended December 31,
	2018		2017
Statutory tax (benefit) expense	(21.0	)%	(35.0	)%
Increase (decrease) in taxes resulting from:
Stock-based compensation	—		—
Nondeductible expenses	1.5		0.2
Tax Cuts and Jobs Act impact	—		93.2
Valuation allowance	19.5		(58.4	)
	0.0	%	0.0	%

Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows:



	As of December 31,
	2018			2017
	(In thousands)
Deferred tax asset:
Carrying values of partner companies and other holdings	$	60,951		$	69,751
Tax loss and credit carryforwards	62,901			58,138
Disallowed interest carryforwards	3,831			—
Credit facility repayment feature	1,312			—
Accrued expenses	675			766
Stock-based compensation	550			814
Other	1,034			967
	131,254			130,436
Valuation allowance	(131,254		)	(130,436		)
Net deferred tax asset	$	—		$	—

Carryforwards Expiration

As of December 31, 2018, the Company and its subsidiaries consolidated for tax purposes had federal net operating and capital loss carryforwards of approximately $299.5 million, of which $17.1 million have an indefinite life. These carryforwards expire as follows:



	Total
	(In thousands)
2019	$	—
2020	—
2021	3,728
2022	48,848
2023 and thereafter	229,867
	$	282,443