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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Components of deferred tax assets and liabilities
The components of the Company’s deferred tax assets and liabilities were as follows:
December 31,
(in millions)20202019
Deferred tax assets:
Stock-based compensation expense$18.2 $11.7 
Accrued expenses43.3 37.6 
Financing and operating leasing obligations2,336.9 2,178.0 
Unrecognized tax benefits7.9 7.7 
Net operating losses, interest limitation and tax credit carryforwards153.9 87.6 
Gross deferred tax assets2,560.2 2,322.6 
Less: Valuation allowance(101.0)(54.2)
Net deferred tax assets2,459.2 2,268.4 
Deferred tax liabilities:  
Property and equipment, not subject to the Master Leases(51.1)(53.1)
Property and equipment, subject to the Master Leases(1,051.2)(1,088.9)
Investments in and advances to unconsolidated affiliates(27.9)(2.9)
Discount on convertible notes(20.9)— 
Undistributed foreign earnings(0.4)(0.4)
Intangible assets(183.4)(287.3)
Lease right of use assets(1,250.6)(1,080.4)
Net deferred tax liabilities(2,585.5)(2,513.0)
Long-term deferred tax assets (liabilities), net$(126.3)$(244.6)
Components of income before income tax expense
The domestic and foreign components of income (loss) before income taxes for the years ended December 31, 2020, 2019 and 2018 were as follows:
For the year ended December 31,
(in millions)202020192018
Domestic$(834.0)$85.5 $89.6 
Foreign(0.2)0.6 0.3 
Total$(834.2)$86.1 $89.9 
Schedule of provision for income taxes
The components of income tax benefit (expense) for the years ended December 31, 2020, 2019 and 2018 were as follows: 
For the year ended December 31,
(in millions)202020192018
Current tax benefit (expense)
Federal$47.0 $(12.5)$(15.3)
State0.2 (9.2)(6.4)
Foreign(0.4)(0.2)(1.4)
Total current46.8 (21.9)(23.1)
Deferred tax benefit (expense)
Federal103.6 (16.7)14.6 
State14.7 (4.4)10.9 
Foreign— — 1.2 
Total deferred118.3 (21.1)26.7 
Total income tax benefit (expense)$165.1 $(43.0)$3.6 
Reconciliation of the statutory federal income tax rate to the actual effective income tax rate
The following table reconciles the statutory federal income tax rate to the actual effective income tax rate, and related amounts of income tax benefit (expense), for the years ended December 31, 2020, 2019 and 2018:
For the year ended December 31,
202020192018
(in millions, except tax rates)PercentAmountPercentAmountPercentAmount
Percent and amount of pretax income
Federal statutory rate21.0 %$175.2 21.0 %$(18.1)21.0 %$(18.9)
State and local income taxes, net of federal benefits1.4 12.1 9.9 (8.5)(6.2)5.6 
Nondeductible expenses(0.3)(2.6)4.0 (3.5)6.9 (6.2)
Goodwill impairment losses(2.3)(19.0)14.4 (12.4)— — 
Compensation2.5 20.5 0.3 (0.3)(3.8)3.4 
Foreign— (0.4)0.1 (0.1)(0.1)0.1 
Federal valuation allowance(3.9)(32.7)— — (20.3)18.3 
Tax credits1.2 10.0 — — — — 
Other0.2 2.0 0.2 (0.1)(1.5)1.3 
Total effective tax rate and income tax benefit (expense)19.8 %$165.1 49.9 %$(43.0)(4.0)%$3.6 
Reconciliation of unrecognized tax benefits
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
(in millions)Unrecognized tax benefits
Unrecognized tax benefits as of January 1, 2018$30.9 
Additions based on prior year positions0.8 
Decreases due to settlements and/or reduction in reserves(2.0)
Unrecognized tax benefits as of December 31, 201829.7 
Additions based on prior year positions6.5 
Decreases due to settlements and/or reduction in reserves(0.2)
Unrecognized tax benefits as of December 31, 201936.0 
Additions based on prior year positions1.2 
Decreases due to settlements and/or reduction in reserves(0.9)
Unrecognized tax benefits as of December 31, 2020$36.3