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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Components of Federal and State Income Tax Provisions | Components of the federal and state income tax provisions for the periods indicated are as follows:
| 2020 |  |  | 2019 |  |  | 2018 |
Current expense (benefit) | $ | (15.4 | ) |  | $ | — |  |  | $ | — |
Deferred expense (benefit) |  | (232.7 | ) |  |  | (87.9 | ) |  |  | 5.5 |
Total income tax expense (benefit) | $ | (248.1 | ) |  | $ | (87.9 | ) |  | $ | 5.5 |
Deferred Tax Assets and Liabilities | Our deferred income tax assets and liabilities at December 31, 2020 and 2019 consist of differences related to the timing of recognition of certain types of costs as follows:
| 2020 |  |  | 2019 |
Deferred tax assets: |  |  |  |  |  |  |
Net operating loss | $ | 1,573.5 |  |  | $ | 1,235.6 |
Other | — |  |  |  | 2.3 |
Deferred tax assets before valuation allowance |  | 1,573.5 |  |  |  | 1,237.9 |
Valuation allowance |  | (196.5 | ) |  |  | (2.3 | )
Deferred tax assets |  | 1,377.0 |  |  |  | 1,235.6 |
Deferred tax liabilities: |  |  |  |  |  |  |
Investments (1) |  | (1,519.4 | ) |  |  | (1,647.7 | )
Property, plant, and equipment |  | (4.0 | ) |  |  | (15.6 | )
Other |  | (5.7 | ) |  |  | (6.5 | )
Deferred tax liabilities |  | (1,529.1 | ) |  |  | (1,669.8 | )
Net deferred tax asset (liability) | $ | (152.1 | ) |  | $ | (434.2 | )
Net deferred tax asset (liability) |  |  |  |  |  |  |
Federal | $ | (148.3 | ) |  | $ | (363.5 | )
Foreign |  | 0.6 |  |  |  | 0.6 |
State |  | (4.4 | ) |  |  | (71.3 | )
Long-term deferred tax liability, net | $ | (152.1 | ) |  | $ | (434.2 | )
(1) | Our deferred tax liability attributable to investments reflects the differences between the book and tax carrying values of our investment in the Partnership.
Reconciliation of Income Tax Provision (Benefit) | Set forth below is the reconciliation between our income tax provision (benefit) computed at the United States statutory rate on income before income taxes and the income tax provision in our Consolidated Statements of Operations for the periods indicated:
Income tax reconciliation: | 2020 |  |  | 2019 |  |  | 2018 |
Income (loss) before income taxes | $ | (1,573.1 | ) |  | $ | (46.7 | ) |  | $ | 65.9 |
Less: Net income attributable to noncontrolling interest |  | (228.9 | ) |  |  | (250.4 | ) |  |  | (58.8 | )
Income attributable to TRC before income taxes |  | (1,802.0 | ) |  |  | (297.1 | ) |  |  | 7.1 |
Federal statutory income tax rate |  | 21 | % |  |  | 21 | % |  |  | 21 | %
Provision for federal income taxes |  | (378.4 | ) |  |  | (62.4 | ) |  |  | 1.5 |
Valuation allowance |  | 194.2 |  |  |  | — |  |  |  | — |
State income taxes, net of federal tax benefit |  | (51.2 | ) |  |  | (5.8 | ) |  |  | 2.5 |
State rate re-measurement |  | — |  |  |  | (14.4 | ) |  |  | — |
CARES Act NOL carryback |  | (16.9 | ) |  |  | — |  |  |  | — |
Permanent adjustments |  | 4.5 |  |  |  | (6.3 | ) |  |  | — |
Other, net |  | (0.3 | ) |  |  | 1.0 |  |  |  | 1.5 |
Income tax provision (benefit) | $ | (248.1 | ) |  | $ | (87.9 | ) |  | $ | 5.5 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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