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Income Taxes (Tables)

12 Months Ended

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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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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