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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | 14. Income Taxes The Company’s loss before income taxes consisted of (in millions):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
United States |  | $ | (496.5 | ) |  | $ | (272.4 | ) |  | $ | (388.9 | )
International |  |  | (0.1 | ) |  |  | 0.5 |  |  |  | — |
Total |  | $ | (496.6 | ) |  | $ | (271.9 | ) |  | $ | (388.9 | )
For the year ended December 31 , 2021, the loss before income taxes of $496.6 million includes $1.3 million of losses from the Company’s equity investment in OriginPoint. The OriginPoint business operates in the United States. The components of the Company’s income tax benefit (provision) consisted of (in millions):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | 0.8 |  |  | $ | — |
State |  |  | — |  |  |  | — |  |  |  | — |
Foreign |  |  | (1.2 | ) |  |  | (0.2 | ) |  |  | — |
Total current |  |  | (1.2 | ) |  |  | 0.6 |  |  |  | — |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 2.1 |  |  |  | 0.3 |  |  |  | 1.0 |
State |  |  | 0.4 |  |  |  | 0.6 |  |  |  | (0.1 | )
Foreign |  |  | 1.2 |  |  |  | 0.2 |  |  |  | — |
Total deferred |  |  | 3.7 |  |  |  | 1.1 |  |  |  | 0.9 |
Total benefit from income taxes |  | $ | 2.5 |  |  | $ | 1.7 |  |  | $ | 0.9 |
The Company had an income tax benefit for the years ended December 31, 2021, 2020 and 2019, resulting from a partial reduction in the valuation allowance related to the carryover tax basis in deferred tax liabilities from acquisitions and current taxes in India that is fully offset with future AMT tax credits. The effective income tax rate differed from the statutory federal income tax rate as follows:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Tax at federal statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State taxes, net of federal effect |  |  | 8.8 | % |  |  | 4.0 | % |  |  | 7.7 | %
Change in valuation allowance |  |  | (34.2 | ) % |  |  | (23.4 | )% |  |  | (28.6 | )%
Stock-based compensation |  |  | 7.9 | % |  |  | 0.0 | % |  |  | 0.8 | %
Non-deductible executive compensation |  |  | (2.8 | )% |  |  | 0.0 | % |  |  | 0.0 | %
Non-deductible expenses |  |  | 0.1 | % |  |  | (2.1 | )% |  |  | (0.6 | )%
Other |  |  | (0.3 | ) % |  |  | 1.1 | % |  |  | (0.1 | )%
Benefit from income taxes |  |  | 0.5 | % |  |  | 0.6 | % |  |  | 0.2 | %
The components of net deferred taxes arising from temporary differences were as follows (in millions):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |  |  |
Nondeductible accruals |  | $ | 15.0 |  |  | $ | 7.8 |
Stock-based compensation |  |  | 66.7 |  |  |  | 20.0 |
Lease liabilities |  |  | 157.9 |  |  |  | 144.6 |
Net operating loss carryforward |  |  | 331.1 |  |  |  | 240.4 |
Allowance for credit losses |  |  | 7.2 |  |  |  | 7.3 |
Accrued compensation |  |  | 32.5 |  |  |  | 18.6 |
Other |  |  | 3.4 |  |  |  | 1.4 |
Total deferred tax assets |  |  | 613.8 |  |  |  | 440.1 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  |  | (132.8 | ) |  |  | (119.9 | )
Intangible assets |  |  | (1.7 | ) |  |  | (6.1 | )
Property and equipment |  |  | (29.5 | ) |  |  | (26.4 | )
Total deferred tax liabilities |  |  | (164.0 | ) |  |  | (152.4 | )
Less: valuation allowance |  |  | (4 48 .4 | ) |  |  | (287.5 | )
Net deferred tax assets |  | $ | 1.4 |  |  | $ | 0.2 |
The Company is subject to income taxes in the United States and India. Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (b) operating losses and tax credit carryforwards. As of December 31, 2021 and 2020, the Company’s deferred tax assets were primarily the result of U.S. federal and state net operating losses, operating lease obligations, stock-based compensation and compensation and other expense related accruals. A full valuation allowance was maintained against its U.S. gross deferred tax asset balances as of December 31, 2021 and 2020. As of each reporting date, the Company considers new evidence, both positive and negative, that could impact the Company’s view with regard to future realization of deferred tax assets. As of December 31, 2021 and 2020, the Company continued to maintain that the realization of its deferred tax assets has not achieved a more-likely-than-not threshold primarily due to the evidence that the Company continued to maintain three-year cumulative pre-tax book losses. As of December 31, 2021, the valuation allowance was in the amount of approximately $448.4 million, an increase of $160.9 million from December 31, 2020, which includes the impact of acquisition activity. As of December 31, 2021 and 2020, the Company had approximately $1.2 billion and $882.5 million of gross federal net operating losses, respectively. Of those amounts, $151.7 million will begin to expire in 2032 and $1 billion have an unlimited carryforward with utilization limited at 80% of taxable income. Such amounts may be subject to an annual limitation under Section 382 of the Internal Revenue Code of 1986, as amended, as a result of various ownership change rules. As of December 31, 2021 and 2020, the Company had approximately $1.2 billion and $870.7 million of state net operating losses, respectively, that will begin to expire in 2029. The Company had no uncertain tax positions as of December 31, 2021, 2020 and 2019 . The Company does not anticipate a significant increase or decrease in the uncertain tax positions in the next twelve months after the reporting period. It is the Company’s policy to record interest and penalties related to uncertain tax positions as a component of the provision for income taxes. No amounts of interest or penalties were recognized in the consolidated financial statements for the years ended December 31, 2021, 2020 and 2019. The Company has obtained an income tax holiday in India , which expires in 2024. This incentive is conditional on meeting certain direct investment thresholds. If the Company fails to satisfy the conditions, the Company may be required to refund previously realized benefits. The Company does not expect these amounts to be material to the Company’s consolidated financial statements. The number of years with open tax audits varies depending upon the tax jurisdiction. The Company is generally no longer subject to U.S. federal examination by the Internal Revenue Service (“IRS”) for years before 201 5 . The IRS and state taxing authorities can subject the Company to audit dating back to 2012 when the Company begins to utilize its net operating loss carryforwards.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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