XML 124 R40.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
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) | 2019 |  | 2018
Deferred tax assets: |  |  |
Stock-based compensation expense | $ | 11.7 |  |  | $ | 9.0 |
Accrued expenses | 37.6 |  |  | 42.9 |
Financing obligations associated with the Master Leases | 1,097.6 |  |  | 1,919.7 |
Unrecognized tax benefits | 7.7 |  |  | 6.7 |
Investments in and advances to unconsolidated affiliates | — |  |  | 3.6 |
Net operating losses, interest limitation and tax credit carryforwards | 87.6 |  |  | 122.8 |
Gross deferred tax assets | 1,242.2 |  |  | 2,104.7 |
Less: Valuation allowance | (54.2 | ) |  | (89.5 | )
Net deferred tax assets | 1,188.0 |  |  | 2,015.2 |
Deferred tax liabilities: |  |  |
Property and equipment, not subject to the Master Leases | (53.1 | ) |  | (47.3 | )
Property and equipment, subject to the Master Leases | (1,088.9 | ) |  | (1,599.9 | )
Investments in and advances to unconsolidated affiliates | (2.9 | ) |  | — |
Undistributed foreign earnings | (0.4 | ) |  | (0.4 | )
Intangible assets | (287.3 | ) |  | (287.0 | )
Net deferred tax liabilities | (1,432.6 | ) |  | (1,934.6 | )
Long-term deferred tax assets (liabilities), net | $ | (244.6 | ) |  | $ | 80.6 |
Components of income before income tax expense | The domestic and foreign components of income (loss) before income taxes for the years ended December 31, 2019, 2018 and 2017 were as follows:
| For the year ended December 31,
(in millions) | 2019 |  | 2018 |  | 2017
Domestic | $ | 85.5 |  |  | $ | 89.6 |  |  | $ | (29.6 | )
Foreign | 0.6 |  |  | 0.3 |  |  | 4.5 |
Total | $ | 86.1 |  |  | $ | 89.9 |  |  | $ | (25.1 | )
Schedule of provision for income taxes | The components of income tax benefit (expense) for the years ended December 31, 2019, 2018 and 2017 were as follows:
| For the year ended December 31,
(in millions) | 2019 |  | 2018 |  | 2017
Current tax benefit (expense) |  |  |  |  |
Federal | $ | (12.5 | ) |  | $ | (15.3 | ) |  | $ | (16.3 | )
State | (9.2 | ) |  | (6.4 | ) |  | (6.1 | )
Foreign | (0.2 | ) |  | (1.4 | ) |  | 3.0 |
Total current | (21.9 | ) |  | (23.1 | ) |  | (19.4 | )
Deferred tax benefit (expense) |  |  |  |  |
Federal | (16.7 | ) |  | 14.6 |  |  | 480.7 |
State | (4.4 | ) |  | 10.9 |  |  | 39.3 |
Foreign | — |  |  | 1.2 |  |  | (2.1 | )
Total deferred | (21.1 | ) |  | 26.7 |  |  | 517.9 |
Total income tax benefit (expense) | $ | (43.0 | ) |  | $ | 3.6 |  |  | $ | 498.5 |
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, 2019, 2018 and 2017:
| For the year ended December 31,
| 2019 |  | 2018 |  | 2017
(in millions, except tax rates) | Percent |  | Amount |  | Percent |  | Amount |  | Percent |  | Amount
Percent and amount of pretax income |  |  |  |  |  |  |  |  |  |  |
Federal statutory rate | 21.0 | % |  | $ | (18.1 | ) |  | 21.0 | % |  | $ | (18.9 | ) |  | 35.0 | % |  | $ | 8.8 |
State and local income taxes, net of federal benefits | 9.9 |  |  | (8.5 | ) |  | (6.2 | ) |  | 5.6 |  |  | 6.3 |  |  | 1.6 |
Nondeductible expenses | 4.0 |  |  | (3.5 | ) |  | 6.9 |  |  | (6.2 | ) |  | (16.0 | ) |  | (4.0 | )
Goodwill impairment losses | 14.4 |  |  | (12.4 | ) |  | — |  |  | — |  |  | (20.5 | ) |  | (5.1 | )
Compensation | 0.3 |  |  | (0.3 | ) |  | (3.8 | ) |  | 3.4 |  |  | 29.5 |  |  | 7.4 |
Contingent liability settlement | — |  |  | — |  |  | — |  |  | — |  |  | 22.9 |  |  | 5.7 |
Foreign | 0.1 |  |  | (0.1 | ) |  | (0.1 | ) |  | 0.1 |  |  | 11.3 |  |  | 2.8 |
Valuation allowance | — |  |  | — |  |  | (20.3 | ) |  | 18.3 |  |  | 2,962.3 |  |  | 741.9 |
Tax Act - deferred rate change | — |  |  | — |  |  | — |  |  | — |  |  | (1,043.5 | ) |  | (261.3 | )
Other | 0.2 |  |  | (0.1 | ) |  | (1.5 | ) |  | 1.3 |  |  | 3.3 |  |  | 0.7 |
Total effective tax rate and income tax benefit (expense) | 49.9 | % |  | $ | (43.0 | ) |  | (4.0 | )% |  | $ | 3.6 |  |  | 1,990.6 | % |  | $ | 498.5 |
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, 2017 | $ | 26.8 |
Additions based on current year positions | 2.9 |
Additions based on prior year positions | 2.8 |
Decreases due to settlements and/or reduction in reserves | (1.3 | )
Currency translation adjustments | (0.1 | )
Settlement payments | (0.2 | )
Unrecognized tax benefits as of December 31, 2017 | 30.9 |
Additions based on prior year positions | 0.8 |
Decreases due to settlements and/or reduction in reserves | (2.0 | )
Unrecognized tax benefits as of December 31, 2018 | 29.7 |
Additions based on prior year positions | 6.5 |
Decreases due to settlements and/or reduction in reserves | (0.2 | )
Unrecognized tax benefits as of December 31, 2019 | $ | 36.0 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration