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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
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) | 2021 |  | 2020
Deferred tax assets: |  |  |
Stock-based compensation expense | $ | 10.6 |  |  | $ | 18.2 |
Accrued expenses | 86.2 |  |  | 43.3 |
Financing and operating leasing obligations | 2,351.3 |  |  | 2,336.9 |
Unrecognized tax benefits | 8.9 |  |  | 7.9 |
Net operating losses, interest limitation and tax credit carryforwards | 115.7 |  |  | 153.9 |
Gross deferred tax assets | 2,572.7 |  |  | 2,560.2 |
Less: Valuation allowance | (124.3) |  |  | (101.0) |
Net deferred tax assets | 2,448.4 |  |  | 2,459.2 |
Deferred tax liabilities: |  |  |
Property and equipment, not subject to the Master Leases | (65.6) |  |  | (51.1) |
Property and equipment, subject to the Master Leases | (992.9) |  |  | (1,051.2) |
Investments in and advances to unconsolidated affiliates | (6.8) |  |  | (27.9) |
Discount on convertible notes | (18.1) |  |  | (20.9) |
Undistributed foreign earnings | — |  |  | (0.4) |
Intangible assets | (284.8) |  |  | (183.4) |
Lease right of use assets | (1,269.3) |  |  | (1,250.6) |
Net deferred tax liabilities | (2,637.5) |  |  | (2,585.5) |
Long-term deferred tax liabilities, net | $ | (189.1) |  |  | $ | (126.3) |
Components of income before income tax expense | The domestic and foreign components of income (loss) before income taxes for the years ended December 31, 2021, 2020 and 2019 were as follows:
| For the year ended December 31,
(in millions) | 2021 |  | 2020 |  | 2019
Domestic | $ | 606.0 |  |  | $ | (834.0) |  |  | $ | 85.5 |
Foreign | (66.9) |  |  | (0.2) |  |  | 0.6 |
Total | $ | 539.1 |  |  | $ | (834.2) |  |  | $ | 86.1 |
Schedule of provision for income taxes | The components of income tax benefit (expense) for the years ended December 31, 2021, 2020 and 2019 were as follows:
| For the year ended December 31,
(in millions) | 2021 |  | 2020 |  | 2019
Current tax benefit (expense) |  |  |  |  |
Federal | $ | (100.0) |  |  | $ | 47.0 |  |  | $ | (12.5) |
State | (23.1) |  |  | 0.2 |  |  | (9.2) |
Foreign | — |  |  | (0.4) |  |  | (0.2) |
Total current | (123.1) |  |  | 46.8 |  |  | (21.9) |
Deferred tax benefit (expense) |  |  |  |  |
Federal | (11.9) |  |  | 103.6 |  |  | (16.7) |
State | 13.3 |  |  | 14.7 |  |  | (4.4) |
Foreign | 3.1 |  |  | — |  |  | — |
Total deferred | 4.5 |  |  | 118.3 |  |  | (21.1) |
Total income tax benefit (expense) | $ | (118.6) |  |  | $ | 165.1 |  |  | $ | (43.0) |
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, 2021, 2020 and 2019:
| For the year ended December 31,
| 2021 |  | 2020 |  | 2019
(in millions, except tax rates) | Percent |  | Amount |  | Percent |  | Amount |  | Percent |  | Amount
Percent and amount of pretax income |  |  |  |  |  |  |  |  |  |  |
Federal statutory rate | 21.0 | % |  | $ | (113.2) |  |  | 21.0 | % |  | $ | 175.2 |  |  | 21.0 | % |  | $ | (18.1) |
State and local income taxes, net of federal benefits | 1.4 |  |  | (7.7) |  |  | 1.4 |  |  | 12.1 |  |  | 9.9 |  |  | (8.5) |
Nondeductible expenses | 2.5 |  |  | (13.3) |  |  | (0.3) |  |  | (2.6) |  |  | 4.0 |  |  | (3.5) |
Goodwill impairment losses | — |  |  | — |  |  | (2.3) |  |  | (19.0) |  |  | 14.4 |  |  | (12.4) |
Compensation | (1.2) |  |  | 6.5 |  |  | 2.5 |  |  | 20.5 |  |  | 0.3 |  |  | (0.3) |
Foreign | (0.2) |  |  | 0.9 |  |  | — |  |  | (0.4) |  |  | 0.1 |  |  | (0.1) |
Federal valuation allowance | 1.1 |  |  | (5.9) |  |  | (3.9) |  |  | (32.7) |  |  | — |  |  | — |
Tax credits | (1.1) |  |  | 5.8 |  |  | 1.2 |  |  | 10.0 |  |  | — |  |  | — |
Equity investment write-off | (2.1) |  |  | 11.3 |  |  | — |  |  | — |  |  | — |  |  | — |
Other | 0.6 |  |  | (3.0) |  |  | 0.2 |  |  | 2.0 |  |  | 0.2 |  |  | (0.1) |
Total effective tax rate and income tax benefit (expense) | 22.0 | % |  | $ | (118.6) |  |  | 19.8 | % |  | $ | 165.1 |  |  | 49.9 | % |  | $ | (43.0) |
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, 2019 | $ | 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 |
Additions based on prior year positions | 1.2 |
Decreases due to settlements and/or reduction in reserves | (0.9) |
Unrecognized tax benefits as of December 31, 2020 | 36.3 |
Additions based on prior year positions | 3.8 |
Decreases due to settlements and/or reduction in reserves | (0.1) |
Unrecognized tax benefits as of December 31, 2021 | $ | 40.0 |

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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=121826272&loc=d3e32537-109319 + Details
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- 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=121826272&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=121826272&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=121826272&loc=d3e32840-109319 + Details
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