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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income tax expense (benefit) | The benefit (provision) for income taxes is comprised of the following:
| For the Years Ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Federal: |  |  |  |  |
Current | $ | 55 |  |  | $ | 64 |  |  | $ | (113) |
Deferred | 5,840 |  |  | 2,654 |  |  | 52,367 |
Total federal | 5,895 |  |  | 2,718 |  |  | 52,254 |
State: |  |  |  |  |
Current | (11,247) |  |  | (449) |  |  | (2,798) |
Deferred (included in federal above) | — |  |  | — |  |  | — |
Total state | (11,247) |  |  | (449) |  |  | (2,798) |
Total | $ | (5,352) |  |  | $ | 2,269 |  |  | $ | 49,456 |
Reconciliation of the benefit for income taxes to the amount computed at the U.S. Federal statutory rate | A reconciliation of the benefit (provision) for income taxes to the amount computed at the U.S. Federal statutory rate of 21% is as follows:
| For the Years Ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Tax benefit (provision) at U.S. statutory rate | $ | (18,348) |  |  | $ | 56,742 |  |  | $ | 121,320 |
State taxes, net of federal income tax | (11,909) |  |  | 10,423 |  |  | 21,576 |
Valuation allowance | 27,913 |  |  | (60,376) |  |  | 5,713 |
Goodwill impairment | — |  |  | — |  |  | (88,265) |
Impact of the Tax Cuts and Jobs Act | — |  |  | — |  |  | (6,042) |
Stock compensation | (2,118) |  |  | (2,639) |  |  | (4,717) |
Meals and entertainment | (169) |  |  | (416) |  |  | (493) |
Tax credits | — |  |  | (106) |  |  | 688 |
Other | (721) |  |  | (1,359) |  |  | (324) |
Total | $ | (5,352) |  |  | $ | 2,269 |  |  | $ | 49,456 |
Components of deferred tax assets and liabilities | Significant components of the Company's deferred tax assets and liabilities are as follows:
| As of December 31,
(in thousands) | 2020 |  | 2019
Deferred income tax assets: |  |  |
Operating lease obligations | $ | 322,122 |  |  | $ | 406,172 |
Financing lease obligations | 90,011 |  |  | 156,913 |
Operating loss carryforwards | 237,728 |  |  | 330,983 |
Accrued expenses | 96,410 |  |  | 54,154 |
Intangible assets | 60,069 |  |  | 11,160 |
Tax credits | 50,356 |  |  | 50,356 |
Investment in unconsolidated ventures | 5,105 |  |  | — |
Capital loss carryforward | 2,263 |  |  | 40,723 |
Other | 8,561 |  |  | 8,098 |
Total gross deferred income tax asset | 872,625 |  |  | 1,058,559 |
Valuation allowance | (380,990) |  |  | (408,903) |
Net deferred income tax assets | 491,635 |  |  | 649,656 |
Deferred income tax liabilities: |  |  |
Operating lease right-of-use assets | (277,489) |  |  | (328,100) |
Property, plant and equipment | (223,703) |  |  | (303,853) |
Investment in unconsolidated ventures | — |  |  | (33,100) |
Total gross deferred income tax liability | (501,192) |  |  | (665,053) |
Net deferred tax asset (liability) | $ | (9,557) |  |  | $ | (15,397) |
Summary of valuation allowance | A summary of the change in the Company's valuation allowance is as follows:
| For the Years Ended December 31,
(in thousands) | 2020 |  | 2019
Increase (decrease) before consideration of adoption of ASC 842 | $ | (27,913) |  |  | $ | 60,376 |
Increase due to the adoption of ASC 842 | — |  |  | 13,790 |
Other decrease during the year | — |  |  | (1,680) |
Total increase (decrease) in valuation allowance | $ | (27,913) |  |  | $ | 72,486 |
Reconciliation of the unrecognized tax benefits | A reconciliation of the unrecognized tax benefits is as follows:
| For the Years Ended December 31,
(in thousands) | 2020 |  | 2019
Balance at beginning of period | $ | 18,326 |  |  | $ | 18,507 |
Additions for tax positions related to the current year | — |  |  | — |
Additions (reductions) for tax positions related to prior years | 59 |  |  | (181) |
Balance at end of period | $ | 18,385 |  |  | $ | 18,326 |

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