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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Our provision (benefit) for income taxes consists of the following (in thousands):

			Year Ended December 31,
			2020						2019						2018
Current - Federal			$	—					$	420					$	66
State			79						541						984
Foreign			7						49						460
			86						1,010						1,510
Deferred - Federal			(13,766)						80						1,857
State			(4,866)						132						(122)
Foreign			(32,819)						20,806						(444)
Change in valuation allowance			24,913						—						300
			(26,538)						21,018						1,591
Income tax (benefit) provision			$	(26,452)					$	22,028					$	3,101

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands):

			Year Ended December 31,
			2020						2019						2018
Statutory federal tax (benefit) provision (1)			$	(88,733)					$	43,313					$	19,089
Tax impact of REIT election			37,394						(14,125)						(14,439)
State income tax (benefit) provision, net of federal tax benefit			(3,782)						532						405
Foreign income tax expense (benefit)			3,618						(6,998)						(2,927)
Change in valuation allowance			24,913						—						300
Other			138						(694)						673
Income tax (benefit) provision			$	(26,452)					$	22,028					$	3,101

_____________________________

(1)Beginning January 1, 2018, the U.S. federal income tax rate decreased from 35% to 21%.

Schedule of Deferred Tax Assets and Liabilities

The total deferred tax assets and liabilities are as follows (in thousands):

			2020						2019
Federal
Net operating loss carryforwards			$	13,960					$	—
Deferred income			2,799						2,382
Other			24						529
Depreciation and amortization			(7,028)						(7,928)
Less: Valuation allowance			(9,166)						—
Federal - Deferred tax assets (liabilities), net			$	589					$	(5,017)
State
Net operating loss carryforwards			$	5,639					$	2,572
Deferred income			712						735
Alternative minimum tax credit carryforwards			80						80
Other			7						167
Depreciation and amortization			(1,787)						(2,446)
Less: Valuation allowance			(4,313)						(700)
State - Deferred tax assets, net			$	338					$	408
Foreign (USVI)
Depreciation and amortization			$	12,134					$	(21,060)
Land basis recorded in purchase accounting			(2,617)						(2,617)
Less: Valuation allowance			(12,134)						—
Foreign - Deferred tax liabilities, net			$	(2,617)					$	(23,677)

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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
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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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-SubTopic 10
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