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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)

The income tax expense (benefit) on income (loss) from continuing operations for the years ended December 31, 2020, 2019 and 2018 consisted of the following (in millions):

						2020						2019						2018
Current:
Federal						$	(0.1)					$	(1.6)					$	(0.3)
State						(0.3)						(0.4)						—
Current						$	(0.4)					$	(2.0)					$	(0.3)
Deferred:
Federal						$	—					$	—					$	14.0
State						—						—						2.6
Deferred						$	—					$	—					$	16.6
Income tax expense (benefit)						$	(0.4)					$	(2.0)					$	16.3

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense (benefit) for the years ended December 31, 2020, 2019, and 2018 differs from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes for the following reasons (in millions):

						2020						2019						2018
Computed federal income tax expense						$	1.2					$	(8.2)					$	(11.1)
State income taxes						(1.1)						(5.1)						(15.6)
Valuation allowance						3.4						8.3						84.4
REIT rate differential						(4.7)						(7.9)						(51.5)
Amended return						—						(1.1)						0.6
Noncontrolling interest						0.1						0.5						(0.6)
Impairment						—						12.4						10.7
Other, net						0.7						(0.9)						(0.6)
Income tax expense (benefit)						$	(0.4)					$	(2.0)					$	16.3

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2020 and 2019 were as follows (in millions):

						2020						2019
Deferred tax assets:
Employee benefits						$	11.5					$	10.4
Capitalized costs						5.5						6.2
Joint ventures and other investments						42.6						49.1
Impairment and amortization						1.6						0.9
Solar investment benefits						15.7						16.7
Insurance and other reserves						6.4						3.2
Disallowed interest expense						9.1						8.4
Net operating losses						20.5						17.6
Operating lease liability						2.0						2.6
Other						3.2						3.4
Total deferred tax assets						$	118.1					$	118.5
Valuation allowance						(104.0)						(99.3)
Total net deferred tax assets						$	14.1					$	19.2
Deferred tax liabilities:
Property (including tax-deferred gains on real estate transactions)						$	12.2					$	16.0
Operating lease asset						1.9						2.5
Other						—						0.7
Total deferred tax liabilities						$	14.1					$	19.2
Net deferred tax assets (liabilities)						$	—					$	—

Summary of Valuation Allowance

Significant management judgment is required in determining the period in which reversal of a valuation allowance should occur. The net change to the valuation allowance recorded during the years ended December 31, 2020, 2019 and 2018 were as follows (in millions):

						Balance at Beginning of Year						Net Change						Balance at End of Year
2020						$	99.3					$	4.7					$	104.0
2019						$	91.5					$	7.8					$	99.3
2018						$	6.9					$	84.6					$	91.5

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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
-Paragraph 9
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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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-SubTopic 10
-Section 50
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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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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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