XML 69 R43.htm IDEA: XBRL DOCUMENT
v3.20.4

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes are as follows:
| Years Ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Current taxes |  |  |  |  |
Federal | $ | (72,517) |  |  | $ | 9,022 |  |  | $ | 15,262 |
State | 2,002 |  |  | 2,033 |  |  | 5,217 |
| (70,515) |  |  | 11,055 |  |  | 20,479 |
Deferred taxes |  |  |  |  |
Federal | 9,871 |  |  | 7,363 |  |  | 5,760 |
State | (8,680) |  |  | 1,632 |  |  | 120 |
| 1,191 |  |  | 8,995 |  |  | 5,880 |
(Benefit) Provision for income taxes | $ | (69,324) |  |  | $ | 20,050 |  |  | $ | 26,359 |
Schedule of Effective Income Tax Rate Reconciliation | The effective rate varies from the statutory U.S. federal tax rate as follows:
| Years Ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Income tax expense at statutory federal rate | $ | (15,710) |  |  | $ | 15,789 |  |  | $ | 20,537 |
State income taxes, net of federal effect | (5,276) |  |  | 2,883 |  |  | 4,308 |
Nondeductible professional fees | (665) |  |  | 1,255 |  |  | 1,776 |
Other permanent differences including lobbying expense | 279 |  |  | 424 |  |  | 236 |
Share-based compensation | (922) |  |  | (261) |  |  | (718) |
Gain on bargain purchases | (13,413) |  |  | — |  |  | — |
CARES Act | (33,347) |  |  | — |  |  | — |
Deferred tax impact of TCJA | — |  |  | — |  |  | 117 |
Return to provision adjustments | (270) |  |  | (245) |  |  | 89 |
Change in uncertain tax positions | — |  |  | 205 |  |  | 14 |
Total (benefit) provision for income taxes | $ | (69,324) |  |  | $ | 20,050 |  |  | $ | 26,359 |
Effective income tax rate on continuing operations | 92.7 | % |  | 26.7 | % |  | 27.0 | %
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred income taxes at December 31, 2020 and 2019 are as follows:
| Years Ended December 31,
(in thousands) | 2020 |  | 2019
Deferred tax assets: |  |  |
Accrued liabilities and other | $ | 2,128 |  |  | $ | 3,233 |
Tax basis difference in property and equipment | — |  |  | 9,148 |
Tax basis difference in share-based compensation | 914 |  |  | 1,800 |
Tax basis difference in naming rights liabilities | 60,159 |  |  | — |
Tax basis difference in self constructed assets | 3,953 |  |  | — |
Federal tax net operating loss carryforwards | 648 |  |  | 121 |
State tax net operating loss carryforwards | 7,816 |  |  | 310 |
Total deferred tax assets, net | $ | 75,618 |  |  | $ | 14,612 |
Deferred tax liabilities: |  |  |
Tax basis difference in land | $ | (5,053) |  |  | $ | (2,865) |
Tax basis difference in property and equipment | (4,998) |  |  | — |
Change in accounting method | (16,234) |  |  | — |
Tax basis difference in non-shareholder contribution | (6,766) |  |  | — |
Tax basis difference in goodwill | (4,433) |  |  | (4,296) |
Tax basis difference in amortizable assets | (75,117) |  |  | (21,241) |
Total deferred tax liabilities | $ | (112,601) |  |  | $ | (28,402) |
Net deferred tax liabilities | $ | (36,983) |  |  | $ | (13,790) |
Schedule of Unrecognized Tax Benefits | There was no unrecognized tax benefit recorded as of December 31, 2020. A reconciliation of the beginning and ending balances of the gross liability for uncertain tax positions is as follows:
| Years Ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Uncertain tax position liability at the beginning of the year | $ | — |  |  | $ | 400 |  |  | $ | 445 |
Increases related to tax positions taken during prior period | — |  |  | — |  |  | 21 |
Decreases related to tax positions taken during prior periods | — |  |  | (400) |  |  | — |
Decreases related to settlements with taxing authorities | — |  |  | — |  |  | (66) |
Uncertain tax position liability at the end of the year | $ | — |  |  | $ | — |  |  | $ | 400 |

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 the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=121610041&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration