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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Significant Components of Provision for Income Tax Benefit (Expense) | Significant components of the provision for income tax benefit (expense) from continuing operations are as follows:
(In thousands) | Successor Company |  |  | Predecessor Company
| Year Ended December 31, |  | Period from May 2, 2019 through December 31, |  |  | Period from January 1, 2019 through May 1, |  | Year Ended December 31,
| 2020 |  | 2019 |  |  | 2019 |  | 2018
Current - Federal | $ | (652) |  |  | $ | (172) |  |  |  | $ | 2,264 |  |  | $ | 1 |
Current - foreign | (1,674) |  |  | (754) |  |  |  | (282) |  |  | (969) |
Current - state | 1,680 |  |  | (10,045) |  |  |  | 74,762 |  |  | (9,225) |
Total current benefit (expense) | (646) |  |  | (10,971) |  |  |  | 76,744 |  |  | (10,193) |
Deferred - Federal | 172,302 |  |  | (14,470) |  |  |  | (109,511) |  |  | 1,276 |
Deferred - foreign | 28 |  |  | 23 |  |  |  | (8) |  |  | (1) |
Deferred - state | 11,939 |  |  | 5,327 |  |  |  | (6,320) |  |  | (4,918) |
Total deferred benefit (expense) | 184,269 |  |  | (9,120) |  |  |  | (115,839) |  |  | (3,643) |
Income tax benefit (expense) | $ | 183,623 |  |  | $ | (20,091) |  |  |  | $ | (39,095) |  |  | $ | (13,836) |
Schedule of Significant Components of Deferred Tax Liabilities and Assets | Significant components of the Successor Company's deferred tax liabilities and assets as of December 31, 2020 and 2019 are as follows:
| Successor Company
(In thousands) | 2020 |  | 2019
Deferred tax liabilities: |  |  |
Intangibles and fixed assets | $ | 1,005,116 |  |  | $ | 1,163,310 |
Operating lease right-of-use assets | 204,953 |  |  | 130,123 |
Total deferred tax liabilities | 1,210,069 |  |  | 1,293,433 |
Deferred tax assets: |  |  |
Accrued expenses | 23,052 |  |  | 24,525 |
Net operating loss carryforwards | 218,290 |  |  | 167,008 |
Interest expense carryforwards | 315,304 |  |  | 324,481 |
Operating lease liabilities | 209,010 |  |  | 109,503 |
Capital loss carryforwards | 1,662,174 |  |  | 601,309 |
Investments | 15,378 |  |  | 26,071 |
Bad debt reserves | 15,247 |  |  | 9,916 |
Other | 13,228 |  |  | 13,799 |
Total gross deferred tax assets | 2,471,683 |  |  | 1,276,612 |
Less: Valuation allowance | 1,818,091 |  |  | 720,622 |
Total deferred tax assets | 653,592 |  |  | 555,990 |
Net deferred tax liabilities | $ | 556,477 |  |  | $ | 737,443 |
Reconciliation of Income Tax to Income Tax Benefit | The reconciliations of income tax on income (loss) from continuing operations computed at the U.S. federal statutory tax rates to the recorded income tax benefit (expense) for the Successor Company and Predecessor Company are:
Successor Company
| Year Ended December 31, |  | Period from May 2, 2019 through December 31,
(In thousands) | 2020 |  | 2019
| Amount |  | Percent |  | Amount |  | Percent
Income tax benefit (expense) at statutory rates | $ | 440,758 |  |  | 21.0 | % |  | $ | (28,012) |  |  | 21.0 | %
State income taxes, net of federal tax effect | 13,619 |  |  | 0.7 | % |  | (4,718) |  |  | 3.5 | %
Foreign income taxes | (1,187) |  |  | (0.1) | % |  | (1,593) |  |  | 1.2 | %
Nondeductible items | (8,928) |  |  | (0.4) | % |  | (7,345) |  |  | 5.5 | %
Changes in valuation allowance and other estimates | (30,531) |  |  | (1.5) | % |  | 24,439 |  |  | (18.2) | %
Impairment charges | (257,119) |  |  | (12.3) | % |  | — |  |  | — | %
Other, net | 27,011 |  |  | 1.3 | % |  | (2,862) |  |  | 2.1 | %
Income tax benefit (expense) | $ | 183,623 |  |  | 8.7 | % |  | $ | (20,091) |  |  | 15.1 | %
Predecessor Company
| Period from January 1, 2019 through May 1, |  | Year Ended December 31,
(In thousands) | 2019 |  | 2018
| Amount |  | Percent |  | Amount |  | Percent
Income tax benefit (expense) at statutory rates | $ | (1,999,008) |  |  | 21.0 | % |  | $ | 5,069 |  |  | 21.0 | %
State income taxes, net of federal tax effect | 68,442 |  |  | (0.7) | % |  | (14,958) |  |  | (62.0) | %
Foreign income taxes | (270) |  |  | — | % |  | (3,076) |  |  | (12.7) | %
Nondeductible items | (1,793) |  |  | — | % |  | (4,834) |  |  | (20.0) | %
Changes in valuation allowance and other estimates | 648,384 |  |  | (6.8) | % |  | 10,958 |  |  | 45.4 | %
Tax impact of outdoor charges eliminated in discontinued operations | — |  |  | — | % |  | (8,017) |  |  | (33.2) | %
Reorganization and fresh start adjustments | 1,245,282 |  |  | (13.1) | % |  | — |  |  | — | %
Other, net | (132) |  |  | — | % |  | 1,022 |  |  | 4.2 | %
Income tax expense | $ | (39,095) |  |  | 0.4 | % |  | $ | (13,836) |  |  | (57.3) | %
Schedule of Unrecognized Tax Benefits |
(In thousands) | Successor Company
| Years Ended December 31,
Unrecognized Tax Benefits | 2020 |  | 2019
Balance at beginning of period | $ | 13,664 |  |  | $ | 53,156 |
Increases for tax position taken in the current year | 2,325 |  |  | 4,070 |
Increases for tax positions taken in previous years | 453 |  |  | 2,534 |
Decreases for tax position taken in previous years | (1,566) |  |  | (2,948) |
Decreases due to settlements with tax authorities | — |  |  | (1,183) |
Decreases due to lapse of statute of limitations | (195) |  |  | (41,965) |
Balance at end of period | $ | 14,681 |  |  | $ | 13,664 |

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