Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of (income) loss before income taxes
The following table presents the loss (income) before income taxes for the periods presented (in thousands): 
For the Year Ended December 31,
2020 2019 2018
Loss (income) attributable to common stockholders $ 233,967  $ (18,117) $ (35,979)
Loss attributable to noncontrolling interest and redeemable noncontrolling interests
453,554  417,357  286,843 
Loss before income taxes $ 687,521  $ 399,240  $ 250,864 
Schedule of income tax provision (benefit)
The income tax provision (benefit) consists of the following (in thousands):
For the Year Ended December 31,
2020 2019 2018
Current
Federal
$ —  $ (454) $ (1,100)
State
—  (593) 292 
Foreign (1,422) 1,435  — 
Total current (benefit) expense (1,422) 388  (808)
Deferred
Federal
(61,387) (7,634) 1,995 
State
2,236  (972) 8,135 
Foreign —  —  — 
Total deferred (benefit) provision (59,151) (8,606) 10,130 
Total
$ (60,573) $ (8,218) $ 9,322 
Schedule of reconciliation of the statutory federal rate
The following table represents a reconciliation of the statutory federal rate and the Company’s effective tax rate for the periods presented:
For the Year Ended December 31,
2020 2019 2018
Tax provision (benefit) at federal statutory rate
(21.00) % (21.00) % (21.00) %
State income taxes, net of federal benefit
(1.69) (0.97) 0.32 
Effect of noncontrolling and redeemable noncontrolling interests
13.85  21.95  24.01 
Stock-based compensation
(2.98) (1.96) (1.77)
ASC 740-10 Reserve —  (0.11) — 
Tax credits
(0.77) (0.99) (1.35)
Effect of rate change —  —  — 
Effect of valuation allowance 3.45  0.40  3.04 
Other
0.33  0.62  0.47 
Total
(8.81) % (2.06) % 3.72  %
Schedule of deferred tax assets and liabilities The following table represents the components of the Company’s deferred tax assets and liabilities for the periods presented (in thousands):
December 31,
2020 2019
Deferred tax assets
Accruals and prepaids
$ 53,845  $ 19,704 
Deferred revenue
17,736  11,229 
Net operating loss carryforwards
529,394  347,997 
Stock-based compensation
22,224  7,104 
Investment tax and other credits
86,175  32,878 
Interest Expense 16,627  12,394 
Interest rate derivatives 53,057  18,988 
Total deferred tax assets
779,058  450,294 
Less: Valuation allowance
(91,322) (12,120)
Gross deferred tax assets
687,736  438,174 
Deferred tax liabilities
Capitalized costs to obtain a contract 93,441  66,247 
Fixed asset depreciation and amortization 333,970  263,917 
Deferred tax on investment in partnerships
342,230  173,974 
Gross deferred tax liabilities
769,641  504,138 
Net deferred tax liabilities
$ (81,905) $ (65,964)
Schedule of unrecognized tax benefits
The change in unrecognized tax benefits during 2020, 2019 and 2018, excluding penalties and interest, is as follows:
For the Year Ended December 31,
2020 2019 2018
Unrecognized tax benefits at beginning of the year $ —  $ 647  $ 1,525 
Reversal of prior year unrecognized tax benefits due to the expiration of the statute of limitations
—  (647) (878)
Increases/(decreases) in unrecognized tax benefits as a result of tax positions taken during the prior period 961  —  — 
Unrecognized tax benefits at end of the year $ 961  $ —  $ 647 
Summary of tax years that remain open and subject to examination by the tax authorities
The following table summarizes the tax years that remain open and subject to examination by the tax authorities in the most significant jurisdictions in which the Company operates:
Tax Years
U.S. Federal 2017 - 2020
State 2016 - 2020