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