Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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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2022 |
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2021 |
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2020 |
Loss (income) attributable to common stockholders |
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$ |
(175,668) |
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$ |
70,152 |
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$ |
233,967 |
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Loss attributable to noncontrolling interest and redeemable noncontrolling interests |
|
1,023,022 |
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|
901,107 |
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|
453,554 |
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Loss before income taxes |
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$ |
847,354 |
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$ |
971,259 |
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$ |
687,521 |
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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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2022 |
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2021 |
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2020 |
Current |
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Federal |
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$ |
— |
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$ |
— |
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$ |
— |
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State |
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— |
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— |
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— |
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Foreign |
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— |
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— |
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(1,422) |
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Total current (benefit) expense |
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— |
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— |
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(1,422) |
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Deferred |
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Federal |
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1,460 |
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|
13,938 |
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(61,387) |
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State |
|
831 |
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(4,667) |
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|
2,236 |
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Foreign |
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— |
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— |
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— |
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Total deferred (benefit) provision |
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2,291 |
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|
9,271 |
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(59,151) |
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Total |
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$ |
2,291 |
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$ |
9,271 |
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|
$ |
(60,573) |
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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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2022 |
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2021 |
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2020 |
Tax provision (benefit) at federal statutory rate |
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(21.00) |
% |
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(21.00) |
% |
|
(21.00) |
% |
State income taxes, net of federal benefit |
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3.42 |
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(2.30) |
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(1.69) |
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Effect of noncontrolling and redeemable noncontrolling interests |
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25.35 |
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|
19.48 |
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|
13.85 |
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Stock-based compensation |
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1.03 |
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|
0.29 |
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(2.98) |
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Tax credits |
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(1.42) |
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(0.82) |
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(0.77) |
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Effect of valuation allowance |
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(7.47) |
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4.67 |
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3.45 |
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Other |
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0.36 |
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0.63 |
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|
0.33 |
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Total |
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0.27 |
% |
|
0.95 |
% |
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(8.81) |
% |
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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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2022 |
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2021 |
Deferred tax assets |
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Accruals and prepaids |
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$ |
39,942 |
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$ |
53,506 |
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Deferred revenue |
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70,491 |
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|
52,017 |
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Net operating loss carryforwards |
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625,147 |
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|
605,416 |
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Stock-based compensation |
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11,327 |
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|
15,345 |
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Investment tax and other credits |
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108,107 |
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|
95,889 |
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Interest expense |
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16,386 |
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|
5,644 |
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UNICAP costs |
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149,873 |
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|
61,671 |
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Interest rate derivatives |
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— |
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|
39,784 |
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Total deferred tax assets |
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1,021,273 |
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|
929,272 |
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Less: Valuation allowance |
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(61,695) |
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(136,682) |
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Gross deferred tax assets |
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959,578 |
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|
792,590 |
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Deferred tax liabilities |
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|
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Interest rate derivatives |
|
20,613 |
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|
— |
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Capitalized costs to obtain a contract |
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266,697 |
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|
171,219 |
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Fixed asset depreciation and amortization |
|
442,656 |
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|
435,493 |
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Deferred tax on investment in partnerships |
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362,659 |
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|
287,631 |
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Gross deferred tax liabilities |
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1,092,625 |
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|
894,343 |
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Net deferred tax liabilities |
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$ |
(133,047) |
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$ |
(101,753) |
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Schedule 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 |
2019 - 2022 |
State |
2018 - 2022 |
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