Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Benefit (Expense)
Income tax benefit (expense) consists of:
 
Years Ended December 31,
 
2018
 
2017
 
2016
 
amounts in thousands
Current:
 
 
 
 
 
Federal
$
607

 

 

State and local
(24
)
 

 
575

 
583

 

 
575

Deferred:
 
 
 
 
 
Federal
190,931

 
160,150

 
(436,260
)
State and local
(8,207
)
 
(26,628
)
 
(60,560
)
 
182,724

 
133,522

 
(496,820
)
Income tax benefit (expense)
$
183,307

 
133,522

 
(496,245
)


Schedule of Effective Income Tax Rate Reconciliation
Income tax benefit (expense) differs from the amounts computed by applying the U.S. federal income tax rate of 21% for the year ended December 31, 2018 and 35% for both of the years ended December 31, 2017 and 2016 as a result of the following:
 
Years Ended December 31,
 
2018
 
2017
 
2016
 
amounts in thousands
Computed expected tax benefit (expense)
$
221,962

 
(206,862
)
 
(460,885
)
State and local income taxes, net of federal income taxes
74,105

 
(17,001
)
 
(38,991
)
Dividends received deductions

 

 
1,969

Executive compensation
(7,114
)
 

 

Change in valuation allowance affecting tax expense
(189
)
 
(384
)
 

Change in state tax rate due to acquisition
(117,496
)
 

 

Change in state tax rate due to law change
37,073

 

 

Change in tax rate due to Tax Act

 
347,979

 

Deductible stock compensation
(131
)
 
14,116

 
1,700

Goodwill impairment
(28,513
)
 

 

Other, net
3,610

 
(4,326
)
 
(38
)
Income tax benefit (expense)
$
183,307

 
133,522

 
(496,245
)


Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below:
 
December 31,
 
2018
 
2017
 
amounts in thousands
Deferred tax assets:
 
 
 
Loss and capital carryforwards
$
153,931

 
48,898

Deferred revenue
23,716

 

Inventory
115

 

Accrued stock compensation
3,598

 
6,999

Debt
6,209

 

Other accrued liabilities
20,108

 
362

Other future deductible amounts
19,074

 
63

Deferred tax assets
226,751

 
56,322

Valuation allowance
(1,326
)
 
(433
)
Net deferred tax assets
225,425

 
55,889

Deferred tax liabilities
 
 
 
Investments
573,016

 
697,393

Fixed assets
232,899

 

Intangible assets
213,206

 
1,892

Other

 
30

Deferred tax liabilities
1,019,121

 
699,315

Net deferred tax liabilities
$
793,696

 
643,426