Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.3.a.u2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Benefit (Expense)
Income tax benefit (expense) consists of:
 
Years ended December 31,
 
2019
 
2018
 
2017
 
amounts in thousands
Current:
 
 
 
 
 
Federal
$
(30
)
 
607

 

State and local
(23
)
 
(24
)
 

 
(53
)
 
583

 

Deferred:
 
 
 
 
 
Federal
(542,259
)
 
190,931

 
160,150

State and local
(187,711
)
 
(8,207
)
 
(26,628
)
 
(729,970
)
 
182,724

 
133,522

Income tax benefit (expense)
$
(730,023
)
 
183,307

 
133,522



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 years ended December 31, 2019 and 2018 and 35% for the year ended December 31, 2017 as a result of the following:
 
Years ended December 31,
 
2019
 
2018
 
2017
 
amounts in thousands
Computed expected tax benefit (expense)
$
(560,336
)
 
221,962

 
(206,862
)
State and local income taxes, net of federal income taxes
(158,349
)
 
74,105

 
(17,001
)
Nontaxable equity contribution
(20,353
)
 
7,960

 

Executive compensation
(2,437
)
 
(7,114
)
 

Change in state tax rate due to acquisition

 
(117,496
)
 

Change in state tax rate
10,078

 
37,073

 

Change in tax rate due to Tax Act

 

 
347,979

Deductible stock compensation
3,394

 
(131
)
 
14,116

Goodwill impairment

 
(28,513
)
 

Change in valuation allowance affecting tax expense
(40
)
 
(189
)
 
(384
)
Other, net
(1,980
)
 
(4,350
)
 
(4,326
)
Income tax benefit (expense)
$
(730,023
)
 
183,307

 
133,522



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,
 
2019
 
2018
 
amounts in thousands
Deferred tax assets:
 
 
 
Loss and capital carryforwards
$
179,473

 
153,931

Deferred revenue
20,026

 
23,716

Accrued stock compensation
3,889

 
3,598

Debt
44,843

 
6,209

Operating lease liability
33,656

 

Other accrued liabilities
9,578

 
20,108

Other future deductible amounts
35,489

 
19,189

Deferred tax assets
326,954

 
226,751

Valuation allowance
(1,366
)
 
(1,326
)
Net deferred tax assets
325,588

 
225,425

Deferred tax liabilities
 
 
 
Investments
1,439,140

 
573,016

Fixed assets
209,094

 
232,899

Intangible assets
169,834

 
213,206

Operating lease ROU assets
34,629

 

Deferred tax liabilities
1,852,697

 
1,019,121

Net deferred tax liabilities
$
1,527,109

 
793,696