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 Taxes  
Schedule of income tax expense

Years ended December 31,

 

2019

2018

2017

 

amounts in thousands

 

Current:

    

    

    

Federal

$

 

 

(11)

State and local

 

(2)

 

(355)

 

(84)

 

(2)

 

(355)

 

(95)

Deferred:

Federal

 

(30,841)

 

(17,501)

 

(301,837)

State and local

 

(7,099)

 

(4,068)

 

(115,001)

 

(37,940)

 

(21,569)

 

(416,838)

Income tax benefit (expense)

$

(37,942)

 

(21,924)

 

(416,933)

Schedule of income tax expense reconciliation to the effective tax rate

Years ended December 31,

2019

2018

2017

 

amounts in thousands

 

Computed expected tax benefit (expense)

    

$

(32,583)

    

(19,294)

    

(857,710)

State and local taxes, net of federal income taxes

 

(5,414)

 

(3,831)

 

(74,805)

Change in valuation allowance

 

(249)

 

380

 

(1,208)

Change in tax rate - other

 

18

 

(27)

 

Change in tax rate - U.S. tax reform

515,773

Derivative instrument

246

768

1,084

Other

 

40

 

80

 

(67)

Income tax (expense) benefit

$

(37,942)

 

(21,924)

 

(416,933)

Schedule of deferred tax assets and liabilities

December 31,

 

2019

2018

 

amounts in thousands

 

Deferred tax assets:

    

    

    

    

Tax loss and tax credit carryforwards

$

66,329

 

56,056

Accrued stock-based compensation

 

7,969

 

5,571

Deferred revenue

 

1,562

 

1,430

Other

 

114

 

44

Total deferred tax assets

 

75,974

 

63,101

Less: valuation allowance

 

(8,021)

 

(7,773)

Net deferred tax assets

 

67,953

 

55,328

Deferred tax liabilities:

Investments

 

(1,067,492)

 

(1,020,869)

Intangible assets

(46)

(261)

Other

 

(74)

 

(27)

Total deferred tax liabilities

 

(1,067,612)

 

(1,021,157)

Net deferred tax asset (liability)

$

(999,659)

 

(965,829)