Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Taxes  
Schedule of income tax expense

Years ended December 31,

 

2020

2019

2018

 

amounts in thousands

 

Current:

    

    

    

Federal

$

 

 

State and local

 

(13)

 

(2)

 

(355)

 

(13)

 

(2)

 

(355)

Deferred:

Federal

 

(116,085)

 

(30,841)

 

(17,501)

State and local

 

152,541

 

(7,099)

 

(4,068)

 

36,456

 

(37,940)

 

(21,569)

Income tax benefit (expense)

$

36,443

 

(37,942)

 

(21,924)

Schedule of income tax expense reconciliation to the effective tax rate

Years ended December 31,

2020

2019

2018

 

amounts in thousands

 

Computed expected tax benefit (expense)

    

$

(75,845)

    

(32,583)

    

(19,294)

State and local taxes, net of federal income taxes

 

(12,208)

 

(5,414)

 

(3,831)

Change in valuation allowance

 

(2,590)

 

(249)

 

380

Change in tax rate - other

 

133,184

 

18

 

(27)

Capitalized transaction costs

(3,318)

Nontaxable equity contribution

(1,375)

Executive compensation

(1,493)

(44)

Other

 

88

 

330

 

848

Income tax (expense) benefit

$

36,443

 

(37,942)

 

(21,924)

Schedule of deferred tax assets and liabilities

December 31,

 

2020

2019

 

amounts in thousands

 

Deferred tax assets:

    

    

    

    

Tax loss and tax credit carryforwards

$

214,605

 

66,329

Accrued stock-based compensation

 

14,896

 

7,969

Deferred revenue

 

14,075

 

1,562

Debt

21,126

Operating lease liability

26,401

Other future deductible amounts

43,626

Other accrued liabilities

 

13,751

 

114

Total deferred tax assets

 

348,480

 

75,974

Less: valuation allowance

 

(12,899)

 

(8,021)

Net deferred tax assets

 

335,581

 

67,953

Deferred tax liabilities:

Investments

 

(1,755,783)

 

(1,067,492)

Fixed assets

(220,376)

Intangible assets

(309,740)

(46)

Other

 

(27,325)

 

(74)

Total deferred tax liabilities

 

(2,313,224)

 

(1,067,612)

Net deferred tax asset (liability)

$

(1,977,643)

 

(999,659)