Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Income Tax Disclosure [Abstract] |
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| Provision For (Benefit From) Income Taxes |
The benefit from income taxes is comprised of:
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Year Ended December 31, |
|
2022 |
|
2021 |
|
2020 |
Current tax expense (benefit) |
|
|
|
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Federal |
$ |
7,709 |
|
|
$ |
(528) |
|
|
$ |
(28,872) |
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State and local |
5,314 |
|
|
309 |
|
|
1,264 |
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Foreign |
— |
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|
— |
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|
178 |
|
Total current tax expense (benefit) |
13,023 |
|
|
(219) |
|
|
(27,430) |
|
Deferred tax (benefit) expense |
|
|
|
|
|
Federal |
(5,008) |
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|
(135,789) |
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|
(82,700) |
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State and local |
(8,632) |
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|
(8,252) |
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|
(17,181) |
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Foreign |
80 |
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|
4,100 |
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|
(29) |
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Total deferred tax benefit |
(13,560) |
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|
(139,941) |
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|
(99,910) |
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Non-current benefit |
(288) |
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|
(184) |
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|
(198) |
|
Benefit from income taxes |
$ |
(825) |
|
|
$ |
(140,344) |
|
|
$ |
(127,538) |
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|
| Reconciliation of Effective Tax Rate |
The reconciliation between our effective tax rate on income before income taxes and the statutory tax rate is as follows:
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Year Ended December 31, |
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2022 |
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2021 |
|
2020 |
Income tax benefit at federal statutory rate |
$ |
(610) |
|
|
$ |
(151,582) |
|
|
$ |
(102,424) |
|
State and local income taxes, net of federal tax benefit |
869 |
|
|
(20,575) |
|
|
(23,357) |
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Section 162(m) limitation |
3,709 |
|
|
4,831 |
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|
— |
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CARES Act |
— |
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(1,283) |
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(12,157) |
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Loss on debt extinguishment |
— |
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|
8,609 |
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|
— |
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Change in valuation allowance |
(4,833) |
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|
16,933 |
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|
9,538 |
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Other, net |
40 |
|
|
2,723 |
|
|
862 |
|
Benefit from income taxes |
$ |
(825) |
|
|
$ |
(140,344) |
|
|
$ |
(127,538) |
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|
| Deferred Tax Assets and Liabilities |
The tax effect of temporary differences that gives rise to the net deferred tax liability are as follows:
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December 31, |
|
2022 |
|
2021 |
Deferred tax assets: |
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Lease-related liabilities |
$ |
573,543 |
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|
$ |
504,049 |
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Accrued equity compensation |
80,198 |
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|
76,603 |
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Accrued expenses |
11,974 |
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|
14,221 |
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Deferred revenue |
1,538 |
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|
1,491 |
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Net operating loss |
105,214 |
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|
147,478 |
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Business interest |
35,253 |
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|
34,185 |
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Other |
5,589 |
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|
7,914 |
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Valuation allowance |
(24,633) |
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|
(29,994) |
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Total deferred tax assets |
788,676 |
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|
755,947 |
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Deferred tax liabilities: |
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Property and equipment |
(236,334) |
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|
(280,816) |
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Intangibles |
(42,764) |
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|
(41,053) |
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Operating and finance lease right-of-use assets |
(539,797) |
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|
(477,414) |
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Partnership interest |
(1,677) |
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|
(1,710) |
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Prepaid expenses |
(9,147) |
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|
(9,002) |
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Costs related to deferred revenue |
(227) |
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|
(1,046) |
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Other |
(123) |
|
|
(119) |
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Total deferred tax liabilities |
(830,069) |
|
|
(811,160) |
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Net deferred tax liability |
$ |
(41,393) |
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|
$ |
(55,213) |
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