Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Income Tax Disclosure [Abstract] |
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| Provision For (Benefit From) Income Taxes |
The (benefit from) provision for income taxes is comprised of:
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For the Year Ended December 31, |
|
2021 |
|
2020 |
|
2019 |
Current tax (benefit) expense |
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|
|
|
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Federal |
$ |
(528) |
|
|
$ |
(28,872) |
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|
$ |
1,358 |
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State and local |
309 |
|
|
1,264 |
|
|
5,328 |
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Foreign |
— |
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|
178 |
|
|
149 |
|
Total current tax (benefit) expense |
(219) |
|
|
(27,430) |
|
|
6,835 |
|
Deferred tax (benefit) expense |
|
|
|
|
|
Federal |
(135,789) |
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|
(82,700) |
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|
8,040 |
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State and local |
(8,252) |
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|
(17,181) |
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|
(4,258) |
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Foreign |
4,100 |
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|
(29) |
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|
(346) |
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Total deferred tax (benefit) expense |
(139,941) |
|
|
(99,910) |
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|
3,436 |
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Non-current benefit |
(184) |
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|
(198) |
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|
(191) |
|
(Benefit from) provision for income taxes |
$ |
(140,344) |
|
|
$ |
(127,538) |
|
|
$ |
10,080 |
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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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For the Year Ended December 31, |
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2021 |
|
2020 |
|
2019 |
Income tax (benefit) provision at federal statutory rate |
$ |
(151,582) |
|
|
$ |
(102,424) |
|
|
$ |
8,427 |
|
State and local income taxes, net of federal tax benefit |
(20,575) |
|
|
(23,357) |
|
|
880 |
|
Goodwill impairment |
— |
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|
— |
|
|
688 |
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CARES Act |
(1,283) |
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|
(12,157) |
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|
— |
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Loss on debt extinguishment |
8,609 |
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|
— |
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|
— |
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Change in valuation allowance |
16,933 |
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|
9,538 |
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|
65 |
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Other, net |
7,554 |
|
|
862 |
|
|
20 |
|
(Benefit from) provision for income taxes |
$ |
(140,344) |
|
|
$ |
(127,538) |
|
|
$ |
10,080 |
|
|
| 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, |
|
2021 |
|
2020 |
Deferred tax assets: |
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Lease-related liabilities |
$ |
504,049 |
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|
$ |
457,882 |
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Accrued equity compensation |
76,603 |
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|
75 |
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Accrued expenses |
14,221 |
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|
14,114 |
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Deferred revenue |
1,491 |
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|
4,147 |
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Net operating loss |
147,478 |
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|
125,379 |
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Business interest |
34,185 |
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|
765 |
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Other |
7,914 |
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|
7,835 |
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Valuation allowance |
(29,994) |
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|
(12,957) |
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Total deferred tax assets |
755,947 |
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|
597,240 |
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Deferred tax liabilities: |
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Property and equipment |
(280,816) |
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|
(304,900) |
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Intangibles |
(41,053) |
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|
(39,136) |
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Operating and finance lease right-of-use assets |
(477,414) |
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|
(435,681) |
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Partnership interest |
(1,710) |
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|
(1,694) |
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Debt issuance costs |
— |
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|
(2,410) |
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Prepaid expenses |
(9,002) |
|
|
(5,638) |
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Costs related to deferred revenue |
(1,046) |
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|
(2,526) |
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Other |
(119) |
|
|
(377) |
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Total deferred tax liabilities |
(811,160) |
|
|
(792,362) |
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Net deferred tax liability |
$ |
(55,213) |
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|
$ |
(195,122) |
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