v3.20.1
Income Taxes (Tables)
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12 Months Ended |
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Income Tax Disclosure [Abstract] |
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Schedule of provision (benefit) for income taxes |
The provision for income taxes consisted of the following for the years ended December 31: | | | | | | | | | | | | | | 2019 | | 2018 | | 2017 | Current: | |
| | |
| | |
| Federal | $ | (15,699 | ) | | $ | (112 | ) | | $ | (2,000 | ) | State | (2,260 | ) | | 657 |
| | 173 |
| | $ | (17,959 | ) | | $ | 545 |
| | $ | (1,827 | ) | Deferred: | |
| | |
| | |
| Federal | $ | 496 |
| | $ | 1,348 |
| | $ | 9,435 |
| State | (375 | ) | | 1,003 |
| | 1,863 |
| | $ | 121 |
| | $ | 2,351 |
| | $ | 11,298 |
| Total (benefit) provision for income taxes | $ | (17,838 | ) | | $ | 2,896 |
| | $ | 9,471 |
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Schedule of significant components of deferred tax assets and liabilities |
The significant components of deferred tax assets and liabilities are as follows at December 31: | | | | | | | | | | 2019 | | 2018 | Net operating loss and contribution carryforwards | $ | 7,996 |
| | $ | 5,542 |
| Interest limitation | 9,730 |
| | 2,189 |
| Stock-based compensation | 8,946 |
| | 9,417 |
| Legal settlement (Note 21) | 3,161 |
| | 5,065 |
| Operating leases liabilities | 971 |
| | — |
| Accrued expenses | 714 |
| | 1,484 |
| Interest rate swap | 567 |
| | — |
| Other | 182 |
| | 165 |
| Deferred tax assets: | 32,267 |
| | 23,862 |
| Valuation allowance | (11,905 | ) | | (12,420 | ) | Total deferred tax assets | 20,362 |
| | 11,442 |
| | | | | Investment in joint ventures | (18,387 | ) | | (9,784 | ) | Goodwill and intangible amortization | (3,480 | ) | | (3,400 | ) | Operating lease right-of-use assets | (971 | ) | | — |
| Depreciation | (230 | ) | | (1,378 | ) | Other | — |
| | (49 | ) | Total deferred tax liabilities | (23,068 | ) | | (14,611 | ) | | | | | Net deferred tax liabilities | $ | (2,706 | ) | | $ | (3,169 | ) |
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Summary of reconciliation of the federal statutory rate to the Company’s effective tax rate |
A reconciliation of the federal statutory rate to the Company’s effective tax rate is as follows for the years ended December 31: | | | | | | | | | | | 2019 | | 2018 | | 2017 | Income tax provision at federal statutory rate | 21 | % | | 21 | % | | 35 | % | Increase (decrease) in tax resulting from: | |
| | |
| | |
| State taxes, net of federal benefit | (13.2 | )% | | (2.9 | )% | | 0.6 | % | Noncontrolling interests in passthrough entities | (98.0 | )% | | (44.0 | )% | | (32.3 | )% | Valuation allowance | (6.2 | )% | | 28.7 | % | | 8.0 | % | Expiration of attributes | 7.2 | % | | 4.3 | % | | 0.7 | % | Uncertain tax positions | (129.3 | )% | | 4.8 | % | | 1.3 | % | Other permanent items, net | 3.8 | % | | (0.5 | )% | | 0.7 | % | Effective income tax rate | (214.7 | )% | | 11.4 | % | | 14.0 | % |
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Summary of gross amounts of unrecognized tax benefits |
The following table summarizes the gross amounts of unrecognized tax benefits without regard to reduction in tax liabilities or additions to deferred tax assets and liabilities if such unrecognized tax benefits were settled: | | | | | | | | | | | | | | | | 2019 | | 2018 | | 2017 | January 1 | | $ | 16,968 |
| | $ | 21,077 |
| | $ | 25,062 |
| Increase due to current year tax positions | | — |
| | — |
| | — |
| Decrease due to prior year tax positions | | (16,733 | ) | | (4,109 | ) | | (3,985 | ) | December 31 | | $ | 235 |
| | $ | 16,968 |
| | $ | 21,077 |
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- DefinitionTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.
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- DefinitionTabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.
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- DefinitionTabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.
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- DefinitionTabular disclosure of the change in unrecognized tax benefits.
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