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Income Taxes
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
Income (loss) from continuing operations before income taxes by geographic area is summarized in the table below. The table below also gives effect to the Historical Adjustments, as discussed in note 2. 
 
Years Ended December 31,
 
2019
 
2018
 
2017
 
 
 
(As Restated)
Domestic
$
850

 
$
618

 
$
372

Foreign(a)
31

 
23

 
20

Total
$
881

 
$
641

 
$
392

    
(a)
Inclusive of income (loss) before income taxes from Puerto Rico.
The benefit (provision) for income taxes consists of the following: 
 
Years Ended December 31,
 
2019

2018

2017
Current:
 
 
 
 
 
Federal
$
(6
)
 
$
(5
)
 
$
(3
)
Foreign
(8
)
 
(7
)
 
(6
)
State
(5
)
 
(5
)
 
(2
)
Total current
(19
)
 
(17
)
 
(11
)
Deferred:
 
 
 
 
 
Federal
—

 
—

 
(18
)
Foreign
(2
)
 
(2
)
 
3

Total deferred
(2
)
 
(2
)
 
(15
)
Total tax benefit (provision)
$
(21
)
 
$
(19
)
 
$
(26
)

A reconciliation between the benefit (provision) for income taxes and the amount computed by applying the federal statutory income tax rate to the income (loss) before income taxes is as follows:
 
Years Ended December 31,
 
2019

2018
 
2017
 
 
 
(As Restated)
Benefit (provision) for income taxes at statutory rate
$
(185
)
 
$
(135
)
 
$
(137
)
Tax effect of foreign income (losses)
1

 
1

 
—

Tax adjustment related to REIT operations
178

 
128

 
131

State tax (provision) benefit, net of federal
(5
)
 
(4
)
 
(2
)
Foreign tax
(10
)
 
(9
)
 
(3
)
Effects of tax law change(a)
—

 
—

 
(15
)
Total
$
(21
)
 
$
(19
)
 
$
(26
)
    
(a)
Pursuant to the Tax Cuts and Jobs Act, which was signed into law in December 2017, the Company was required to write down its net federal deferred tax asset in the amount of $17 million as a result of the reduction in the federal corporate tax rate offset by a benefit of $2 million related to the refund of the Company's alternative minimum tax credit carryforward.
The components of the net deferred income tax assets and liabilities are as follows: 
 
December 31,
 
2019
 
2018
Deferred income tax liabilities:
 
 
 
Property and equipment
$
6

 
$
5

Deferred site rental receivable
7

 
7

Total deferred income tax liabilities
13


12

Deferred income tax assets:
 
 
 
Intangible assets
3

 
4

Net operating loss carryforwards(a)
18

 
18

Straight-line rent expense liability(b)
3

 
2

Accrued liabilities
5

 
5

Other
2

 
3

Valuation allowances
—

 
(1
)
Total deferred income tax assets, net
31

 
31

Net deferred income tax asset (liabilities)
$
18

 
$
19


    
(a)
Balance results from the Company's foreign NOLs. Due to the Company's REIT status, no federal or state NOLs result in the Company recording a deferred income tax asset. See further discussion surrounding the Company's NOL balances below.
(b)
See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard.
The Company operates as a REIT for U.S. federal income tax purposes.
The components of the net deferred income tax assets (liabilities) are as follows:
 
December 31, 2019
 
December 31, 2018
Classification
Gross
 
Valuation
Allowance
 
Net
 
Gross
 
Valuation
Allowance
 
Net
Federal
$
25

 
$
—

 
$
25

 
$
25

 
$
—

 
$
25

State
1

 
—

 
1

 
1

 
—

 
1

Foreign
(8
)
 
—

 
(8
)
 
(6
)
 
(1
)
 
(7
)
Total
$
18

 
$
—

 
$
18

 
$
20

 
$
(1
)
 
$
19


At December 31, 2019, the Company had U.S. federal and state NOLs of approximately $1.5 billion and $0.6 billion, respectively, which are available to offset future taxable income. These amounts include approximately $237 million of losses related to stock-based compensation. The Company also has foreign NOLs of $48 million. If not utilized, the Company's U.S. federal NOLs expire starting in 2025 and ending in 2036, the state NOLs expire starting in 2020 and ending in 2036, and the foreign NOLs expire starting in 2022 and ending in 2037. The utilization of the NOLs is subject to certain limitations. The Company's U.S. federal and state income tax returns generally remain open to examination by taxing authorities until three years after the applicable NOLs have been used or expired. The remaining valuation allowance relates to certain foreign net deferred tax assets (primarily NOLs).
As of December 31, 2019, there were no unrecognized tax benefits that would impact the effective tax rate, if recognized.
From time to time, the Company is subject to examinations by various tax authorities in jurisdictions in which the Company has business operations. At this time, the Company is not subject to an Internal Revenue Service examination. The Australian Taxation Office is conducting an audit of the tax consequences for Australian tax purposes of the Company's sale of CCAL.  The primary focus of the audit relates to the Company's asset valuation methodology and whether the Company should be subject to Australian capital gains tax on its sale of CCAL.  The Company believes its valuation methodology is appropriate, that it is not subject to such tax, and that the ultimate resolution of the audit will not be material to the Company’s financial position.  
In addition, the Company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions in which it has business operations. The Company has no uncertain tax positions as of December 31, 2019. Additionally, the Company does not believe any such additional assessments arising from other examinations or audits will have a material effect on the Company's financial statements.
As of December 31, 2019, the Company's deferred tax assets are included in "Long-term prepaid rent and other assets, net" and the Company's deferred tax liabilities are included in "Other long-term liabilities" on the Company's consolidated balance sheet.