Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

The provision (benefit) for income taxes from continuing operations for the years ended December 31, 2017, 2016 and 2015 (in millions):

	2017			2016		2015
Current
Federal	$	(0.5	)	$	—	$	—
State		0.6			0.6		0.6
Foreign		0.8			—		—
	$	0.9		$	0.6	$	0.6
Deferred
Federal		70.1			12.0		12.8
State		12.5			0.5		3.0
Foreign		(0.7	)		—		—
		81.9			12.5		15.8
Total provision for taxes	$	82.8		$	13.1	$	16.4

Schedule of Effective Income Tax Rate

The income tax provision (benefit) differs from the amount of income tax determined by applying the Company’s federal corporate income tax rate of 35% to pre-tax income for the years ended December 31, 2017, 2016 and 2015 due to the following (in millions):

	2017			2016		2015
Computed “expected” tax provision (benefit)	$	90.7		$	11.7	$	14.7
Change in income tax resulting from:
State taxes, net of federal benefit		8.5			1.4		2.5
Change in federal tax rate		(17.3	)		—		—
Other		0.9			—		(0.8	)
	$	82.8		$	13.1	$	16.4

Components of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities at December 31, 2017 and 2016 consist of the following (in millions):

		2017			2016
Deferred tax assets:
Accrued expenses	$	1.8		$	3.4
Accounts receivable		0.6			1.0
Net operating loss carryforward		77.6			116.7
Stock-based compensation		0.9			1.8
Intangible assets		—			8.0
Credits		0.7			1.0
Property and equipment		—			0.4
Deferred state taxes		2.3			—
Other		1.4			2.5
Net deferred tax assets	$	85.3		$	134.8
Deferred tax liabilities:
Intangible assets	$	(57.3	)	$	(89.6	)
Property and equipment		(0.2	)		—
Deferred state taxes		—			(0.5	)
Tax gain deferral - FCC auction for broadcast spectrum		(68.6	)		—
		(126.1	)		(90.1	)
	$	(40.8	)	$	44.7

Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions):

	Amount
Balance at December 31, 2015	$	6.3
Change in balances related to tax positions		0.0
Balance at December 31, 2016	$	6.3
Change in balances related to tax positions		0.0
Balance at December 31, 2017	$	6.3