Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income (Loss) before Provision for Income Taxes

The components of income (loss) before provision for income taxes for the years ended December 31, 2019, 2018 and 2017 (in millions):

	2019			2018			2017
Domestic	$	(0.4	)	$	23.5		$	260.0
Foreign		(10.9	)		(2.1	)		(1.4	)
Income (loss) before provision for income taxes	$	(11.3	)	$	21.4		$	258.6

Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes from continuing operations for the years ended December 31, 2019, 2018 and 2017 (in millions):

	2019			2018			2017
Current
Federal	$	(0.1	)	$	0.2		$	(0.4	)
State		9.4			0.5			0.6
Foreign		1.9			1.5			0.5
	$	11.2		$	2.2		$	0.7
Deferred
Federal	$	2.9		$	5.0		$	70.1
State		(4.0	)		2.2			12.5
Foreign		(1.9	)		(1.5	)		(0.7	)
		(3.0	)		5.7			81.9
Total provision for taxes	$	8.2		$	7.9		$	82.6

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 21% to pre-tax income for the years ended December 31, 2019 and 2018, and federal corporate income tax rate of 35% to pre-tax income for the year ended December 31, 2017 due to the following (in millions):

	2019			2018			2017
Computed “expected” tax provision (benefit)	$	(2.4	)	$	4.5		$	90.3
Change in income tax resulting from:
State taxes, net of federal benefit		1.0			1.5			8.5
Change in fair value of earnout		(1.6	)		0.4			-
Non-deductible executive compensation		0.3			0.3			0.7
State tax impact of previously deferred gain from FCC auction for broadcast spectrum		1.8			—			—
Change in federal tax rate		—			—			(17.3	)
Change in state tax rate		0.4			0.5			—
Stock compensation		0.4			0.5			(1.0	)
Change in unrecognized tax benefits		0.7			(0.3	)		—
Impairment		6.4			—			—
Other		1.2			0.5			1.4
	$	8.2		$	7.9		$	82.6

Components of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities at December 31, 2019 and 2018 consist of the following (in millions):

		2019			2018
Deferred tax assets:
Accrued expenses	$	0.7		$	2.1
Accounts receivable		0.6			0.6
Net operating loss carryforward		20.5			72.6
Stock-based compensation		1.2			1.4
Credits		0.1			0.2
Lease obligations		12.6			—
Deferred state taxes		—			2.8
Other		0.6			2.1
Net deferred tax assets	$	36.3		$	81.8
Deferred tax liabilities:
Intangible assets	$	(65.7	)	$	(70.1	)
Property and equipment		(4.0	)		(1.3	)
Lease assets		(10.9	)		—
Tax gain deferral - FCC auction for broadcast spectrum		—			(57.1	)
		(80.6	)		(128.5	)
	$	(44.3	)	$	(46.7	)

Unrecognized Tax Benefits

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

	Amount
Balance at December 31, 2017	$	6.3
Decrease in balances related to tax rate changes		(0.3	)
Balance at December 31, 2018	$	6.0
Increase in balances related to prior year tax positions		0.7
Balance at December 31, 2019	$	6.7