The components of income (loss) before provision for income taxes for the years ended December 31, 2020, 2019 and 2018 (in millions):

	2020			2019			2018
Domestic	$	2.0		$	(0.4	)	$	23.5
Foreign		(1.9	)		(10.9	)		(2.1	)
Income (loss) before provision for income taxes	$	0.1		$	(11.3	)	$	21.4

The provision (benefit) for income taxes from continuing operations for the years ended December 31, 2020, 2019 and 2018 (in millions):

	2020			2019			2018
Current
Federal	$	1.2		$	(0.1	)	$	0.2
State		(1.2	)		9.4			0.5
Foreign		1.5			1.9			1.5
	$	1.5		$	11.2		$	2.2
Deferred
Federal	$	0.8		$	2.9		$	5.0
State		(1.0	)		(4.0	)		2.2
Foreign		0.2			(1.9	)		(1.5	)
		-			(3.0	)		5.7
Total provision for taxes	$	1.5		$	8.2		$	7.9

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, 2020, 2019 and 2018 due to the following (in millions):

	2020			2019			2018
Computed “expected” tax provision (benefit)	$	-		$	(2.4	)	$	4.5
Change in income tax resulting from:
State taxes, net of federal benefit		0.7			1.0			1.5
Change in fair value of earnout		-			(1.6	)		0.4
Non-deductible executive compensation		0.4			0.3			0.3
Non-deductible expenses		0.2			0.3			0.3
Foreign income		0.1			0.2			-
State tax impact of previously deferred gain from FCC auction for broadcast spectrum		(2.5	)		2.7			-
Transaction costs		0.1			-			0.1
Change in valuation allowance		1.7			-			-
Change in state tax rate		0.5			0.4			0.5
Stock compensation		0.2			0.4			0.5
Change in unrecognized tax benefits		0.1			0.7			(0.3	)
Impairment		0.2			6.3			-
Other		(0.2	)		(0.1	)		0.1
	$	1.5		$	8.2		$	7.9

The components of the deferred tax assets and liabilities at December 31, 2020 and 2019 consist of the following (in millions):

		2020			2019
Deferred tax assets:
Accrued expenses	$	1.9		$	0.7
Accounts receivable		1.0			0.6
Net operating loss carryforward		16.4			20.5
Stock-based compensation		1.1			1.2
Credits		0.1			0.1
Lease obligations		10.1			12.6
Other comprehensive income		0.4			—
Other		0.6			0.6
Total deferred tax assets		31.6			36.3
Valuation allowance		(1.7	)		-
Net deferred tax assets	$	29.9		$	36.3
Deferred tax liabilities:
Intangible assets	$	(69.1	)	$	(65.7	)
Property and equipment		(7.2	)		(4.0	)
Lease assets		(8.4	)		(10.9	)
Other		(0.2	)		—
Total deferred tax liabilities		(84.9	)		(80.6	)
Net deferred tax liabilities	$	(55.0	)	$	(44.3	)

As of December 31, 2020, the Company has federal, state and foreign net operating loss carryforwards of approximately $59 million, $58 million, and $5 million, respectively, available to offset future taxable income. The federal net operating loss carryforwards will expire during the years 2031 through 2033, to the extent they are not utilized. Any federal net operating losses incurred after 2017 can be carried forward indefinitely and the Company did not incur net operating losses in 2018, 2019, or 2020. The state net operating loss carryforwards will expire during the years 2028 through 2037, to the extent they are not utilized. For tax purposes, the Company deferred gain recognized from FCC auction for broadcast spectrum that concluded in 2017 under Internal Revenue Codes 1031 and 1033. Under these provisions, the Company is able to acquire qualified assets to defer the tax gain until the acquired assets are ultimately sold. To the extent that the Company is not able to acquire qualified assets during the allowed time period, the deferred gain is recognized. The window to acquire qualified assets expired as of December 31, 2019. Accordingly, the Company has reflected the tax effect of gain recognition which resulted in utilization of net operating losses and accrual of income tax payable.

Utilization of the Company’s U.S. federal and certain state net operating loss and tax credit carryovers may be subject to substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code and similar state provisions. Such an annual limitation could result in the expiration of the net operating loss carryforwards before utilization. As of December 31, 2020, the Company believes that utilization of its federal net operating losses and foreign tax credits are not limited under any ownership change limitations provided under the Internal Revenue Code.

Due to the enactment of Tax Cuts and Jobs Act (“the Tax Act”) in December 2017, the Company is subject to a tax on global intangible low-taxed income (“GILTI”). GILTI is a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. Companies subject to GILTI have the option to account for the GILTI tax as a period cost if and when incurred, or to recognize deferred taxes for temporary differences including outside basis differences expected to reverse as GILTI. The Company has elected to account for GILTI as a period cost, and therefore has included GILTI expense in its effective tax rate calculation for the period.

The Company periodically evaluates the realizability of the deferred tax assets and, if it is determined that it is more likely than not that the deferred tax assets are realizable, adjusts the valuation allowance accordingly. Valuation allowances are established and maintained for deferred tax assets on a “more likely than not” threshold. The process of evaluating the need to maintain a valuation allowance for deferred tax assets is highly subjective and requires significant judgment. The Company has considered the following possible sources of taxable income when assessing the realization of the deferred tax assets: (1) future reversals of existing taxable temporary differences; (2) taxable income in prior carryback years; (3) future taxable income exclusive of reversing temporary differences and carryforwards; and (4) tax planning strategies. Based on the Company’s analysis and a review of all positive and negative evidence such as historical operations, future projections of taxable income and tax planning strategies that are prudent and feasible, the Company determined that it was more likely than not that its deferred tax assets would be realized for all jurisdictions

with the exception of the Company’s digital operations located in Spain. As a result of recurring losses from the digital operations in Spain, the Company has determined that it is more likely than not that deferred tax assets of approximately $1.7 million at December 31, 2020 will not be realized and therefore the Company has established a valuation allowance on those assets.

The Company addresses uncertainty in tax positions according to the provisions of ASC 740, “Income Taxes”, which clarifies the accounting for income taxes by establishing the minimum recognition threshold and a measurement attribute for tax positions taken or expected to be taken in a tax return in order to be recognized in the financial statements.

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

As of December 31, 2020, the Company had $4.3 million of gross unrecognized tax benefits for uncertain tax positions, of which $1.2 million would affect the effective tax rate if recognized.

The Company anticipates that the amount of unrecognized tax benefits as of December 31, 2020 may significantly decrease by $3.6 million within the next 12 months. Of that amount, $0.6 million would impact the effective tax rate.

The Company recognizes interest and penalties related to income tax matters as a component of income tax expense. As of December 31, 2020, the Company had $0.1 million of accrued interest and penalties related to uncertain tax positions due to the net operating losses.

The Company is subject to taxation in the United States, various states, and various foreign jurisdictions. The tax years 2017 to 2019 and 2016 to 2019 remain open to examination by federal and state taxing jurisdictions, respectively. For foreign jurisdictions, the tax years 2007 to 2018 may remain open to examination by certain foreign jurisdictions. Net operating losses from years from which the statute of limitations have expired (2016 and prior for federal and 2015 and prior for state) could be adjusted in the event that the taxing jurisdictions challenge the amounts of net operating loss carryforwards from such years.

The Company intends to indefinitely reinvest its unremitted earnings in its foreign subsidiaries, and accordingly has not provided deferred tax liabilities on those earnings. The Company has not determined at this time an estimate of total amount of unremitted earnings, as it is not practical at this time.