Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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, 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

Provision (Benefit) for Income Taxes

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

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, 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

Components of Deferred Tax Assets and Liabilities

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	)

Unrecognized Tax Benefits

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

	Amount
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
Lapse of statute		(0.4	)
Interest accrued		0.1
Decrease in balances related to prior year tax positions		(2.1	)
Balance at December 31, 2020	$	4.3