XML 25 R13.htm IDEA: XBRL DOCUMENT v3.21.2
INCOME TAXES
6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
On March 11, 2021 the President signed into law the American Rescue Plan Act, which included provisions on taxes, health care, unemployment benefits, direct payments, state and local funding and other issues. The tax provisions will not have a material impact on the Company’s tax provision calculations.

The Company’s income tax benefit (expense) for the three and six months ended June 30, 2021 and the three and six months ended June 30, 2020 consisted of the following components:
(In thousands)Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
Current tax expense$(3,477)$(1,731)$(5,066)$(3,436)
Deferred tax benefit (expense)(20,972)45,473 (99,318)197,689 
Income tax benefit (expense)$(24,449)$43,742 $(104,384)$194,253 

The effective tax rates for the three and six months ended June 30, 2021 were (325.5)% and (61.5)%, respectively. The effective tax rates were primarily impacted by the deferred tax expense recorded for the valuation allowance against certain deferred tax assets for disallowed interest expense and net operating loss carryforwards due to the uncertainty of the Company’s ability to utilize those assets in future periods.

The effective tax rates for the three and six months ended June 30, 2020 were 18.1% and.9.3%, respectively. The effective tax rate for the six months ended June 30, 2020 was primarily impacted by the impairment charges to non-deductible goodwill. The deferred tax benefit primarily consists of $125.5 million related to the FCC license impairment charges recorded during the period.