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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Taxes [Abstract]  
Reconciliation Of Unrecognized Tax Benefits

(In millions)

Total

Balance as of December 31, 2017

$

4

Increases in tax positions for current year

2

Decrease due to Spin-off

(6)

Balance as of December 31, 2018

Increases in tax positions for prior years

1

Increases in tax positions for current year

2

Balance as of December 31, 2019

$

2

Reconciliation Of Effective Income Tax Rate

Year Ended

December 31,

2019

2018

2017

Tax at U.S. federal statutory rate

21.0

%

21.0

%

35.0

%

State and local income taxes, net of U.S. federal benefit

2.5

2.5

1.5

Other permanent items

(0.5)

1.1

Excess tax benefits from stock-based compensation

0.2

(0.1)

(2.5)

Transaction costs

0.2

1.2

Uncertain tax positions

1.0

1.0

1.0

U.S. Tax Reform rate change(1)

(8.9)

Effective rate

24.9

%

25.1

%

27.2

%

___________________________________

(1)Deferred income taxes on our balance sheet at December 31, 2017 were remeasured for the change in the U.S. income tax rate through income tax expense (see discussion on U.S. Tax Reform). This one-time beneficial rate change adjustment for $20 million includes $1 million in state income tax expense.

Income Tax Expense From Continuing Operations

Year Ended

December 31,

(In millions)

2019

2018

2017

Current:

U.S. federal

$

42

$

29

$

71

State and local

9

6

7

52

35

78

Deferred:

U.S. federal

(1)

7

(20)

State and local

1

(1)

7

(19)

Provision for income taxes

$

51

$

42

$

60

Deferred Tax Balances

As of

December 31,

(In millions)

2019

2018

Long-term deferred tax assets (liabilities):

Intangible assets(1)

$

(46)

$

(34)

Property and equipment

(7)

(6)

Prepaid expenses and deferred customer acquisition costs

(7)

(6)

Lease asset

(4)

Accrued liabilities

4

2

Other long-term obligations

2

1

Tenant improvements

1

Lease liability

6

Deferred interest expense

6

4

Net operating loss and tax credit carryforwards(2)

2

Less valuation allowance

(1)

(1)

Net Long-term deferred tax liability

$

(45)

$

(39)

___________________________________

(1)The deferred tax liability relates primarily to the difference in the tax versus book basis of intangible assets. We had $44 million and $42 million of deferred tax liability included in this net deferred tax liability as of December 31, 2019 and 2018, respectively, that will not actually be paid unless certain of our business units are sold.

(2)Represents federal loss carryovers that have an indefinite life and state loss carryovers that expire on or before 2039.