Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of components of income tax expense |
Income tax expense consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
2016 |
|
2015 |
|
2014 |
Current taxes: |
|
|
|
|
|
Federal |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
State |
(21,782 |
) |
|
(15,916 |
) |
|
(7,743 |
) |
Foreign |
(383 |
) |
|
(825 |
) |
|
(2,341 |
) |
Total current taxes |
(22,165 |
) |
|
(16,741 |
) |
|
(10,084 |
) |
Deferred taxes: |
|
|
|
|
|
Federal |
(304,179 |
) |
|
(318,933 |
) |
|
(302,350 |
) |
State |
(19,383 |
) |
|
(46,566 |
) |
|
(25,111 |
) |
Total deferred taxes |
(323,562 |
) |
|
(365,499 |
) |
|
(327,461 |
) |
Total income tax expense |
$ |
(345,727 |
) |
|
$ |
(382,240 |
) |
|
$ |
(337,545 |
) |
|
| Schedule of effective income tax rate reconciliation |
The following table presents a reconciliation of the U.S. federal statutory tax rate and our effective tax rate:
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
2016 |
|
2015 |
|
2014 |
Federal tax expense, at statutory rate |
35.0 |
% |
|
35.0 |
% |
|
35.0 |
% |
State income tax expense, net of federal benefit |
2.8 |
% |
|
2.9 |
% |
|
3.9 |
% |
Change in valuation allowance |
— |
% |
|
4.9 |
% |
|
— |
% |
Tax credit |
(6.1 |
)% |
|
— |
% |
|
— |
% |
Other, net |
— |
% |
|
0.1 |
% |
|
1.7 |
% |
Effective tax rate |
31.7 |
% |
|
42.9 |
% |
|
40.6 |
% |
|
| Schedule of deferred tax assets and liabilities |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities, shown before jurisdictional netting, are presented below:
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
2016 |
|
2015 |
Deferred tax assets: |
|
|
|
Net operating loss carryforwards and tax credits |
$ |
1,376,012 |
|
|
$ |
1,447,159 |
|
Deferred revenue |
760,774 |
|
|
730,239 |
|
Accrued bonus |
35,225 |
|
|
31,458 |
|
Expensed costs capitalized for tax |
19,610 |
|
|
19,584 |
|
Investments |
44,129 |
|
|
46,857 |
|
Stock based compensation |
74,544 |
|
|
66,030 |
|
Other |
31,133 |
|
|
37,226 |
|
Total deferred tax assets |
2,341,427 |
|
|
2,378,553 |
|
Deferred tax liabilities: |
|
|
|
Depreciation of property and equipment |
(259,491 |
) |
|
(250,821 |
) |
FCC license |
(783,822 |
) |
|
(779,145 |
) |
Other intangible assets |
(172,520 |
) |
|
(190,442 |
) |
Total deferred tax liabilities |
(1,215,833 |
) |
|
(1,220,408 |
) |
Net deferred tax assets before valuation allowance |
1,125,594 |
|
|
1,158,145 |
|
Valuation allowance |
(47,682 |
) |
|
(49,095 |
) |
Total net deferred tax asset |
$ |
1,077,912 |
|
|
$ |
1,109,050 |
|
|
| Summary of income tax contingencies |
Changes in our uncertain income tax positions, from January 1 through December 31 are presented below:
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
Balance, beginning of year |
$ |
253,277 |
|
|
$ |
1,432 |
|
Increases in tax positions for prior years |
— |
|
|
251,845 |
|
Increases in tax positions for current years |
51,738 |
|
|
— |
|
Decreases in tax positions for prior years |
(1,432 |
) |
|
— |
|
Balance, end of year |
$ |
303,583 |
|
|
$ |
253,277 |
|
|