Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.10.0.1
Income Tax (Tables)
 12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Reconciliation Between Statutory Rates and Effective Tax Rates
Below is a reconciliation between the statutory rates of our TRS entities as of December 31, 2018 and our effective tax rates for the years ended December 31:
 
2018
 
2017
 
2016
Federal statutory income tax rate
21
 %
 
35
 %
 
35
 %
Reduction in rate resulting from:
 
 
 
 
 
Share-based compensation
(1
)%
 
(8
)%
 
(373
)%
Equity method investments
(11
)%
 
(83
)%
 
(847
)%
Other
2
 %
 
6
 %
 
9
 %
Valuation allowance
2
 %
 
49
 %
 
1,176
 %
TCJA rate revaluation adjustment
—
 %
 
1
 %
 
—
 %
Effective tax rate
13
 %
 
—
 %
 
—
 %
Summary of Deferred Tax Assets (Liabilities)
Deferred tax assets (liabilities) include the following as of December 31:
 
2018
 
2017
 
(in millions)
Receivables basis difference
$
(9
)
 
$
(8
)
Equity method investments
(31
)
 
(22
)
Gross deferred tax liabilities
(40
)
 
(30
)
Net operating loss (NOL) carryforwards
34

 
27

Tax credit carryforwards
12

 
10

Share-based compensation
3

 
3

Valuation allowance
(11
)
 
(11
)
Gross deferred tax assets
38

 
29

Net deferred tax liabilities
$
(2
)
 
$
(1
)
Cash Dividends Paid for Federal Income Tax Purposes
For federal income tax purposes, the cash dividends paid for the years ended December 31, 2018 and 2017 are characterized as follows:
 
2018
 
2017
Common distributions
 
 
 
Ordinary income
—
%
 
15
%
Return of capital
100
%
 
85
%
 
100
%
 
100
%