Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.20.4
Income Tax (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation Between Statutory Rates and Effective Tax Rates Below is a reconciliation between the federal statutory rates of our TRS entities and our effective tax rates for the years ended December 31:
2020 2019 2018
Federal statutory income tax rate 21  % 21  % 21  %
Changes in rate resulting from:
Share-based compensation (13) % 2  % (1) %
Equity method investments (12) % (2) % (11) %
Other (4) % (1) % 2  %
Valuation allowance —  % (15) % 2  %
Effective tax rate (8) % 5  % 13  %
Summary of Deferred Tax Assets (Liabilities) Deferred tax assets (liabilities) include the following as of December 31:
2020 2019
  (in millions)
Net operating loss (NOL) carryforwards $ 63  $ 31 
Tax credit carryforwards 15  13 
Share-based compensation 3  3 
Other 9  3 
Valuation allowance —  — 
Gross deferred tax assets 90  50 
Receivables basis difference $ (12) $ (12)
Equity method investments (86) (52)
Gross deferred tax liabilities (98) (64)
Net deferred tax liabilities $ (8) $ (14)
Schedule of Cash Dividends Paid for Federal Income Tax Purposes
For federal income tax purposes, the cash dividends paid for the years ended December 31, 2020 and 2019 are characterized as follows:
2020 2019
Common distributions
Ordinary income —  % 18  %
Return of capital 100  % 82  %
  100  % 100  %