INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

INCOME TAXES

Schedule of provision for (benefit from) income taxes

(In thousands)	2017		2016		2015
Current	$	(2,338)	$	4,752	$	2,849
Deferred		(43,463)		113,698		21,152
Total	$	(45,801)	$	118,450	$	24,001

Schedule of reconciliation of income tax expense computed by applying the Federal corporate tax rate to the provision for income taxes

(In thousands)	2017		2016		2015
Tax at statutory rate on earnings from continuing operations before income taxes	$	42,911	$	112,264	$	52,751
(Decrease) increase in valuation allowance, net		(175)		(1,326)		1,742
State income taxes, net of Federal income tax benefit		1,408		4,004		267
Tax benefit from Tax Act		(101,688)		—		—
Tax expense (benefit) from other change in rates, prior period adjustments and other permanent differences		2,941		(4,591)		(7,361)
Tax benefit on equity compensation		(6,403)		—		—
Non-deductible warrant liability loss (gain)		15,205		8,544		(20,412)
Uncertain tax position benefit excluding interest		—		(407)		(2,483)
Uncertain tax position interest, net of Federal income tax benefit		—		(38)		(503)
Income tax (benefit) expense	$	(45,801)	$	118,450	$	24,001

Schedule of amounts and expiration dates of operating loss and tax credit carryforwards

			Expiration
(In thousands)	Amount		Date
Net operating loss carryforwards - Federal	$	147,059	2024-2037
Net operating loss carryforwards - State		327,221	2018-2037
Capital loss carryforwards		—	n/a
Tax credit carryforwards - Federal AMT		3,699	n/a

Summary of tax effects of temporary differences and carryforwards included in net deferred tax liabilities

(In thousands)	2017		2016
Deferred tax assets:
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	$	92,210	$	208,862
Interest deduction carryforwards		29,247		54,759
Operating loss and tax credit carryforwards		50,914		30,866
Total deferred tax assets		172,371		294,487
Valuation allowance		(17,271)		(18,635)
Total net deferred tax assets	$	155,100	$	275,852
Deferred tax liabilities:
Property associated with MPCs, primarily differences in the tax basis of land assets and treatment  of interest and other costs	$	(157,181)	$	(262,572)
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities		(60,430)		(40,915)
Deferred income		(98,339)		(173,310)
Total deferred tax liabilities		(315,950)		(476,797)
Total net deferred tax liabilities	$	(160,850)	$	(200,945)

Reconciliation of Unrecognized Tax Benefits

(In thousands)	2017		2016		2015
Unrecognized tax benefits, opening balance	$	—	$	36,524	$	184,200
Gross increases - tax positions in prior period		—		—		—
Gross decreases - tax positions in prior periods		—		(36,524)		(147,676)
Unrecognized tax benefits, ending balance	$	—	$	—	$	36,524