INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of provision for (benefit from) income taxes

The provision for (benefit from) income taxes for the years ended December 31, 2018, 2017 and 2016 were as follows:



(In thousands)	2018			2017			2016
Current	$	(703	)	$	(2,338	)	$	4,752
Deferred	16,195			(43,463		)	113,698
Total	$	15,492		$	(45,801	)	$	118,450

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

Income tax expense is computed by applying the Federal corporate tax rate for the years ended December 31, 2018, 2017 and 2016 and is reconciled to the provision for income taxes as follows:



(In thousands)	2018			2017			2016
Tax at statutory rate on earnings from continuing operations before income taxes	$	15,226		$	42,911		$	112,264
Increase (decrease) in valuation allowance, net	8,033			(175		)	(1,326		)
State income taxes, net of Federal income tax benefit	(4,933		)	1,408			4,004
Tax benefit from Tax Act	—			(101,688		)	—
Tax (benefit) expense from other change in rates, prior period adjustments and other permanent differences	(1,292		)	2,941			(4,591		)
Tax benefit on equity compensation	(1,490		)	(6,403		)	—
Tax expense on compensation disallowance	1,168			—			—
Tax benefit on historic tax credit	(1,220		)	—			—
Non-deductible warrant liability loss	—			15,205			8,544
Uncertain tax position benefit excluding interest	—			—			(407		)
Uncertain tax position interest, net of Federal income tax benefit	—			—			(38		)
Income tax expense (benefit)	$	15,492		$	(45,801	)	$	118,450

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

As of December 31, 2018, the amounts and expiration dates of operating loss and tax credit carryforwards for tax purposes are as follows:



			Expiration
(In thousands)	Amount		Date
Net operating loss carryforwards - Federal	$	145,671	2024-2038
Net operating loss carryforwards - Federal	25,065		n/a
Net operating loss carryforwards - State	460,802		2019-2038
Tax credit carryforwards - Federal AMT	3,699		n/a
Tax credit carryforwards - Historic Tax Credit	1,610		2038

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

The tax effects of temporary differences and carryforwards included in the net deferred tax liabilities at December 31, 2018 and 2017 are summarized as follows:



(In thousands)	2018			2017
Deferred tax assets:
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	$	83,263		$	92,210
Interest deduction carryforwards	34,611			29,247
Operating loss and tax credit carryforwards	65,071			50,914
Total deferred tax assets	182,945			172,371
Valuation allowance	(25,304		)	(17,271		)
Total net deferred tax assets	$	157,641		$	155,100
Deferred tax liabilities:
Property associated with MPCs, primarily differences in the tax basis of land assets and treatment of interest and other costs	$	(146,124	)	$	(157,181	)
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	(59,517		)	(60,430		)
Deferred income	(109,188		)	(98,339		)
Total deferred tax liabilities	(314,829		)	(315,950		)
Total net deferred tax liabilities	$	(157,188	)	$	(160,850	)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the change in unrecognized tax benefits for the years ended December 31, 2018, 2017 and 2016 is as follows:



(In thousands)	2018		2017		2016
Unrecognized tax benefits, opening balance	$	—	$	—	$	36,524
Gross increases - tax positions in prior period	—		—		—
Gross decreases - tax positions in prior periods	—		—		(36,524		)
Unrecognized tax benefits, ending balance	$	—	$	—	$	—