Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Total income taxes were as follows:



	Years Ended December 31,
(in thousands)	2018		2017			2016
Income tax (benefit) expense	$	15,517	$	(53,133	)	$	2,840
Other comprehensive income for changes in cash flow hedge	16		522			4,162
	$	15,533	$	(52,611	)	$	7,002

The provision for the federal and state income taxes attributable to income (loss) consists of the following components:

A reconciliation of income taxes determined by applying the federal and state tax rates to income (loss) is as follows:



	Years Ended December 31,
(in thousands)	2018			2017			2016
Computed "expected" tax expense	$	13,044		$	4,640		$	681
State income taxes, net of federal tax effect	4,748			(1,129		)	6
Changes in state DTL for mergers	—			—			3,320
Excess share based compensation	(1,254		)	(3,314		)	(1,709		)
Nondeductible merger expenses	—			—			801
Revaluation of U.S. deferred income taxes	(760		)	(53,449		)	—
Other, net	(261		)	119			(259		)
Income tax expense (benefit)	$	15,517		$	(53,133	)	$	2,840

Net deferred tax assets and liabilities consist of the following temporary differences:



(in thousands)	December 31, 2018			December 31, 2017
Deferred tax assets:
Deferred revenue	$	—		$	3,907
Net operating loss carry-forwards	12,612			14,983
Accruals and reserves	6,545			5,189
Pension benefits	2,873			3,556
Asset retirement obligations	7,797			4,608
Total gross deferred tax assets	29,827			32,243
Less valuation allowance	(862		)	(862		)
Net deferred tax assets	28,965			31,381

Deferred tax liabilities:
Deferred revenue	19,554			—
Plant-in-service	99,666			89,494
Intangible assets	32,963			37,682
Interest rate swaps	3,339			3,511
Other, net	896			1,573
Total gross deferred tax liabilities	156,418			132,260
Net deferred tax liabilities	$	127,453		$	100,879