Components of Income Tax Provision |
Components of the income tax provision applicable to federal, state and foreign income taxes for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands):
|
|
2017 |
|
|
2016 |
|
|
2015 |
|
Federal income tax benefit: |
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
(42 |
) |
|
$ |
(24,777 |
) |
|
$ |
(42,020 |
) |
Deferred |
|
|
(335,106 |
) |
|
|
(134,592 |
) |
|
|
(83,812 |
) |
|
|
|
(335,148 |
) |
|
|
(159,369 |
) |
|
|
(125,832 |
) |
State income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
|
(215 |
) |
|
|
(257 |
) |
|
|
(3,480 |
) |
Deferred |
|
|
4,511 |
|
|
|
(14,163 |
) |
|
|
(12,433 |
) |
|
|
|
4,296 |
|
|
|
(14,420 |
) |
|
|
(15,913 |
) |
Foreign income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
|
(3,108 |
) |
|
|
(368 |
) |
|
|
(2,590 |
) |
Deferred |
|
|
249 |
|
|
|
(3,405 |
) |
|
|
(3,628 |
) |
|
|
|
(2,859 |
) |
|
|
(3,773 |
) |
|
|
(6,218 |
) |
Total income tax benefit: |
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
|
(3,365 |
) |
|
|
(25,402 |
) |
|
|
(48,090 |
) |
Deferred |
|
|
(330,346 |
) |
|
|
(152,160 |
) |
|
|
(99,873 |
) |
Total income tax benefit: |
|
$ |
(333,711 |
) |
|
$ |
(177,562 |
) |
|
$ |
(147,963 |
) |
|
Tax Effect of Significant Temporary Differences Representing Deferred Tax Assets and Liabilities |
The tax effect of significant temporary differences representing deferred tax assets and liabilities at December 31, 2017 and 2016 are as follows (in thousands):
|
|
2017 |
|
|
2016 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Net operating loss carryforwards |
|
$ |
285,542 |
|
|
$ |
203,485 |
|
Alternative minimum tax credit |
|
|
7,907 |
|
|
|
7,907 |
|
Scientific research and experimental development tax credit |
|
|
898 |
|
|
|
— |
|
Expense associated with stock options and restricted stock |
|
|
12,338 |
|
|
|
17,116 |
|
Workers' compensation allowance |
|
|
19,662 |
|
|
|
26,157 |
|
Federal benefit of state deferred tax liabilities |
|
|
5,660 |
|
|
|
5,310 |
|
Other |
|
|
27,066 |
|
|
|
14,998 |
|
Total deferred tax assets |
|
|
359,073 |
|
|
|
274,973 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
Property and equipment basis difference |
|
|
(695,111 |
) |
|
|
(911,972 |
) |
Other |
|
|
(10,923 |
) |
|
|
(9,538 |
) |
Total deferred tax liabilities |
|
|
(706,034 |
) |
|
|
(921,510 |
) |
Net deferred tax liability |
|
$ |
(346,961 |
) |
|
$ |
(646,537 |
) |
|