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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
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

)

 

Difference Between Statutory Federal Income Tax Rate and Effective Income Tax Rate

The difference between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2017, 2016 and 2015 is summarized as follows:

 

 

 

2017

 

 

2016

 

 

2015

 

Statutory tax rate

 

 

35.0

%

 

 

35.0

%

 

 

35.0

%

State income taxes - net of the federal income tax benefit

 

 

1.9

 

 

 

2.0

 

 

 

2.1

 

Permanent differences

 

 

(1.3

)

 

 

(0.1

)

 

 

(1.3

)

One-time tax effects of tax reform

 

 

66.7

 

 

 

 

 

 

 

Share-based payments

 

 

3.6

 

 

 

 

 

 

 

Acquisition related differences

 

 

(3.3

)

 

 

 

 

 

 

Other differences, net

 

 

(0.8

)

 

 

(1.1

)

 

 

(2.4

)

Effective tax rate

 

 

101.8

%

 

 

35.8

%

 

 

33.4

%

 

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

)