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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
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, 2019, 2018 and 2017 are as follows (in thousands):

 

 

 

2019

 

 

2018

 

 

2017

 

Federal income tax benefit:

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

$

(1,976

)

 

$

(3,954

)

 

$

(42

)

Deferred

 

 

(90,441

)

 

 

(35,081

)

 

 

(335,106

)

 

 

 

(92,417

)

 

 

(39,035

)

 

 

(335,148

)

State income tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

851

 

 

 

1,704

 

 

 

(215

)

Deferred

 

 

(11,593

)

 

 

(11,147

)

 

 

4,511

 

 

 

 

(10,742

)

 

 

(9,443

)

 

 

4,296

 

Foreign income tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

(348

)

 

 

(2,552

)

 

 

(3,108

)

Deferred

 

 

(1,168

)

 

 

5,043

 

 

 

249

 

 

 

 

(1,516

)

 

 

2,491

 

 

 

(2,859

)

Total income tax benefit:

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

(1,473

)

 

 

(4,802

)

 

 

(3,365

)

Deferred

 

 

(103,202

)

 

 

(41,185

)

 

 

(330,346

)

Total income tax benefit:

 

$

(104,675

)

 

$

(45,987

)

 

$

(333,711

)

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, 2019, 2018 and 2017 is summarized as follows:

 

 

2019

 

 

2018

 

 

2017

 

Statutory tax rate

 

 

21.0

%

 

 

21.0

%

 

 

35.0

%

State income taxes - net of the federal income tax benefit

 

 

1.7

 

 

 

1.2

 

 

 

1.9

 

Goodwill impairment

 

 

(0.7

)

 

 

(6.9

)

 

 

—

 

Permanent differences

 

 

(0.5

)

 

 

(0.6

)

 

 

(1.3

)

Tax effects of tax reform

 

 

—

 

 

 

(1.3

)

 

 

66.7

 

Share-based payments

 

 

(0.7

)

 

 

(0.1

)

 

 

3.6

 

Acquisition related differences

 

 

—

 

 

 

—

 

 

 

(3.3

)

Valuation allowance

 

 

(0.8

)

 

 

(3.7

)

 

 

—

 

State deferred tax remeasurement

 

 

(1.1

)

 

 

2.3

 

 

 

—

 

Other differences, net

 

 

0.8

 

 

 

0.6

 

 

 

(0.8

)

Effective tax rate

 

 

19.7

%

 

 

12.5

%

 

 

101.8

%

 

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, 2019 and 2018 are as follows (in thousands):

 

 

 

2019

 

 

2018

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

375,308

 

 

$

324,389

 

Tax credits

 

 

4,138

 

 

 

6,404

 

Expense associated with stock options and restricted stock

 

 

10,561

 

 

 

13,375

 

Workers' compensation allowance

 

 

19,536

 

 

 

19,900

 

Other deferred tax asset

 

 

21,698

 

 

 

22,423

 

 

 

 

431,241

 

 

 

386,491

 

Less:

 

 

 

 

 

 

 

 

Valuation allowance

 

 

(17,231

)

 

 

(13,232

)

Total deferred tax assets

 

 

414,010

 

 

 

373,259

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Property and equipment basis difference

 

 

(607,785

)

 

 

(669,196

)

Other

 

 

(9,184

)

 

 

(10,224

)

Total deferred tax liabilities

 

 

(616,969

)

 

 

(679,420

)

Net deferred tax liability

 

$

(202,959

)

 

$

(306,161

)