Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Our income tax provision (benefit) is as follows:



	Year Ended December 31,
In thousands	2015			2014			2013
Current income tax expense (benefit)
Federal	$	(8,515	)	$	(42,500	)	$	393
State	160			(407		)	9,864
Total current income tax expense (benefit)	(8,355		)	(42,907		)	10,257

Deferred income tax expense (benefit)
Federal	(1,853,517		)	400,544			222,559
State	(78,662		)	29,429			(33		)
Total deferred income tax expense (benefit)	(1,932,179		)	429,973			222,526
Total income tax expense (benefit)	$	(1,940,534	)	$	387,066		$	232,783

Deferred Tax Assets And Liabilities

Significant components of our deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows:



	December 31,
In thousands	2015			2014
Deferred tax assets
Loss carryforwards – federal	$	52,580		$	44,076
Loss carryforwards – state	37,175			43,270
Tax credit carryover	34,837			34,837
Business credit carryforwards	70,452			42,817
Stock-based compensation	23,468			29,994
Other	34,236			32,656
Valuation allowance	(33,600		)	—
Total deferred tax assets	219,148			227,650

Deferred tax liabilities
Property and equipment	(1,004,330		)	(2,806,850		)
Derivative contracts	(50,081		)	(185,385		)
Other	(16,826		)	(11,984		)
Total deferred tax liabilities	(1,071,237		)	(3,004,219		)
Total net deferred tax liability	$	(852,089	)	$	(2,776,569	)

Income Tax Provision (Benefit) Continuing Operations Income Tax Reconciliation

Our reconciliation of income tax expense computed by applying the U.S. federal statutory rate and the reported effective tax rate on income from continuing operations is as follows:



	Year Ended December 31,
In thousands	2015			2014		2013
Income tax provision (benefit) calculated using the federal statutory income tax rate	$	(2,214,094	)	$	357,895	$	224,833
State income taxes, net of federal income tax benefit	(117,624		)	25,368		13,518
Impairment of goodwill with no related tax basis	363,666			—		—
Valuation allowance	33,600			—		—
Other	(6,082		)	3,803		(5,568		)
Total income tax expense (benefit)	$	(1,940,534	)	$	387,066	$	232,783