Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Our income tax provision (benefit) is as follows:



	Year Ended December 31,
In thousands	2016			2015			2014
Current income tax expense (benefit)
Federal	$	—		$	(8,515	)	$	(42,500	)
State	(785		)	160			(407		)
Total current income tax benefit	(785		)	(8,355		)	(42,907		)

Deferred income tax expense (benefit)
Federal	(521,519		)	(1,853,517		)	400,544
State	(21,866		)	(78,662		)	29,429
Total deferred income tax expense (benefit)	(543,385		)	(1,932,179		)	429,973
Total income tax expense (benefit)	$	(544,170	)	$	(1,940,534	)	$	387,066

Deferred Tax Assets And Liabilities

Significant components of our deferred tax assets and liabilities as of December 31, 2016 and 2015 are as follows:



	December 31,
In thousands	2016			2015
Deferred tax assets
Loss carryforwards – federal	$	27,078		$	52,580
Loss carryforwards – state	42,625			37,175
Tax credit carryover	41,132			34,837
Business credit carryforwards	72,748			70,452
Derivative contracts	27,261			—
Stock-based compensation	10,306			23,468
Unrecognized gain and original issue discount on debt exchange	106,321			—
Other	38,834			34,236
Valuation allowance	(36,510		)	(33,600		)
Total deferred tax assets	329,795			219,148

Deferred tax liabilities
Property and equipment	(619,923		)	(1,004,330		)
Derivative contracts	—			(50,081		)
Other	(3,750		)	(16,826		)
Total deferred tax liabilities	(623,673		)	(1,071,237		)
Total net deferred tax liability	$	(293,878	)	$	(852,089	)

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	2016			2015			2014
Income tax provision (benefit) calculated using the federal statutory income tax rate	$	(532,121	)	$	(2,214,094	)	$	357,895
State income taxes, net of federal income tax benefit	(25,351		)	(117,624		)	25,368
Impairment of goodwill with no related tax basis	—			363,666			—
Tax shortfall on stock-based compensation deduction	9,557			—			—
Valuation allowance	2,910			33,600			—
Other	835			(6,082		)	3,803
Total income tax expense (benefit)	$	(544,170	)	$	(1,940,534	)	$	387,066