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Income Taxes | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Income tax expense is summarized as follows:
| Year Ended December 31,
(In thousands) | 2014 |  | 2013 |  | 2012
Current |  |  |  |  |  |  |  |
Federal | $ | 44,887 |  |  | $ | 56,544 |  |  | $ | 24,618 |
State | (4,387 | ) |  | 10,841 |  |  | 563 |
| 40,500 |  |  | 67,385 |  |  | 25,181 |
Deferred |  |  |  |  |  |  |  |
Federal | (32,375 | ) |  | 111,147 |  |  | 57,704 |
State | (80,192 | ) |  | 27,233 |  |  | 23,225 |
| (112,567 | ) |  | 138,380 |  |  | 80,929 |
Income tax (benefit) expense | $ | (72,067 | ) |  | $ | 205,765 |  |  | $ | 106,110 |
Income tax expense was different than the amounts computed by applying the statutory federal income tax rate as follows:
| Year Ended December 31,
(In thousands) | 2014 |  | 2013 |  | 2012
Statutory federal income tax rate | 35 | % |  | 35 | % |  | 35 | %
Computed "expected" federal income tax | $ | 11,341 |  |  | $ | 169,938 |  |  | $ | 83,244 |
Deferred tax adjustment related to change in overall state tax rate | (86,956 | ) |  | 15,220 |  |  | 13,596 |
State income tax, net of federal income tax benefit | 903 |  |  | 17,513 |  |  | 9,609 |
Valuation allowance | 3,977 |  |  | — |  |  | 262 |
Uncertain tax positions | (1,974 | ) |  | 2,400 |  |  | — |
Other, net | 642 |  |  | 694 |  |  | (601 | )
Income tax expense | $ | (72,067 | ) |  | $ | 205,765 |  |  | $ | 106,110 |
The composition of deferred tax liabilities and deferred tax assets were as follows:
| December 31,
(In thousands) | 2014 |  | 2013
Deferred Tax Assets |  |  |  |  |
Net operating loss carryforward | $ | 141,961 |  |  | $ | 78,182 |
Alternative minimum tax carryforward | 227,719 |  |  | 182,212 |
Foreign tax credit | 4,525 |  |  | 4,822 |
Derivative instruments | — |  |  | 3,946 |
Incentive compensation | 21,961 |  |  | 36,450 |
Deferred compensation | 9,531 |  |  | 11,988 |
Post-retirement benefits | 13,689 |  |  | 13,965 |
Other | 747 |  |  | 3,619 |
Total | 420,133 |  |  | 335,184 |
Deferred Tax Liabilities |  |  |  |  |
Properties and equipment | 1,248,532 |  |  | 1,321,241 |
Derivative instruments | 50,750 |  |  | — |
Total | 1,299,282 |  |  | 1,321,241 |
Net deferred tax liabilities | $ | 879,149 |  |  | $ | 986,057 |
As of December 31, 2014, the Company had alternative minimum tax credit carryforwards of $227.7 million, which do not expire and can be used to offset regular income taxes in future years to the extent that regular income taxes exceed the alternative minimum tax in any such year. The Company also had net operating loss carryforwards of $399.8 million and $483.7 million for federal and state reporting purposes, respectively, the majority of which will expire between 2020 and 2034. The Company believes it is more likely than not that these deferred tax benefits will be utilized prior to their expiration. Tax benefits related to employee stock-based compensation included in net operating loss carryforwards but not reflected in deferred tax assets as of December 31, 2014 are approximately $108.6 million. For state income tax purposes, the Company must estimate the respective amounts of future earnings that are subject to income tax in the various states in which the Company operates. These estimates may change based on a variety of factors, including but not limited to the composition and location of the Company’s asset base and the location of the Company’s customers. In 2014, the Company’s effective tax rate decreased compared to 2013 due to a change in estimated deferred state tax liabilities reflected in the Company’s Consolidated Balance Sheet, which was based on updated state apportionment factors in states in which it operates. Unrecognized Tax Benefits A reconciliation of unrecognized tax benefits is as follows:
| Year Ended December 31,
(In thousands) | 2014 |  | 2013 |  | 2012
Balance at beginning of year | $ | 3,700 |  |  | $ | — |  |  | $ | — |
Additions based on tax provisions related to the current year | — |  |  | 3,700 |  |  | — |
Additions for tax positions of prior years | — |  |  | — |  |  | — |
Reductions for tax positions of prior years | (3,037 | ) |  | — |  |  | — |
Settlements | — |  |  | — |  |  | — |
Balance at end of year | $ | 663 |  |  | $ | 3,700 |  |  | $ | — |
During 2013, the Company recorded unrecognized tax benefits of $3.7 million based on the allocation of certain gains associated with its divestitures for purposes of computing state income taxes. These benefits were reduced during 2014 by $3.0 million based on changes to the Company's state tax rates. If recognized, the net tax benefit of $0.7 million would not have a material effect on the Company's effective tax rate. The Company files income tax returns in the U.S. federal, various states and other jurisdictions. The Company is no longer subject to examinations by state authorities before 2010 or by federal authorities before 2011. The Company is not currently under examination by the Internal Revenue Service.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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