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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Summary of income tax benefit | Income tax expense (benefit) is summarized as follows:
| Year Ended December 31,
(In thousands) | 2018 |  | 2017 |  | 2016
Current |  |  |  |  |  |  |  |
Federal | $ | (95,191 | ) |  | $ | (9,531 | ) |  | $ | (9,920 | )
State | 6,682 |  |  | 1,816 |  |  | (1,848 | )
| (88,509 | ) |  | (7,715 | ) |  | (11,768 | )
Deferred |  |  |  |  |  |  |  |
Federal | 230,643 |  |  | (313,938 | ) |  | (218,357 | )
State | (1,040 | ) |  | (7,175 | ) |  | (12,350 | )
| 229,603 |  |  | (321,113 | ) |  | (230,707 | )
Income tax expense (benefit) | $ | 141,094 |  |  | $ | (328,828 | ) |  | $ | (242,475 | )
Schedule of reconciliation of actual provision for income taxes and provision for income taxes computed by applying the statutory federal income tax rate | Income tax expense (benefit) was different than the amounts computed by applying the statutory federal income tax rate as follows:
| Year Ended December 31,
| 2018 |  | 2017 |  | 2016
(In thousands, except rates) | Amount |  | Rate |  | Amount |  | Rate |  | Amount |  | Rate
Computed "expected" federal income tax | $ | 146,609 |  |  | 21.00 | % |  | $ | (79,952 | ) |  | 35.00 | % |  | $ | (230,860 | ) |  | 35.00 | %
State income tax, net of federal income tax benefit | 11,850 |  |  | 1.70 | % |  | (4,239 | ) |  | 1.86 | % |  | (10,888 | ) |  | 1.65 | %
Deferred tax adjustment related to change in overall state tax rate | (15,208 | ) |  | (2.18 | )% |  | (48 | ) |  | 0.02 | % |  | (663 | ) |  | 0.10 | %
Valuation allowance | 8,975 |  |  | 1.29 | % |  | (505 | ) |  | 0.22 | % |  | 221 |  |  | (0.03 | )%
Provision to return adjustments | (1,773 | ) |  | (0.25 | )% |  | (3,242 | ) |  | 1.42 | % |  | (121 | ) |  | 0.02 | %
Excess stock compensation | 327 |  |  | 0.05 | % |  | 2,965 |  |  | (1.30 | )% |  | — |  |  | — | %
Tax Act | (11,367 | ) |  | (1.63 | )% |  | (242,875 | ) |  | 106.32 | % |  | — |  |  | — | %
Other, net | 1,681 |  |  | 0.24 | % |  | (932 | ) |  | 0.41 | % |  | (164 | ) |  | 0.02 | %
Income tax expense (benefit) | $ | 141,094 |  |  | 20.21 | % |  | $ | (328,828 | ) |  | 143.95 | % |  | $ | (242,475 | ) |  | 36.76 | %
Schedule of deferred tax liabilities and deferred tax assets | The composition of net deferred tax liabilities is as follows:
| December 31,
(In thousands) | 2018 |  | 2017
Deferred Tax Assets |  |  |  |  |
Net operating losses | $ | 56,769 |  |  | $ | 207,633 |
Alternative minimum tax credits | 114,149 |  |  | 208,624 |
Foreign tax credits | 3,473 |  |  | 3,541 |
Other business credits | 3,380 |  |  | 3,524 |
Derivative instruments | — |  |  | 6,645 |
Incentive compensation | 17,378 |  |  | 15,898 |
Deferred compensation | 5,690 |  |  | 6,065 |
Post-retirement benefits | 6,799 |  |  | 7,265 |
Equity method investments | 20,746 |  |  | 21,812 |
Capital loss carryforward | 8,877 |  |  | — |
Other | 2,957 |  |  | 492 |
Less: valuation allowance | (14,943 | ) |  | (16,711 | )
Total | 225,275 |  |  | 464,788 |
Deferred Tax Liabilities |  |  |  |  |
Properties and equipment | 670,704 |  |  | 691,818 |
Derivative instruments | 13,168 |  |  | — |
Total | 683,872 |  |  | 691,818 |
Net deferred tax liabilities | $ | 458,597 |  |  | $ | 227,030 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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