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Income Taxes | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Income tax expense is summarized as follows:
| Year Ended December 31,
(In thousands) | 2020 |  | 2019 |  | 2018
Current |  |  |  |  |
Federal | $ | (31,838) |  |  | $ | (29,584) |  |  | $ | (95,191) |
State | 655 |  |  | 4,320 |  |  | 6,682 |
| (31,183) |  |  | (25,264) |  |  | (88,509) |
Deferred |  |  |  |  |
Federal | 67,451 |  |  | 233,136 |  |  | 230,643 |
State | 4,326 |  |  | 11,282 |  |  | (1,040) |
| 71,777 |  |  | 244,418 |  |  | 229,603 |
Income tax expense | $ | 40,594 |  |  | $ | 219,154 |  |  | $ | 141,094 |
Income tax expense was different than the amounts computed by applying the statutory federal income tax rate as follows:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
(In thousands, except rates) | Amount |  | Rate |  | Amount |  | Rate |  | Amount |  | Rate
Computed "expected" federal income tax | $ | 50,636 |  |  | 21.00 | % |  | $ | 189,047 |  |  | 21.00 | % |  | $ | 146,609 |  |  | 21.00 | %
State income tax, net of federal income tax benefit | 4,486 |  |  | 1.86 | % |  | 14,773 |  |  | 1.64 | % |  | 11,850 |  |  | 1.70 | %
Deferred tax adjustment related to change in overall state tax rate | 1,213 |  |  | 0.50 | % |  | (660) |  |  | (0.07) | % |  | (15,208) |  |  | (2.18) | %
Valuation allowance | (3,800) |  |  | (1.58) | % |  | 17,676 |  |  | 1.96 | % |  | 8,975 |  |  | 1.29 | %
Excess executive compensation | 5,249 |  |  | 2.18 | % |  | 1,935 |  |  | 0.21 | % |  | 1,382 |  |  | 0.20 | %
Reserve on uncertain tax positions | 5,964 |  |  | 2.47 | % |  | 5 |  |  | — | % |  | — |  |  | — | %
Tax credits generated | (23,216) |  |  | (9.63) | % |  | — |  |  | — | % |  | — |  |  | — | %
Tax Act | — |  |  | — | % |  | — |  |  | — | % |  | (11,367) |  |  | (1.63) | %
Other, net | 62 |  |  | 0.04 | % |  | (3,622) |  |  | (0.40) | % |  | (1,147) |  |  | (0.16) | %
Income tax expense | $ | 40,594 |  |  | 16.84 | % |  | $ | 219,154 |  |  | 24.34 | % |  | $ | 141,094 |  |  | 20.21 | %
In 2020, the Company's overall effective tax rate decreased compared to 2019, primarily due to research and development tax credit benefits recorded in 2020 related to amended prior year returns. The overall effective tax rate increased in 2019 compared to 2018 primarily due to larger tax benefits recorded in 2018 related to the Tax Cuts and Jobs Act (the Tax Act) and changes in the overall state tax rate. The composition of net deferred tax liabilities is as follows:
| December 31,
(In thousands) | 2020 |  | 2019
Deferred Tax Assets |  |  |
Net operating losses | $ | 22,177 |  |  | $ | 22,360 |
Alternative minimum tax credits | — |  |  | 22,120 |
Incentive compensation | 16,427 |  |  | 17,776 |
Deferred compensation | 5,753 |  |  | 5,463 |
Post-retirement benefits | 7,482 |  |  | 7,847 |
Equity method investments | — |  |  | 21,454 |
Capital loss carryforward | 16,486 |  |  | — |
Leases | 7,709 |  |  | 8,192 |
Other | 3,267 |  |  | 1,336 |
Less: valuation allowance | (28,231) |  |  | (31,763) |
Total | 51,070 |  |  | 74,785 |
Deferred Tax Liabilities |  |  |
Properties and equipment | 809,919 |  |  | 768,692 |
Equity method investments | 1,649 |  |  | — |
Leases | 7,709 |  |  | 8,192 |
Derivative instruments | 5,988 |  |  | 5 |
Total | 825,265 |  |  | 776,889 |
Net deferred tax liabilities | $ | 774,195 |  |  | $ | 702,104 |
As of December 31, 2020, the Company had gross state net operating loss carryforwards of $382.5 million, the majority of which expire between 2025 and 2040. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted in 2020, the Company fully utilized its remaining alternative minimum tax credits on its 2019 tax return. The Company also incurred a capital loss on the sale of equity method investments in 2020, and recorded a gross capital loss carryforward of $72.2 million, which can only be used to offset future capital gains, and will expire in 2025. As of December 31, 2020, the Company had $13.1 million of valuation allowances on the deferred tax benefits related to state NOLs, and $14.9 million of valuation allowances on the deferred tax benefit related to the capital loss carryforward. The Company believes it is more likely than not that the remainder of its deferred tax benefits will be utilized prior to their expiration. Unrecognized Tax Benefits A reconciliation of unrecognized tax benefits is as follows:
|  | Year Ended December 31,
(In thousands) |  | 2020 |  | 2019 |  | 2018
Balance at beginning of year |  | $ | 520 |  |  | $ | 16,850 |  |  | $ | 663 |
Additions for tax positions of current year |  | 499 |  |  | — |  |  | — |
Additions for tax positions of prior years |  | 5,465 |  |  | — |  |  | 16,187 |
Reductions for tax positions of prior years |  | — |  |  | (16,330) |  |  | — |
Balance at end of year |  | $ | 6,484 |  |  | $ | 520 |  |  | $ | 16,850 |
During 2020, the Company recorded a $6.0 million reserve for unrecognized tax benefits related to research and development tax credits on prior year amended returns and current year estimates, and a $0.5 million liability for accrued interest associated with the uncertain tax position. As of December 31, 2020, the Company's overall net reserve for unrecognized tax positions was $6.5 million, with a $0.6 million liability for accrued interest on the uncertain tax positions. If recognized, the net tax benefit of $6.5 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 2012 or by federal authorities before 2017. The Company believes that appropriate provisions have been made for all jurisdictions and all open years, and that any assessment on these filings will not have a material impact on the Company's financial position, results of operations or cash flows.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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