XML 29 R13.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2015
Income Tax Disclosure [Abstract] |
Income Taxes |
(4) | Income Taxes
Our income tax benefit was $338.7 million for the year ended December 31, 2015 compared to income tax expense of $396.5 million in 2014 and income tax expense of $33.9 million in 2013. Reconciliation between the statutory federal income tax rate and our effective income tax rate is as follows:
| Year Ended December 31, |
| 2015 |  | 2014 |  |  | 2013 |
Federal statutory tax rate | 35.0 | % |  | 35.0 | % |  |  | 35.0 | %
State | 4.3 |  |  | 3.1 |  |  |  | (2.3 | )
State apportionment rate change | (0.2 | ) |  | (0.2 | ) |  |  | (14.9 | )
Non-deductible executive compensation | (0.1 | ) |  | 0.2 |  |  |  | 0.7 |
Valuation allowances | (6.8 | ) |  | 0.2 |  |  |  | 3.5 |
Other | ¾ |  |  | 0.2 |  |  |  | 0.6 |
Consolidated effective tax rate | 32.2 | % |  | 38.5 | % |  |  | 22.6 | %
Income tax (benefit) expense attributable to income before income taxes consists of the following (in thousands):
|  |  | 2015 |  |  |  | 2014 |  |  |  | 2013 |
|  |  | Current |  |  | Deferred |  |  | Total |  |  | Current |  |  | Deferred |  |  | Total |  |  | Current |  |  | Deferred |  |  | Total |
U.S. federal |  | $ | ¾ |  |  | $ | (328,257 | ) |  | $ | (328,257 | ) |  | $ | ¾ |  |  | $ | 361,152 |  |  | $ | 361,152 |  |  | $ | ¾ |  |  | $ | 58,527 |  |  | $ | 58,527 |
U.S. state and local |  |  | 29 |  |  |  | (10,449 | ) |  |  | (10,420 | ) |  |  | 1 |  |  |  | 35,350 |  |  |  | 35,351 |  |  |  | (143 | ) |  |  | (24,527 | ) |  |  | (24,670 | )
Total |  | $ | 29 |  |  | $ | (338,706 | ) |  | $ | (338,677 | ) |  | $ | 1 |  |  | $ | 396,502 |  |  | $ | 396,503 |  |  | $ | (143 | ) |  | $ | 34,000 |  |  | $ | 33,857 |
Significant components of deferred tax assets and liabilities are as follows:
| December 31, |
| 2015 |  |  | 2014 |
| (in thousands) |
Deferred tax assets: |  |  |  |  |  |  |
Net operating loss carryforward | $ | 173,503 |  |  | $ | 176,812 |
Deferred compensation |  | 45,413 |  |  |  | 73,942 |
Equity compensation |  | 25,940 |  |  |  | 25,833 |
AMT credits and other credits |  | 4,437 |  |  |  | 4,447 |
Asset retirement obligation |  | 101,142 |  |  |  | 109,808 |
Cumulative mark-to-market loss |  | ¾ |  |  |  | 649 |
Other |  | 10,163 |  |  |  | 10,908 |
Valuation allowances: |  |  |  |  |  |  |
Federal |  | (42,500 | ) |  |  | ¾ |
State, net of federal benefit |  | (41,516 | ) |  |  | (8,800 | )
Deferred compensation plans and other |  | (3,607 | ) |  |  | (7,799 | )
Total deferred tax assets |  | 272,975 |  |  |  | 385,800 |
Deferred tax liabilities: |  |  |  |  |  |  |
Depreciation, depletion and investments |  | (940,482 | ) |  |  | (1,342,038 | )
Cumulative mark-to-market gain |  | (109,845 | ) |  |  | (154,183 | )
Other |  | (595 | ) |  |  | (2,660 | )
Total deferred tax liabilities |  | (1,050,922 | ) |  |  | (1,498,881 | )
Net deferred tax liability | $ | (777,947 | ) |  | $ | (1,113,081 | )
At December 31, 2015, deferred tax liabilities exceeded deferred tax assets by $777.9 million. As of December 31, 2015, we have a valuation allowance of $3.1 million on the deferred tax asset related to our deferred compensation plan for planned future distributions to certain executives to the extent that their estimated future compensation plus distribution amounts would exceed the $1.0 million deductible limit provided under I.R.C. Section 162(m). During 2015, we adjusted our state net operating loss and credit carryforwards by a total of $32.7 million. This amount includes $15.6 million in net operating loss carryforwards for Louisiana, Mississippi, Oklahoma and West Virginia and establishes a full valuation for these states where we do not expect to generate any taxable income in the future due to completed or anticipated sales. We established a valuation allowance in 2015 related to our Pennsylvania net operating loss carryforwards of $16.0 million due to the low commodity price environment and the limitation Pennsylvania places on future utilization of net operating loss carryforwards. We also recorded a $1.0 million valuation allowance related to our Texas Margin Tax credit carryforward. In addition, during 2015 we have recorded a valuation allowance of $42.5 million related to our federal net operating loss carryforwards which we expect will expire unused based exclusively on our estimated turn of temporary difference in the next four years. At December 31, 2015, we had regular net operating loss (“NOL”) carryforwards of $620.6 million and alternative minimum tax (“AMT”) NOL carryforwards of $539.3 million that expire between 2018 and 2035. Our federal deferred tax asset related to regular NOL carryforwards at December 31, 2015 was $123.5 million, which is net of the Accounting Standards Codification 718, “Stock Compensation” reduction for unrealized benefits, related to NOL’s created by excess tax deductions that have not generated current tax benefits. At December 31, 2015, we have AMT credit carryforwards of $665,000 that are not subject to limitation or expiration. We file consolidated tax returns in the United States federal jurisdiction. We file separate company state income tax returns in Louisiana, Mississippi, Pennsylvania and Virginia and file consolidated or unitary state income tax returns in Oklahoma, Texas and West Virginia. We are subject to U.S. Federal income tax examinations for the years 2012 and after and we are subject to various state tax examinations for years 2011 and after. We have not extended the statute of limitation period in any income tax jurisdiction. Our policy is to recognize interest related to income tax expense in interest expense and penalties in general and administrative expense. We do not have any accrued interest or penalties related to tax amounts as of December 31, 2015. Throughout 2015, our unrecognized tax benefits were not material.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 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 2: 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 Reference 3: 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 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 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration