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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income Tax Provision (Benefit) | The following is an analysis of the consolidated income tax provision (benefit):
|  | For the Years Ended December 31, |
|  | 2014 |  |  | 2015 |  |  | 2016 |
|  | (In thousands) |
Current - Federal |  | $ | — |  |  | $ | — |  |  | $ | — |
- State |  |  | (12 | ) |  |  | 804 |  |  |  | 64 |
Deferred - Federal |  |  | (27,652 | ) |  |  | (149,171 | ) |  |  | — |
- State |  |  | 2,975 |  |  |  | (6,078 | ) |  |  | 7,105 |
|  | $ | (24,689 | ) |  | $ | (154,445 | ) |  | $ | 7,169 |
Valuation Allowances Recognized and Related Tax Effect | The valuation allowances recognized and the related tax effect for 2014, 2015 and 2016 are as follows:
|  | For the Years Ended December 31, |
|  | 2014 |  |  | 2015 |  |  | 2016 |
|  | (In thousands) |
Federal taxes: |  |  |  |  |  |  |  |  |  |  |  |
Valuation allowance |  | $ | — |  |  | $ | 775,304 |  |  | $ | 132,482 |
Tax effect |  |  | — |  |  |  | 271,356 |  |  |  | 46,369 |
State taxes: |  |  |  |  |  |  |  |  |  |  |  |
Valuation allowance |  |  | 213,066 |  |  |  | 264,188 |  |  |  | 434,561 |
Tax effect |  |  | 11,099 |  |  |  | 12,228 |  |  |  | 23,521 |
Income Tax Expense Benefit Income Tax Reconciliation | The difference between the Company's customary rate of 35% and the effective tax rate on losses is due to the following:
|  | For the Years Ended December 31, |
|  | 2014 |  |  | 2015 |  |  | 2016 |
|  | (In thousands) |
Tax benefit at statutory rate |  | $ | (28,630 | ) |  | $ | (420,544 | ) |  | $ | (44,788 | )
Tax effect of: |  |  |  |  |  |  |  |  |  |  |  |
Nondeductible compensation |  |  | 756 |  |  |  | 539 |  |  |  | 73 |
State taxes, net of federal tax benefit |  |  | (8,121 | ) |  |  | (18,218 | ) |  |  | (18,860 | )
Valuation allowance on deferred tax assets |  |  | 11,099 |  |  |  | 283,585 |  |  |  | 69,890 |
Other |  |  | 207 |  |  |  | 193 |  |  |  | 854 |
Total |  | $ | (24,689 | ) |  | $ | (154,445 | ) |  | $ | 7,169 |
Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due |
|  | For the Years Ended December 31, |
|  | 2014 |  |  | 2015 |  |  | 2016 |
Statutory rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
Tax effect of: |  |  |  |  |  |  |  |  |  |  |  |
Nondeductible compensation |  |  | (0.9 | ) |  |  | — |  |  |  | (0.1 | )
State taxes, net of federal tax benefit |  |  | 9.9 |  |  |  | 1.4 |  |  |  | 14.7 |
Valuation allowance on deferred tax assets |  |  | (13.6 | ) |  |  | (23.5 | ) |  |  | (54.6 | )
Other |  |  | (0.2 | ) |  |  | — |  |  |  | (0.6 | )
Effective tax rate |  |  | 30.2 | % |  |  | 12.9 | % |  |  | (5.6 | %)
Tax Effects of Significant Temporary Differences Representing Net Deferred Tax Asset and Liability | The tax effects of significant temporary differences representing the net deferred tax liability at December 31, 2015 and 2016 were as follows:
|  | 2015 |  |  | 2016 |
|  | (In thousands) |
Deferred tax assets: |  |  |  |  |  |  |  |
Property and equipment |  | $ | 58,993 |  |  | $ | 15,164 |
Net operating loss carryforwards |  |  | 255,571 |  |  |  | 339,914 |
Alternative minimum tax carryforward |  |  | 20,435 |  |  |  | 20,435 | Alternative minimum tax carryforward
Unrealized hedging loss |  |  | — |  |  |  | 2,110 |
Gain on debt exchange |  |  | — |  |  |  | 20,194 |
Other |  |  | 7,895 |  |  |  | 8,523 |
|  |  | 342,894 |  |  |  | 406,340 |
Valuation allowance on deferred tax assets |  |  | (330,372 | ) |  |  | (398,120 | )
Deferred tax assets |  |  | 12,522 |  |  |  | 8,220 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | (9,047 | ) |  |  | (9,203 | )
Unrealized hedging income |  |  | (506 | ) |  |  | — |
Original issue discount |  |  | — |  |  |  | (4,025 | )
Other |  |  | (4,934 | ) |  |  | (4,118 | )
Deferred tax liabilities |  |  | (14,487 | ) |  |  | (17,346 | )
Net deferred tax liability |  | $ | (1,965 | ) |  | $ | (9,126 | )
Carryforwards Available to Reduce Future Income Taxes | At December 31, 2016, Comstock had the following carryforwards available to reduce future income taxes:
Types of Carryforward |  |  | Years of Expiration Carryforward |  | Amount |
|  |  |  |  | (In thousands) |
Net operating loss - U.S. federal |  |  | 2017 – 2036 |  | $ | 745,190 |
Net operating loss – state taxes |  |  | 2020 – 2036 |  | $ | 1,521,847 |
Alternative minimum tax credits |  |  | Unlimited |  | $ | 20,435 |

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