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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Consolidated Income Tax Provision (Benefit) | The following is an analysis of the consolidated income tax provision (benefit):
| Predecessor |  |  | Successor
| For the Period from January 1, 2018 through August 13, 2018 |  |  | For the Period from August 14, 2018 through December 31, 2018 |  | Year Ended December 31, 2019 |  | Year Ended December 31, 2020
| (In thousands)
Current - Federal | $ | — |  |  |  | $ | (1,349) |  |  | $ | — |  |  | $ | — |
Current - State | 13 |  |  |  | 82 |  |  | (223) |  |  | (154) |
Deferred - Federal | 2,412 |  |  |  | 16,406 |  |  | 27,550 |  |  | (12,037) |
Deferred - State | (1,360) |  |  |  | 3,805 |  |  | 476 |  |  | 2,981 |
| $ | 1,065 |  |  |  | $ | 18,944 |  |  | $ | 27,803 |  |  | $ | (9,210) |
Income Tax Expense Benefit Income Tax Reconciliation | The difference between the customary rate of 21% and the effective tax rate on income (losses) is due to the following:
| Predecessor |  |  | Successor
| For the Period from January 1, 2018 through August 13, 2018 |  |  | For the Period from August 14, 2018 through December 31, 2018 |  | Year Ended December 31, 2019 |  | Year Ended December 31, 2020
| (In thousands)
Tax at statutory rate | $ | (19,255) |  |  |  | $ | 17,444 |  |  | $ | 26,185 |  |  | $ | (12,941) |
Tax effect of: |  |  |  |  |  |  |  |
Alternative minimum tax | — |  |  |  | (1,349) |  |  | — |  |  | — |
Valuation allowance on deferred tax assets | 22,053 |  |  |  | (903) |  |  | (494) |  |  | (919) |
State income taxes, net of federal benefit | (3,599) |  |  |  | 3,863 |  |  | (499) |  |  | 3,746 |
Nondeductible transaction costs | — |  |  |  | — |  |  | 1,417 |  |  | — |
Nondeductible stock-based compensation | 668 |  |  |  | (120) |  |  | 886 |  |  | 1,109 |
Other | 1,198 |  |  |  | 9 |  |  | 308 |  |  | (205) |
Total | $ | 1,065 |  |  |  | $ | 18,944 |  |  | $ | 27,803 |  |  | $ | (9,210) |
Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due |
| Predecessor |  |  | Successor
| For the Period from January 1, 2018 through August 13, 2018 |  |  | For the Period from August 14, 2018 through December 31, 2018 |  | Year Ended December 31, 2019 |  | Year Ended December 31, 2020
Tax at statutory rate | 21.0 | % |  |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Tax effect of: |  |  |  |  |  |  |  |
Alternative minimum tax | — |  |  |  | (1.6) |  |  | — |  |  | — |
Valuation allowance on deferred tax assets | (24.1) |  |  |  | (1.1) |  |  | (0.4) |  |  | 1.5 |
State income taxes, net of federal benefit | 3.9 |  |  |  | 4.7 |  |  | (0.4) |  |  | (6.1) |
Nondeductible transaction costs | — |  |  |  | — |  |  | 1.1 |  |  | — |
Nondeductible stock-based compensation | (0.7) |  |  |  | (0.1) |  |  | 0.7 |  |  | (1.8) |
Other | (1.3) |  |  |  | — |  |  | 0.3 |  |  | 0.3 |
Effective tax rate | (1.2) | % |  |  | 22.9 | % |  | 22.3 | % |  | 14.9 | %
Tax Effects of Significant Temporary Differences Representing Net Deferred Tax Asset and Liability | T he tax effects of significant temporary differences representing the net deferred tax liability at December 31, 2019 and 2020 were as follows:
| 2019 |  | 2020
| (In thousands)
Deferred tax assets: |  |  |
Asset retirement obligation | $ | 3,812 |  |  | $ | 4,061 |
Net operating loss carryforwards | 51,656 |  |  | 59,335 |
Interest expense limitation | 62,552 |  |  | 55,026 |
Unrealized hedging losses | — |  |  | 10,452 |
Other | 9,022 |  |  | 5,661 |
| 127,042 |  |  | 134,535 |
Valuation allowance on deferred tax assets | (16,876) |  |  | (15,964) |
Deferred tax assets | 110,166 |  |  | 118,571 |
Deferred tax liabilities: |  |  |
Property and equipment | (269,587) |  |  | (283,959) |
Unrealized hedging income | (10,763) |  |  | — |
Bond discount | (37,458) |  |  | (30,591) |
Other | (4,130) |  |  | (4,604) |
Deferred tax liabilities | (321,938) |  |  | (319,154) |
Net deferred tax liability | $ | (211,772) |  |  | $ | (200,583) |
Carryforwards Available to Reduce Future Income Taxes | At December 31, 2020, 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 |  | 2021-2037 |  | $ | 899,953 |
Net operating loss – U.S. federal |  | Unlimited |  | $ | 6,492 |
Net operating loss – state taxes |  | 2021-2037 |  | $ | 1,552,582 |
Interest expense – U.S. federal |  | Unlimited |  | $ | 262,069 |
Interest expense – state taxes |  | Unlimited |  | $ | 264,878 |

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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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