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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Consolidated Income Tax Provision (Benefit) | The following is an analysis of the consolidated income tax provision (benefit):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In thousands)
Current - Federal | $ | — |  |  | $ | — |  |  | $ | — |
Current - State | 14,968 |  |  | (154) |  |  | (223) |
Deferred - Federal | (16,721) |  |  | (12,037) |  |  | 27,550 |
Deferred - State | 13,156 |  |  | 2,981 |  |  | 476 |
| $ | 11,403 |  |  | $ | (9,210) |  |  | $ | 27,803 |
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 liabilities were as follows:
| As of December 31,
| 2021 |  | 2020
| (In thousands)
Deferred tax assets: |  |  |
Interest expense limitation | $ | 103,771 |  |  | $ | 55,026 |
Net operating loss carryforwards | 53,112 |  |  | 59,335 |
Unrealized hedging losses | 37,953 |  |  | 10,452 |
Asset retirement obligation | 4,312 |  |  | 4,061 |
Other | 7,771 |  |  | 5,661 |
| 206,919 |  |  | 134,535 |
Valuation allowance on deferred tax assets | (46,474) |  |  | (15,964) |
Deferred tax assets | 160,445 |  |  | 118,571 |
Deferred tax liabilities: |  |  |
Property and equipment | (340,722) |  |  | (283,959) |
Bond discount | (9,954) |  |  | (30,591) |
Other | (7,186) |  |  | (4,604) |
Deferred tax liabilities | (357,862) |  |  | (319,154) |
Net deferred tax liability | $ | (197,417) |  |  | $ | (200,583) |
Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due | The difference between the customary rate of 21% and the effective tax rate on income (losses) is due to the following:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In thousands)
Tax at statutory rate | $ | (48,368) |  |  | $ | (12,941) |  |  | $ | 26,185 |
Tax effect of: |  |  |  |  |
Valuation allowance on deferred tax assets | 30,504 |  |  | (919) |  |  | (494) |
State income taxes, net of federal benefit | 28,117 |  |  | 3,746 |  |  | (499) |
Nondeductible transaction costs | — |  |  | — |  |  | 1,417 |
Nondeductible stock-based compensation | 1,825 |  |  | 1,109 |  |  | 886 |
Other | (675) |  |  | (205) |  |  | 308 |
Total | $ | 11,403 |  |  | $ | (9,210) |  |  | $ | 27,803 |
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Tax at statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Tax effect of: |  |  |  |  |
Valuation allowance on deferred tax assets | (13.3) |  |  | 1.5 |  |  | (0.4) |
State income taxes, net of federal benefit | (12.2) |  |  | (6.1) |  |  | (0.4) |
Nondeductible transaction costs | — |  |  | — |  |  | 1.1 |
Nondeductible stock-based compensation | (0.8) |  |  | (1.8) |  |  | 0.7 |
Other | 0.3 |  |  | 0.3 |  |  | 0.3 |
Effective tax rate | (5.0) | % |  | 14.9 | % |  | 22.3 | %
Carryforwards Available to Reduce Future Income Taxes | At December 31, 2021, 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 |  | 2022-2037 |  | $ | 899,953 |
Net operating loss – U.S. federal |  | Unlimited |  | $ | 6,627 |
Net operating loss – state taxes |  | Unlimited |  | $ | 1,461,613 |
Interest expense – U.S. federal |  | Unlimited |  | $ | 494,147 |
Interest expense – state taxes |  | Unlimited |  | $ | 215,349 |

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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=121826272&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=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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