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Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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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.

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Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances.

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