XML 48 R28.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
		2024				2023				2022
		(In thousands)
Current - Federal		$	(24,200	)		$	(4,570	)		$	40,445
Current - State			44				(4,636	)			(7,701	)
Deferred - Federal			(88,001	)			52,520				209,705
Deferred - State			(36,918	)			(8,219	)			18,612
		$	(149,075	)		$	35,095			$	261,061

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,
		2024				2023
		(In thousands)
Deferred tax assets:
Interest expense limitation		$	207,053			$	168,604
Net operating loss carryforwards			79,628				106,961
Unrealized hedging losses			16,701				—
Asset retirement obligation			6,991				6,610
Other			22,142				3,784
			332,515				285,959
Valuation allowance on deferred tax assets			(53,687	)			(70,184	)
Deferred tax assets			278,828				215,775
Deferred tax liabilities:
Property and equipment			(621,561	)			(653,369	)
Unrealized hedging gains			—				(26,623	)
Other			(2,383	)			(5,818	)
Deferred tax liabilities			(623,944	)			(685,810	)
Net deferred tax liability		$	(345,116	)		$	(470,035	)

Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due

The difference between the customary rate of 21.0% and the effective tax rate on income (losses) is due to the following:

		Year Ended December 31,
		2024				2023				2022
		(In thousands)
Tax at statutory rate		$	(77,244	)		$	51,868			$	294,408
Tax effect of:
Research and development and other income tax credits			(41,796	)			—				—
Valuation allowance on deferred tax assets			(16,499	)			(2,307	)			(47,077	)
State income taxes, net of federal benefit			(20,215	)			(10,542	)			14,680
Effect of changes in state tax laws or rates			6,847				—				—
Other			(168	)			(3,924	)			(950	)
Total		$	(149,075	)		$	35,095			$	261,061

		Year Ended December 31,
		2024				2023				2022
Tax at statutory rate			21.0	%			21.0	%			21.0	%
Tax effect of:
Research and development and other income tax credits		11.4					—				—
Valuation allowance on deferred tax assets			4.5				(0.9	)			(3.4	)
State income taxes, net of federal benefit			5.5				(4.3	)			1.1
Effect of changes in state tax laws or rates			(1.9	)			—				—
Other			—				(1.6	)			(0.1	)
Effective tax rate			40.5	%			14.2	%			18.6	%

Carryforwards Available to Reduce Future Income Taxes

At December 31, 2024, 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		2025-2037		$	740,631
Net operating loss – U.S. federal		Unlimited		$	2,408
Net operating loss – state taxes		Unlimited		$	1,805,167
Interest expense – U.S. federal		Unlimited		$	822,544
Interest expense – state taxes		Unlimited		$	789,849

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

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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-3

+ Details

Name:	us-gaap_SummaryOfTaxCreditCarryforwardsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration