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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2019
INCOME TAXES |
Schedule of income tax benefit (provision) | Income tax benefit (provision) for the indicated periods is comprised of the following (in thousands):
|  | Successor |  |  | Predecessor
|  | Period from |  |  | Period from |  |  |  |  |  |
|  | October 2, 2019 |  |  | January 1, 2019 |  |  |  |  |  |
|  | through |  |  | through |  | Years Ended December 31,
|  | December 31, 2019 |  |  | October 1, 2019 |  | 2018 |  | 2017
Current: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  | $ | — |  | $ | 5,000
State |  |  | — |  |  |  | — |  |  | — |  |  | —
|  |  | — |  |  |  | — |  |  | — |  |  | 5,000
Deferred: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | — |  |  |  | 95,791 |  |  | (95,791) |  |  | —
State |  |  | — |  |  |  | — |  |  | — |  |  | —
|  |  | — |  |  |  | 95,791 |  |  | (95,791) |  |  | —
Total income tax benefit (provision) |  | $ | — |  |  | $ | 95,791 |  | $ | (95,791) |  | $ | 5,000
Schedule of differences between the actual income tax benefit (provision) and the expected income tax benefit (provision) | The actual income tax benefit (provision) differs from the expected income tax benefit (provision) as computed by applying the United States federal corporate income tax rate of 21% for the period from October 2, 2019 through December 31, 2019 (Successor), the period from January 1, 2019 through October 1, 2019 (Predecessor) and the year ended December 31, 2018 (Predecessor) and 35% for the year ended December 31, 2017 (Predecessor), as follows (in thousands):
|  | Successor |  |  | Predecessor
|  | Period from |  |  | Period from |  |  |  |  |  |
|  | October 2, 2019 |  |  | January 1, 2019 |  |  |  |  |  |
|  | through |  |  | through |  | Years Ended December 31,
|  | December 31, 2019 |  |  | October 1, 2019 |  | 2018 |  | 2017
Expected tax benefit (provision) |  | $ | 2,196 |  |  | $ | 262,888 |  | $ | (29,767) |  | $ | (185,740)
State income tax expense, net of federal benefit |  |  | — |  |  |  | — |  |  | — |  |  | (2,587)
Stock-based compensation |  |  | — |  |  |  | (6,093) |  |  | (350) |  |  | —
Change in state rate |  |  | — |  |  |  | — |  |  | — |  |  | (10,121)
Capital loss |  |  | — |  |  |  | 271,248 |  |  | — |  |  | —
Increase (reduction) in deferred tax asset |  |  | — |  |  |  | (9,287) |  |  | (201,903) |  |  | 95,907
Change in valuation allowance and related items |  |  | (1,506) |  |  |  | (186,851) |  |  | 136,432 |  |  | 392,846
Attribute reduction |  |  |  |  |  |  | (229,385) |  |  | — |  |  | —
Tax Cuts and Jobs Act of 2017 |  |  | — |  |  |  | — |  |  | — |  |  | (280,874)
Permanent adjustments |  |  | (690) |  |  |  | (7,241) |  |  | (203) |  |  | —
Other |  |  | — |  |  |  | 512 |  |  | — |  |  | (4,431)
Total income tax benefit (provision) |  | $ | — |  |  | $ | 95,791 |  | $ | (95,791) |  | $ | 5,000
Schedule of components of net deferred income tax assets (liabilities) | The components of net deferred income tax assets (liabilities) recognized are as follows (in thousands):
|  | Successor |  |  | Predecessor
|  | December 31, 2019 |  |  | December 31, 2018
Deferred noncurrent income tax assets: |  |  |  |  |  |  |
Net operating loss carry-forwards |  | $ | 46,382 |  |  | $ | 204,751
Built in loss adjustment Section 382 |  |  | 142,285 |  |  |  | 88,835
Capital loss carryforward |  |  | 74,848 |  |  |  | —
Stock-based compensation expense |  |  | — |  |  |  | 8,509
Asset retirement obligations |  |  | 2,224 |  |  |  | 1,011
Book-tax differences in property basis |  |  | 200,478 |  |  |  | —
Unrealized hedging transactions |  |  | 1,618 |  |  |  | —
Disallowed interest Section 163(j) |  |  | 7,722 |  |  |  | 3,370
Basis difference in debt |  |  | 2,142 |  |  |  | —
Operating lease liability |  |  | 666 |  |  |  | —
Other |  |  | 991 |  |  |  | 1,917
Gross deferred noncurrent income tax assets |  |  | 479,356 |  |  |  | 308,393
Valuation allowance |  |  | (478,690) |  |  |  | (290,333)
Deferred noncurrent income tax assets |  | $ | 666 |  |  | $ | 18,060
Deferred noncurrent income tax liabilities: |  |  |  |  |  |  |
Basis difference in debt |  | $ | — |  |  | $ | (5,507)
Book-tax differences in property basis |  |  | — |  |  |  | (96,414)
Unrealized hedging transactions |  |  | — |  |  |  | (11,930)
Lease right of use |  |  | (666) |  |  |  | —
Deferred noncurrent income tax liabilities |  | $ | (666) |  |  | $ | (113,851)
Net noncurrent deferred income tax assets (liabilities) |  | $ | — |  |  | $ | (95,791)

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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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