Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Income Tax (Expense) Benefit |
Income tax (expense) benefit consists of the following (amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
2017 |
|
2016 |
|
2015 |
Deferred tax (expense) benefit: |
|
|
|
|
|
Federal taxes |
$ |
41,531 |
|
|
(4,452 |
) |
|
1,360 |
|
State taxes |
(105 |
) |
|
(753 |
) |
|
487 |
|
|
$ |
41,426 |
|
|
(5,205 |
) |
|
1,847 |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
Total income tax (expense) benefit differed from the “expected” income tax (expense) benefit determined by applying the statutory federal income tax rate of 35% as follows (amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
2017 |
|
2016 |
|
2015 |
“Expected” statutory tax (expense) benefit |
$ |
23,152 |
|
|
(374 |
) |
|
9,699 |
|
Tax reform rate change |
41,626 |
|
|
— |
|
|
— |
|
Nondeductible unrealized loss on derivative instrument with related party |
(17,021 |
) |
|
1,092 |
|
|
(3,906 |
) |
Employee's excess tax benefit for stock based compensation |
3,397 |
|
|
— |
|
|
— |
|
Nondeductible officer compensation |
(3,074 |
) |
|
(1,424 |
) |
|
(1,906 |
) |
Nondeductible transaction costs |
(2,760 |
) |
|
— |
|
|
— |
|
Nondeductible entertainment expenses |
(1,141 |
) |
|
(1,029 |
) |
|
(1,059 |
) |
Nondeductible original issue discount |
(850 |
) |
|
(773 |
) |
|
(660 |
) |
Nondeductible lobbying expenses |
(345 |
) |
|
(1,192 |
) |
|
(442 |
) |
State income taxes, net of federal (expense) benefit |
(105 |
) |
|
(753 |
) |
|
487 |
|
Impact of non-controlling interest attributable to non-tax paying entity |
— |
|
|
— |
|
|
220 |
|
Other, net |
(1,453 |
) |
|
(752 |
) |
|
(586 |
) |
|
$ |
41,426 |
|
|
(5,205 |
) |
|
1,847 |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities at December 31, 2017 and 2016 are summarized below (amounts in thousands):
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
Deferred tax assets: |
|
|
|
Net operating loss carryforwards |
$ |
104,617 |
|
|
111,236 |
|
Deferred revenue for financial reporting purposes |
44,853 |
|
|
59,993 |
|
Asset retirement obligations in excess of amounts recognized for tax purposes |
13,328 |
|
|
16,808 |
|
Compensated absences accrued for financial reporting purposes |
2,825 |
|
|
3,505 |
|
Share-based compensation expense for financial reporting purposes in excess of amounts recognized for tax purposes |
2,629 |
|
|
3,393 |
|
Accounts receivable, principally due to allowance for doubtful receivables |
1,023 |
|
|
1,965 |
|
Workers compensation and self-insurance health reserves, principally due to accrual for financial reporting purposes |
1,523 |
|
|
1,705 |
|
Alternative minimum tax credits |
1,735 |
|
|
1,735 |
|
Deferred compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes |
1,370 |
|
|
1,687 |
|
Other |
5,671 |
|
|
11,515 |
|
Total deferred tax assets |
$ |
179,574 |
|
|
213,542 |
|
Deferred tax liabilities: |
|
|
|
Plant and equipment, principally due to differences in depreciation |
$ |
192,413 |
|
|
245,118 |
|
Intangible assets |
77,455 |
|
|
106,061 |
|
Other |
277 |
|
|
345 |
|
Total deferred tax liabilities |
270,145 |
|
|
351,524 |
|
Net deferred tax liabilities |
$ |
90,571 |
|
|
137,982 |
|
|
| Summary of Operating Loss Carryforwards |
Our tax net operating loss carryforwards are summarized below by year of expiration (amounts in thousands):
|
|
|
|
|
|
|
|
Years ending December 31, |
Federal |
|
State |
2020 |
$ |
1,530 |
|
|
1,505 |
|
2021 |
29,615 |
|
|
27,814 |
|
2022 |
14,081 |
|
|
13,850 |
|
2023 |
3,968 |
|
|
3,903 |
|
2024 |
722 |
|
|
710 |
|
2025 |
1,536 |
|
|
1,511 |
|
2026 |
663 |
|
|
652 |
|
2027 |
1,010 |
|
|
993 |
|
2028 |
39,879 |
|
|
39,226 |
|
2029 |
46,537 |
|
|
45,756 |
|
2031 |
104,101 |
|
|
102,639 |
|
2033 |
5,073 |
|
|
4,968 |
|
2034 |
38,561 |
|
|
37,312 |
|
2035 |
13,415 |
|
|
12,743 |
|
2036 |
282 |
|
|
268 |
|
2037 |
70,195 |
|
|
66,850 |
|
Total tax net operating loss carryforwards |
$ |
371,168 |
|
|
360,700 |
|
|