Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.6.0.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Summary of Provision for Income Taxes from Continuing Operations
The following table summarizes our provision for income taxes for the periods presented: 
 
Successor
 
 
Predecessor
 
Period From September 13, 2016
 
 
Period From January 1, 2016
 
Year Ended December 31,
 
Through December 31, 2016
 
 
Through September 12, 2016
 
2015
 
2014
Current income taxes (benefit)
 

 
 
 
 
 

 
 

Federal
$

 
 
$

 
$
(660
)
 
$
2,045

State

 
 

 
1

 
1,504

 

 
 

 
(659
)
 
3,549

Deferred income tax benefit
 

 
 
 
 
 

 
 

Federal

 
 

 
(261
)
 
(130,693
)
State

 
 

 
(4,451
)
 
(4,534
)
 

 
 

 
(4,712
)
 
(135,227
)
 
$

 
 
$

 
$
(5,371
)
 
$
(131,678
)
Income Taxes Reconciliation
The following table reconciles the difference between the income tax benefit computed by applying the statutory tax rate to our loss before income taxes and our reported income tax benefit for the periods presented: 
 
Successor
 
 
Predecessor
 
Period From September 13, 2016
 
 
Period From January 1, 2016
 
Year Ended December 31,
 
Through December 31, 2016
 
 
Through September 12, 2016
 
2015
 
2014
Computed at federal statutory rate
$
(1,854
)
 
35.0
 %
 
 
$
369,111

 
35.0
 %
 
$
(555,916
)
 
35.0
 %
 
$
(189,445
)
 
35.0
 %
State income taxes, net of federal income tax benefit
197

 
(3.7
)%
 
 
1,989

 
0.2
 %
 
(4,438
)
 
0.3
 %
 
(3,556
)
 
0.6
 %
Change in valuation allowance
1,657

 
(31.3
)%
 
 
(384,692
)
 
(36.5
)%
 
554,879

 
(35.0
)%
 
61,104

 
(11.3
)%
Reorganization adjustments

 
 %
 
 
13,572

 
1.3
 %
 

 
 %
 

 
 %
Other, net

 
 %
 
 
20

 
 %
 
104

 
 %
 
219

 
 %
 
$

 
 %
 
 
$

 
 %
 
$
(5,371
)
 
0.3
 %
 
$
(131,678
)
 
24.3
 %
Summary of Principal Components of Net Deferred Income Tax Liability
The following table summarizes the principal components of our deferred income tax assets and liabilities as of the dates presented: 
 
Successor
 
 
Predecessor
 
December 31,
 
2016
 
 
2015
Deferred tax assets:
 

 
 
 

Property and equipment
$
183,303

 
 
$
417,535

Pension and postretirement benefits
710

 
 
2,276

Share-based compensation
28

 
 
7,393

Net operating loss (“NOL”) carryforwards
87,622

 
 
222,971

Fair value of derivative instruments
9,579

 
 

Deferred gains

 
 
30,382

Other
7,166

 
 
16,637

 
288,408

 
 
697,194

Less:  Valuation allowance
(288,408
)
 
 
(662,909
)
Total net deferred tax assets

 
 
34,285

Deferred tax liabilities:
 
 
 
 
Fair value of derivative instruments

 
 
34,285

Total net deferred tax liabilities

 
 
34,285

Net deferred tax liabilities
$

 
 
$