Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
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
 
 
 
 
 
September 13 Through
 
 
January 1 Through
 
Year Ended December 31,
 
December 31,
 
 
September 12,
 
2018
 
2017
 
2016
 
 
2016
Current income taxes (benefit)
 
 
 
 
 

 
 
 
Federal
$
(2,471
)
 
$

 
$

 
 
$

 
(2,471
)
 

 

 
 

Deferred income taxes (benefit)
 
 
 
 
 

 
 
 
Federal
2,471

 
(4,943
)
 

 
 

State
523

 

 

 
 

 
2,994

 
(4,943
)
 

 
 

 
$
523

 
$
(4,943
)
 
$

 
 
$

Income Taxes Reconciliation
The following table reconciles the difference between the income tax expense (benefit) computed by applying the statutory tax rate to our income (loss) before income taxes and our reported income tax benefit for the periods presented: 
 
Successor
 
 
Predecessor
 
 
 
 
September 13 Through
 
 
January 1 Through
 
Year Ended December 31,
 
December 31,
 
 
September 12,
 
2018
 
2017
 
2016
 
 
2016
Computed at federal statutory rate
$
47,315

 
21.0
 %
 
$
9,701

 
35.0
 %
 
$
(1,854
)
 
35.0
 %
 
 
$
369,111

 
35.0
 %
State income taxes, net of federal income tax benefit
1,743

 
0.8
 %
 
(1,383
)
 
(5.0
)%
 
197

 
(3.7
)%
 
 
1,989

 
0.2
 %
Change in valuation allowance
(48,820
)
 
(21.7
)%
 
(24,353
)
 
(87.8
)%
 
1,657

 
(31.3
)%
 
 
(384,692
)
 
(36.5
)%
Effect of rate change on the valuation allowance

 
 %
 
(86,612
)
 
(312.5
)%
 

 
 %
 
 

 
 %
Effect of rate change

 
 %
 
86,612

 
312.5
 %
 

 
 %
 
 

 
 %
Reorganization adjustments

 
 %
 
10,760

 
38.8
 %
 

 
 %
 
 
13,572

 
1.3
 %
Other, net
285

 
0.1
 %
 
332

 
1.2
 %
 

 
 %
 
 
20

 
 %
 
$
523

 
0.2
 %
 
$
(4,943
)
 
(17.8
)%
 
$

 
 %
 
 
$


 %
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: 
 
December 31,
 
2018
 
2017
Deferred tax assets:
 

 
 

Net operating loss (“NOL”) carryforwards
$
163,437

 
$
127,821

Property and equipment

 
37,345

Pension and postretirement benefits
441

 
452

Share-based compensation
546

 
435

Fair value of derivative instruments

 
8,752

Other
8,836

 
7,608

 
173,260

 
182,413

Less:  Valuation allowance
(128,650
)
 
(177,470
)
Total net deferred tax assets
44,610

 
4,943

Deferred tax liabilities:
 
 
 
Property and equipment
33,413

 

Fair value of derivative instruments
9,248

 

Total deferred tax liabilities
42,661

 

Net deferred tax assets
$
1,949

 
$
4,943