Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.20.4
Income Tax (Tables)
12 Months Ended
Dec. 31, 2020
Income Taxes  
Summary of income tax expense

Year Ended December 31,

(in thousands)

    

2018

    

2019

    

2020

Current income tax expense (benefit)

$

33,615

(539)

(55,517)

Deferred income tax expense (benefit)

(1,304)

(101,927)

(171)

Total income tax expense (benefit)

$

32,311

(102,466)

(55,688)

Summary of reconciliation of income tax expense

Year Ended December 31,

(in thousands)

    

2018

    

2019

    

2020

Federal income tax expense (benefit)

$

20,773

(96,092)

(37,426)

State income tax expense (benefit), net of federal benefit

4,133

(17,089)

(6,998)

Non-deductible equity-based compensation

8,087

13,694

516

Non-deductible IPO expenses

1

Charitable contributions

(2,473)

Carryback of NOLs

(11,225)

Other

(683)

(506)

(555)

Total income tax expense (benefit)

$

32,311

(102,466)

(55,688)

Schedule of temporary differences between assets and liabilities

December 31,

(in thousands)

    

2019

    

2020

Deferred tax assets:

    

    

NOL carryforwards

$

68,614

60,606

Investment in Antero Midstream Partners (1)

30,846

37,710

Equity-based compensation

1,298

2,590

Charitable contributions

2,473

2,496

Total deferred tax assets

103,231

103,402

Valuation allowance

Net deferred tax assets

103,231

103,402

Deferred tax liabilities:

Net deferred tax liabilities

Net deferred tax assets (liabilities)

$

103,231

103,402

(1) Investment in Antero Midstream Partners includes $2 million of transaction costs associated with the Transactions. See Note 3—Business Combination.