Company: CRK
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024783
Chunk: 141

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 141
---
 based on the achieved performance ranges from zero to two hundred percent.

(8)Retirement PlanThe Company has a 401(k) profit sharing plan which covers all of its employees. At its discretion, Comstock may match the employees' contributions to the plan. Matching contributions to the plan were approximately $2.1 million, $1.9 million and $1.5 million for the years ended December 31, 2024, 2023 and 2022, respectively.

(9)Income TaxesDeferred income taxes are provided to reflect the future tax consequences or benefits of differences between the tax basis of assets and liabilities and their reported amounts in the financial statements using enacted tax rates.The following is an analysis of the consolidated income tax provision (benefit): 

        Year Ended December 31,

        2024

        2023

        2022

        (In thousands)

        Current - Federal
         
        $
        (24,200
        )
         
        $
        (4,570
        )
         
        $
        40,445

        Current - State

        44

        (4,636
        )

        (7,701
        )

        Deferred - Federal

        (88,001
        )

        52,520

        209,705

        Deferred - State

        (36,918
        )

        (8,219
        )

        18,612

        $
        (149,075
        )
         
        $
        35,095

        $
        261,061

      In recording deferred income tax assets, the Company considers whether it is more likely than not that its deferred income tax assets will be realized in the future. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those deferred income tax assets would be deductible. The Company believes that after considering all the available objective evidence, historical and prospective, with greater weight given to historical evidence, management is not able to determine that it is more likely than not that all of its deferred tax assets will be realized. As a result, the Company established valuation allowances for its deferred tax assets and U.S. federal and state net operating loss carryforwards that are not expected to be utilized due to the uncertainty of generating taxable income prior to the expiration of the carryforward periods. The Company will continue to assess the valuation allowances against deferred tax assets considering all available information obtained in future periods.

F