COMSTOCK RESOURCES, INC. AND SUBSIDIARIES The tax effects of significant temporary differences representing the net deferred tax asset and liability at December 31, 2012 and 2013 were as follows: 2012 2013 (In thousands) Current deferred tax liabilities: Marketable securities ............................................ $ (1,262) $ — Derivative financial instruments ................................... (4,078) (339) Net current deferred tax liability ................................. (5,340) (339) Noncurrent deferred tax assets (liabilities): Property and equipment .......................................... (247,062) (238,361) Other assets ................................................... 8,319 8,221 Net operating loss carryforwards .................................. 95,180 70,207 Alternative minimum tax carryforward .............................. 19,080 21,178 Valuation allowance on net operating loss carryforwards ............... (23,009) (35,507) Other ........................................................ (2,409) (2,764) Net noncurrent deferred tax liability .............................. (149,901) (177,026) Net deferred tax liability ..................................... $(155,241) $(177,365) Types of Carryforward Years of Expiration Carryforward Amount (In thousands) Net operating loss — U.S. federal ........ 2017 — 2032 $ 80,165 Net operating loss — Louisiana .......... 2014 — 2028 $810,567 Alternative minimum tax credits ......... Unlimited $ 21,178 At December 31, 2013, Comstock had the following carryforwards available to reduce future income taxes: Utilization of $34.7 million of the U.S. federal net operating loss carryforwards is limited to approximately $1.1 million per year pursuant to a prior change of control of an acquired company, and a valuation allowance of $23.0 million, with a tax effect of $8.0 million, has been established for the estimated U.S. federal net operating loss carryforwards that will not be utilized. Realization of the remaining U.S. federal net operating loss carryforwards requires Comstock to generate taxable income within the carryforward period. A valuation allowance of $528.1 million, with a tax effect of $27.5 million, has been established against the Louisiana state net operating loss carryforwards due to the uncertainty of generating taxable income in the state of Louisiana prior to the expiration of the carryforward period. The Company’s federal income tax returns for the years subsequent to December 31, 2009 remain subject to examination. The Company’s income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2008. State tax returns in two state jurisdictions are currently under review. The Company currently believes that resolution of these matters will not have a material impact on its financial statements. The Company currently believes F-26 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)