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Income Taxes
9 Months Ended
Sep. 30, 2015
Income Tax Disclosure [Abstract]  
Income Taxes
INCOME TAXES
Note 12 to the consolidated financial statements in our 2014 Annual Report on Form 10-K contains additional information about our income taxes. At September 30, 2015, our U.S. and Canadian valuation allowances are $455.3 million and $96.1 million, respectively, which reduce our net deferred tax assets to a zero value as we continue to believe that it is not more likely than not that we will realize the deferred tax assets primarily related to our cumulative net operating losses. Income tax recognized for the nine months ended September 30, 2015 is a result of hedge gains previously deferred in AOCI being realized during the periods.
In June 2015, the Alberta government passed regulation to increase the provincial tax rate by 2% with an effective date of July 2015. We have adjusted our rates based on this change.