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Income Taxes (Tables) - Tradeweb Markets LLC | 12 Months Ended
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Dec. 31, 2018
Entity Information [Line Items] |
Components of provision for income taxes | The provision for income taxes consists of the following (in thousands):
|  | Successor |  |  | Predecessor |  | Predecessor |  | Predecessor
|  | October 1, 2018 to |  |  | January 1, 2018 to |  | Year Ended |  | Year Ended
|  | December 31, 2018 |  |  | September 30, 2018 |  | December 31, 2017 |  | December 31, 2016
Current: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  | $ | — |  | $ | —
State and Local |  |  | 1,235 |  |  |  | 5,739 |  |  | 4,331 |  |  | 2,772
Foreign |  |  | 1,212 |  |  |  | 3,559 |  |  | 2,748 |  |  | 2,826
|  |  | 2,447 |  |  |  | 9,298 |  |  | 7,079 |  |  | 5,598
Deferred – Federal |  |  | 680 |  |  |  | 1,085 |  |  | (433) |  |  | (5,783)
Deferred – state and local |  |  | 288 |  |  |  | 1,517 |  |  | (517) |  |  | (540)
Total deferred |  |  | 968 |  |  |  | 2,602 |  |  | (950) |  |  | (6,323)
Total |  | $ | 3,415 |  |  | $ | 11,900 |  | $ | 6,129 |  | $ | (725)
Reconciliation of the statutory tax rate |
|  | Successor |  |  | Predecessor |  | Predecessor |  | Predecessor |
|  | October 1, 2018 to |  |  | January 1, 2018 to |  | Year Ended |  | Year Ended |
|  | December 31, 2018 |  |  | September 30, 2018 |  | December 31, 2017 |  | December 31, 2016 |
U.S. federal tax at statutory rate |  | 21.0 | % |  | 21.0 | % | 35.0 | % | 35.0 | %
State and local taxes – net of federal benefit |  | 4.7 | % |  | 5.1 | % | 2.8 | % | 1.6 | %
Foreign taxes |  | 3.7 | % |  | 2.5 | % | 3.1 | % | 3.1 | %
Tax Cuts and Jobs Act provisional tax charge |  | 0.0 | % |  | 0.0 | % | 2.2 | % | 0.0 | %
LLC flow-through structure |  | (19.0) | % |  | (20.2) | % | (36.3) | % | (40.5) | %
Effective tax rate |  | 10.4 | % |  | 8.4 | % | 6.8 | % | (0.8) | %
Components of deferred tax assets (Liabilities) | The components of the Company’s deferred tax assets (liabilities) are as follows (in thousands):
|  | Successor |  |  | Predecessor
|  | December 31, 2018 |  |  | December 31, 2017
Deferred tax assets (liabilities): |  |  |  |  |  |  |
Net operating losses |  | $ | 6,810 |  |  | $ | 8,966
Goodwill and intangible assets |  |  | (28,799) |  |  |  | (2,146)
Other |  |  | 2,362 |  |  |  | —
Total deferred tax assets (liabilities) |  | $ | (19,627) |  |  | $ | 6,820

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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