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Income Taxes | 12 Months Ended
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Dec. 31, 2018
Tradeweb Markets LLC |
Entity Information [Line Items] |
Income Taxes | 11. 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)
A reconciliation of the statutory tax rate to the effective rate is as follows:
|  | 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) | %
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
As of December 31, 2018, the Company has federal, New York state and New York City net operating loss carryforwards for income tax purposes of  $17,196,000, $24,449,000 and $22,654,000, respectively. If not utilized, the federal net operating loss carryforwards will begin to expire in 2032 and the state and local net operating loss carryforwards will begin to expire in 2035. The Company was audited by the City of New York (“NYC”) for the tax periods from 2011 – 2013 and TWG was audited for the tax periods 2009 – 2011. In 2018, NYC issued an assessment for the periods under audit. Furthermore, NYC has also requested an extension of the statute of limitations, for TWG for the years 2012 – 2014 and for the Company for 2014, as it will audit those periods as well. For October 1, 2018 to December 31, 2018 and January 1, 2018 to September 30, 2018, the Company recorded the additional tax, penalties and interest of  $26,000 and $1,288,000, respectively, resulting from NYC UBT audit assessments. For the tax periods from 2012 – 2016, the Company has calculated and recorded a provision of  $70,000 and $2,003,000 for October 1, 2018 to December 31, 2018 and January 1, 2018 to September 30, 2018, respectively, for the additional exposure based on the methodology from the UBT audit assessment. This provision is included in accounts payable, accrued expenses and other liabilities on the consolidated statement of financial condition and in provision for income taxes in the consolidated statement of income. This provision was made using the best estimate of the amount expected to be paid based on available information and assessment of all relevant factors. Due to the uncertainty associated with tax audits, it is possible that at some future date liabilities resulting from this audit could vary significantly from this provision. Nevertheless, based on currently enacted legislation and information currently known to us, the Company believes that the ultimate resolution of this audit will not have a material adverse impact on the Company’s financial condition taken as a whole.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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