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Income Taxes (Tables) - Tradeweb Markets LLC

12 Months Ended

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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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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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.

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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.

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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.

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