XML 65 R38.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Income Taxes |
Components of provision for income taxes | The provision for income taxes consists of the following (in thousands):
|  | Successor |  | Successor |  |  | Predecessor |  | Predecessor
|  | Year Ended |  | October 1, 2018 to |  |  | January 1, 2018 to |  | Year Ended
|  | December 31, |  | December 31, |  |  | September 30, |  | December 31,
|  | 2019 |  | 2018 |  |  | 2018 |  | 2017
Current: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 21,373 |  | $ | — |  |  | $ | — |  | $ | —
State and Local |  |  | 11,537 |  |  | 1,235 |  |  |  | 5,739 |  |  | 4,331
Foreign |  |  | 4,368 |  |  | 1,212 |  |  |  | 3,559 |  |  | 2,748
Total current tax expense |  |  | 37,278 |  |  | 2,447 |  |  |  | 9,298 |  |  | 7,079
Deferred: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (88) |  |  | 680 |  |  |  | 1,085 |  |  | (433)
State and local |  |  | 18,194 |  |  | 288 |  |  |  | 1,517 |  |  | (517)
Foreign |  |  | (3,082) |  |  | — |  |  |  | — |  |  | —
Total deferred tax expense |  |  | 15,024 |  |  | 968 |  |  |  | 2,602 |  |  | (950)
Total provision for income taxes |  | $ | 52,302 |  | $ | 3,415 |  |  | $ | 11,900 |  | $ | 6,129
Reconciliation of the statutory tax rate |
|  | Successor |  | Successor |  |  | Predecessor |  | Predecessor
|  | Year Ended |  | October 1, 2018 to |  |  | January 1, 2018 to |  | Year Ended
|  | December 31, |  | December 31, |  |  | September 30, |  | December 31,
|  | 2019 |  | 2018 |  |  | 2018 |  | 2017
Current: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 21,373 |  | $ | — |  |  | $ | — |  | $ | —
State and Local |  |  | 11,537 |  |  | 1,235 |  |  |  | 5,739 |  |  | 4,331
Foreign |  |  | 4,368 |  |  | 1,212 |  |  |  | 3,559 |  |  | 2,748
Total current tax expense |  |  | 37,278 |  |  | 2,447 |  |  |  | 9,298 |  |  | 7,079
Deferred: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (88) |  |  | 680 |  |  |  | 1,085 |  |  | (433)
State and local |  |  | 18,194 |  |  | 288 |  |  |  | 1,517 |  |  | (517)
Foreign |  |  | (3,082) |  |  | — |  |  |  | — |  |  | —
Total deferred tax expense |  |  | 15,024 |  |  | 968 |  |  |  | 2,602 |  |  | (950)
Total provision for income taxes |  | $ | 52,302 |  | $ | 3,415 |  |  | $ | 11,900 |  | $ | 6,129
A reconciliation of the statutory tax rate to the effective rate is as follows:
|  | Successor |  | Successor |  |  | Predecessor |  | Predecessor |
|  | Year Ended |  | October 1, 2018 to |  |  | January 1, 2018 to |  | Year Ended |
|  | December 31, |  | December 31, |  |  | September 30, |  | December 31, |
|  | 2019 |  | 2018 |  |  | 2018 |  | 2017 |
Statutory U.S. federal income tax rate |  |  | 21.0 | % |  | 21.0 | % |  |  | 21.0 | % |  | 35.0 | %
State and local income taxes, net of federal income tax benefit |  |  | 3.9 |  |  | 4.7 |  |  |  | 5.1 |  |  | 2.8 |
Foreign tax rate differential |  |  | (1.1) |  |  | 3.7 |  |  |  | 2.5 |  |  | 3.1 |
Tax Cuts and Jobs Act provisional tax charge |  |  | — |  |  | — |  |  |  | — |  |  | 2.2 |
LLC flow-through structure |  |  | — |  |  | (19.0) |  |  |  | (20.2) |  |  | (36.3) |
Non-controlling interest |  |  | (7.2) |  |  | — |  |  |  | — |  |  | — |
Tax Receivable Agreement adjustment |  |  | (3.1) |  |  | — |  |  |  | — |  |  | — |
Rate change |  |  | 10.2 |  |  | — |  |  |  | — |  |  | — |
Other |  |  | (0.5) |  |  | — |  |  |  | — |  |  | — |
Effective income tax rate |  |  | 23.2 | % |  | 10.4 | % |  |  | 8.4 | % |  | 6.8 | %
Components of deferred tax assets (Liabilities) | The components of the Company’s net deferred tax asset (liability) are as follows (in thousands):
|  | Successor |  | Successor
|  | Year Ended |  | Year Ended
|  | December 31, |  | December 31,
|  | 2019 |  | 2018
Deferred tax assets: |  |  |  |  |  |
Investment in partnership |  | $ | 226,241 |  | $ | —
Net operating losses |  |  | 1,753 |  |  | 6,810
Tax Receivable Agreement - Interest |  |  | 10,395 |  |  | —
Employee compensation |  |  | 9,888 |  |  | —
Tax credits |  |  | 8,342 |  |  | —
Other |  |  | 4,088 |  |  | 2,362
Deferred tax assets, gross |  |  | 260,707 |  |  | 9,172
Valuation Allowance |  |  | — |  |  | —
Total deferred tax assets, net |  |  | 260,707 |  |  | 9,172
Deferred tax liabilities |  |  |  |  |  |
Goodwill and Intangibles |  |  | (25,829) |  |  | (28,799)
Total deferred tax liabilities |  |  | (25,829) |  |  | (28,799)
Total net deferred tax asset (liability) |  | $ | 234,878 |  | $ | (19,627)
Components of uncertain tax positions | The components of the Company’s uncertain tax positions are as follows (in thousands):
|  | Successor |
|  | December 31, |
|  | 2019 |
Gross unrecognized tax benefits as of January 1 |  | $ | 3,348 |
Increase in current year tax positions |  |  | 2,162 |
Increase in prior year tax positions |  |  | — |
Acquired tax positions |  |  | 1,789 |
Settlements |  |  | (787) |
Gross unrecognized tax benefits as of December 31 |  | $ | 6,512 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration