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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

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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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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.

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