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10-K
ICONIX BRAND GROUP, INC. filed this Form 10-K on 03/28/2019
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The significant components of net deferred tax assets and liabilities of the Company consist of the following:

 

 

 

December 31,

 

 

 

2018

 

 

2017

 

State net operating loss carryforwards

 

$

2,498

 

 

$

1,225

 

U.S. Federal net operating loss carryforwards

 

 

15,864

 

 

 

4,278

 

Receivable reserves

 

 

4,827

 

 

 

675

 

Interest expense limitation

 

 

5,975

 

 

 

 

Hedging transaction

 

 

 

 

 

551

 

Intangibles

 

 

107,035

 

 

 

68,922

 

Investment in joint ventures

 

 

 

 

 

6,733

 

Equity compensation

 

 

1,764

 

 

 

2,600

 

Foreign Tax Credit

 

 

5,252

 

 

 

5,317

 

Other

 

 

8,907

 

 

 

7,183

 

Total deferred tax assets

 

 

152,122

 

 

 

97,484

 

Valuation allowance

 

 

(115,483

)

 

 

(80,800

)

Net deferred tax assets

 

$

36,639

 

 

$

16,684

 

Depreciation

 

 

(369

)

 

 

(614

)

Difference in cost basis of acquired intangibles

 

 

 

 

 

(22,652

)

Convertible notes

 

 

(10,519

)

 

 

(392

)

Investment in joint ventures

 

 

(30,317

)

 

 

 

Total deferred tax liabilities

 

 

(41,205

)

 

 

(23,658

)

Total net deferred tax liabilities

 

$

(4,566

)

 

$

(6,974

)

Balance Sheet detail on total net deferred tax

   assets (liabilities):

 

 

 

 

 

 

 

 

Non-current portion of net deferred tax assets

 

$

 

 

$

4,492

 

Non-current portion of net deferred tax liabilities

 

$

(4,566

)

 

$

(11,466

)

 

The following is a rate reconciliation between the amount of income tax provision (benefit) at the Federal rate of 21% and 35% and provision (benefit) from taxes on loss before income taxes for FY 2018 and FY 2017, respectively:

 

 

 

Year ended December, 31

 

 

 

2018

 

 

2017

 

Income tax benefit computed at the federal

   rate of 21% and 35%, respectively

 

$

(17,457

)

 

$

(228,701

)

Increase (reduction) in income taxes resulting from:

 

 

 

 

 

 

 

 

State and local income taxes (benefit), net of federal

   income tax

 

 

(1,998

)

 

 

(8,511

)

Non-controlling interest

 

 

(2,720

)

 

 

8,869

 

Unrecognized tax benefits

 

 

(31

)

 

 

1,690

 

Valuation allowance

 

 

22,752

 

 

 

80,800

 

Change in position of prior year foreign tax credits

 

 

 

 

 

8,410

 

Non-deductible executive compensation

 

 

868

 

 

 

929

 

Foreign Earnings (rate differential)

 

 

13,405

 

 

 

6,287

 

US Tax Reform / rate reduction

 

 

(5,562

)

 

 

34,205

 

Other, net

 

 

(2,719

)

 

 

45

 

Total

 

$

6,538

 

 

$

(95,977

)

 

117


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