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BrightView Acquisition Holdings, Inc.
<br />Notes to the Consolidated Financial Statements
<br />For the Years Ended December 31, 2016 and 2015
<br />(in thousands)
<br />The components of income tax benefit are as follows:
<br /> For the year ended December 31,
<br />Current: 2016 2015
<br />Federal $ 8,476 $ 22,169
<br />State 2,083 5,896
<br />Total current 10,559 28,065
<br />Deferred
<br /> Federal (38,286) (47,608)
<br /> State (4,776) (7,582)
<br />Total deferred (43,062) (55,190)
<br />Total income tax benefit $ (32,503) $ (27,125)
<br />Income tax benefit differs from the amount computed at the federal statutory corporate tax rate as follows:
<br />December 31, 2016
<br />$ (29,456) $ (23,702)
<br />(4,966)
<br />971
<br /> 938
<br />1,199
<br />(1,527)
<br />338
<br />$$ (27,125)
<br />Interest rate swaps $ 15,702 $ 16,143
<br />Self-insurance reserves 28,278 29,945
<br />Other charges 4,821 5,099
<br />Deferred compensation 3,312 3,208
<br />Deferred rent 307 321
<br />Leases 1,748 1,519
<br />Payroll related accruals 9,447 11,640
<br />Accrued expenses 8,046 7,243
<br />Allowance for doubtful accounts 3,795 3,230
<br />NOL carryforward 1,667 1,099
<br />Other non-current 634 1,482
<br /> Total non-current deferred tax assets 77,757 80,929
<br />Valuation allowance (208) (210)
<br />Total deferred tax assets $ 77,549 $ 80,719
<br />December 31, 2015
<br />Federal tax at 35% statutory rate
<br />The components of the Company’s net deferred tax asset and liability accounts resulting from temporary differences
<br />between the tax and financial reporting basis of assets and liabilities are as follows:
<br />December 31, 2016 December 31, 2015
<br />Deferred tax assets:
<br />1,031
<br /> Fuel tax credit and other credits
<br />1,349
<br /> Provision to return adjustments and deferred tax (2,396)
<br /> Non-deductible promotional and entertainment expense
<br />(173)
<br /> Other, net 563
<br />Income tax benefit
<br />State tax, net of federal tax benefit (3,797)
<br />Tax effect of:
<br /> Equity-based compensation
<br />(32,503)
<br />19
<br />Confidential
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