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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 />Deferred tax liabilities: <br />Intangibles 168,313 214,386 <br />Property and equipment 53,513 52,649 <br />Inventory 7,570 7,380 <br />Deferred income 6,225 5,473 <br />Prepaids 393 1,915 <br />Other non-current - 143 <br /> Total non-current deferred tax liabilities 236,014 281,946 <br />Total deferred tax liabilities: $ 158,465 $ 201,227 <br /> <br /> 1,464 <br />The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense. The <br />Company accrued $257 of interest or penalties for the year ended December 31, 2016 and $1 for year ended <br />December 31, 2015. The Company files income tax returns in the U.S. federal jurisdiction and various state and <br />local jurisdictions. The Company’s returns are no longer subject to U.S. federal and state tax examination for years <br />before 2013 and 2012, respectively. <br />10. Leases <br />The Company has capital lease obligations for certain management vehicles. The terms of the leases range from 4 <br />to 5 years. <br />The Company has state income tax net operating losses (“NOL”) of $87,981 which expire in tax years from 2019 <br />through 2036. The Company has recorded a valuation allowance against the state NOL deferred tax asset in which it <br />does not believe to be more-likely-than-not realizable in the future in the amount of $208 as of December 31, 2016 <br />and $210 as of December 31, 2015. The Company believes that the remaining balance of the state income tax NOL <br />to be more-likely-than-not realizable in future periods. <br />The Company has a liability of $1,749 for uncertain tax positions. There will be an impact to the Company's <br />effective rate to the extent the unrecognized tax benefits are ultimately recognized. The Company does not expect to <br />recognize any of the unrecognized tax benefit in the next year. <br />The following table represents a reconciliation of the Company’s total unrecognized tax benefits balances for the <br />year ended December 31: <br />Increases (decreases) as a result of tax positions taken in a prior period 192 - <br />Increases (decreases) as a result of tax positions taken during the <br />current period 93 - <br />End of period $ <br />2016 2015 <br />Beginning of period $ 1,464 $ 1,464 1,464 <br />1,749 $ <br />20 <br />Confidential