Income Taxes and Related Payments (Tables)

3 Months Ended

Mar. 31, 2019

Components of the provision for income taxes

Components of the provision for income taxes consist of the following:



	For the Three Months Ended March 31,
	2019		2018
Current:
Federal	$	1,313	$	4,149
State and local	515		767
Foreign	121		117
Total	1,949		5,033
Deferred:
Federal	6,696		6,480
State and local	797		772
Total	7,493		7,252
Income tax expense	$	9,442	$	12,285

Schedule of Other Assets and Other Liabilities

The change in the Company’s deferred tax assets related to the tax benefits described above and the change in corresponding amounts payable under the TRAs for the three months ended March 31, 2019 is summarized as follows:



	Deferred Tax Asset - Amortizable basis			Amounts payable under tax receivable agreements
December 31, 2018	$	404,715		$	369,355
2019 Holdings Common Unit Exchanges	6,340			5,389
Amortization	(7,703		)	—
March 31, 2019	$	403,352		$	374,744

Components of deferred tax assets

Net deferred tax assets comprise the following:



	As of March 31, 2019		As of December 31, 2018
Deferred tax assets:
Amortizable basis ⁽¹⁾	$	403,352	$	404,715
Other ⁽²⁾	25,352		24,413
Total deferred tax assets	428,704		429,128
Less: valuation allowance ⁽³⁾	—		—
Net deferred tax assets	$	428,704	$	429,128
⁽¹⁾ Represents the unamortized step-up of tax basis and other tax attributes from the merger and partnership unit sales and exchanges described above. These future tax benefits are subject to the TRA agreements.
⁽²⁾ Represents the net deferred tax assets associated with the merger described above and other miscellaneous deferred tax assets. These future tax benefits are not subject to the TRA agreements.
⁽³⁾ Artisan assessed whether the deferred tax assets would be realizable and determined based on its history of taxable income that the benefits would more likely than not be realized. Accordingly, no valuation allowance is required.