Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Notes)

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Income Taxes (Notes)
 6 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes

Tax Cut and Jobs Act (the "Act")

On December 22, 2017, the Act was signed into law, which enacted significant changes to U.S. tax and related laws. Some of the provisions of the new tax law affecting corporations include, but are not limited to a reduction of the federal corporate income tax rate from 35% to 21%, limiting the interest expense deduction, expensing of cost of acquired qualified property and allowing federal net operating losses generated in taxable years ending after December 31, 2017 to be carried forward indefinitely.

In accordance with ASU 2018-05 and Staff Accounting Bulletin No. 118 ("SAB 118"), we recognized the provisional tax impacts related to the revaluation of net deferred tax assets and the impact of the changes to the limitation on the deductibility of executive compensation, offset with a valuation allowance, during the year ended December 31, 2017. As of June 30, 2018, we have not made any additional measurement period adjustments related to these items. Such adjustments may be necessary in future periods due to, among other things, additional analysis and changes in interpretations and assumptions as applicable and additional regulatory guidance that may be issued. We are continuing to gather information to assess the application of the Act.

Acquisition of AdsWizz

As a result of the acquisition of AdsWizz, deferred tax liabilities were established for the book-tax basis difference primarily related to acquired intangible assets. The net deferred tax liabilities provided an additional source of income to support the realizability of pre-existing deferred tax assets. As a result, during the three and six months ended June 30, 2018, we released $7.2 million of our valuation allowance and recorded an income tax benefit. Refer to Note 7 "Business Acquisitions" in the Notes to the Condensed Consolidated Financial Statements for further details on the acquisition of AdsWizz.