Company: IRDM
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005302
Chunk: 149

Company: Iridium Communications Inc.
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 149
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 deferred tax expense (benefit)6,560 (31,828)(1,189)Total income tax expense (benefit)$12,259 $(26,251)$292 

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The following table presents a reconciliation of the U.S. federal statutory income tax expense to the Company’s effective income tax provision. Any amounts that do not have a meaningful impact on this reconciliation are not separately disclosed. Year Ended December 31, 202420232022  (In thousands) Expected tax expense (benefit) at U.S. federal statutory tax rate$23,054 $(997)$1,893 State tax expense (benefit), net of federal effect(1,999)927 1,260 State tax valuation allowance(175)(338)748 Equity-based compensation2,876 (10,234)(6,184)Limitation on executive compensation deduction3,535 4,011 2,905 Other nondeductible items430 114 33 Tax credits(13,321)(21,817)(949)Foreign taxes2,563 3,570 386 Foreign derived intangible income(5,240)— — Other adjustments536 (1,487)200 Total income tax expense (benefit)$12,259 $(26,251)$292 The following table presents the components of deferred tax assets and liabilities: December 31, 20242023 (In thousands)Deferred tax assetsLong-term contracts$50,878 $51,226 Federal, state and foreign net operating losses, other carryforwards and tax credits306,701 351,094 Other27,107 26,676 Total deferred tax assets384,686 428,996 Valuation allowance(32,882)(33,420)Net deferred tax assets351,804 395,576 Deferred tax liabilitiesFixed assets, intangibles and research and development expenditures(385,972)(425,980)Investment in joint venture(64,071)(63,108)Other(14,063)(19,336)Total deferred tax liabilities(464,106)(508,424)Net deferred income tax liabilities$(112,302)$(112,848)Pursuant to ASC 740, the Company nets deferred tax assets and liabilities within the same jurisdiction. As of December 31, 2024, the Company had a net deferred tax asset of $1.8 million that is included in other