Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes

The provision for income taxes consisted of the following (in thousands):

	Year Ended December 31,
	2013			2012			2011
Current:
U.S. federal	$	120,806		$	11,316		$	1,292
U.S. state and local		41,635			2,970			1,319
Foreign		1,089			17,849			9,853
UBT		10,625			(361	)		1,572
		174,155			31,774			14,036
Deferred:
U.S. federal		(35,248	)		(6,741	)		2,766
U.S. state and local		(17,344	)		(1,918	)		(645	)
Foreign		(29,532	)		(2,352	)		(294	)
UBT		135			(539	)		136
		(81,989	)		(11,550	)		1,963
Provision for income taxes	$	92,166		$	20,224		$	15,999

Summary of Actual Income Tax Expense and Amount Calculated Utilizing U.S. Federal Statutory Rates

Differences between the Company’s actual income tax expense and the amount calculated utilizing the U.S. federal statutory rates were as follows (in thousands):

	Year Ended December 31,
	2013			2012			2011
Federal income tax expense at 35% statutory rate	$	92,970		$	19,508		$	19,025
Non-controlling interest		(87,312	)		2,258			(3,488	)
Incremental impact of foreign taxes compared to federal tax rate		22,093			(7,020	)		(2,446	)
Permanent differences		34,802			6,003			1,801
State and local taxes		16,340			684			438
New York City UBT		10,386			(752	)		1,385
Federal/state tax benefit of research and development credit		(500	)		(500	)		(423	)
UK enacted rate change		3,529			—			—
Other		(142	)		43			(293	)
Provision for income taxes	$	92,166		$	20,224		$	15,999

Summary of Deferred Tax Asset and Liability

Significant components of the Company’s deferred tax asset and liability consisted of the following (in thousands):

	Year Ended December 31,
	2013			2012
Deferred tax asset
Fixed assets	$	7,236		$	6,133
Basis difference of investments		12,266			8,772
Deferred compensation		53,987			13,380
Other deferred and accrued expenses		21,393			2,884
Net operating loss and credit carry-forwards		47,210			29,058
Total deferred tax asset (1)		142,092			60,227
Valuation allowance		(20,403	)		(24,288	)
Deferred tax asset, net of valuation allowance		121,689			35,939
Deferred tax liability
Software capitalization		8,374			4,435
Depreciation of fixed assets / Gain on replacements of assets		732			572
Other		394			731
Total deferred tax liability (1)		9,500			5,738
Net deferred tax asset	$	112,189		$	30,201

(1) Before netting within tax jurisdictions.

Summary of Gross Unrecognized Tax Benefits (Excluding Interest and Penalties)

A reconciliation of the beginning to the ending amount of gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2013 and 2012 is as follows (in thousands):

	2013		2012
Balance, January 1 (excluding interest and penalties of $0.5 million)	$	3,250	$	3,250
Increases for prior year tax positions		—		—
Decreases for prior year tax positions		—		—
Increases for current year tax positions		—		—
Settlements		—		—
Lapse of statute of limitations		—		—
Balance, December 31 (excluding interest and penalties of $0.6 million)	$	3,250	$	3,250