Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019			2018			2017
Current:
U.S. federal	$	(3,380	)	$	48,270		$	32,080
U.S. state and local		3,965			6,537			1,262
Foreign		53,111			45,901			35,480
UBT		1,278			(1,953	)		4,092
		54,974			98,755			72,914
Deferred:
U.S. federal		(6,727	)		(31,425	)		19,558
U.S. state and local		6,092			149			365
Foreign		506			6,671			(353	)
UBT		(1,674	)		1,970			288
		(1,803	)		(22,635	)		19,858
Provision for income taxes	$	53,171		$	76,120		$	92,772

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,
	2019			2018			2017
Tax expense at federal statutory rate	$	29,004		$	37,762		$	1,448
Non-controlling interest		2,343			(4,097	)		(3,857	)
Incremental impact of foreign taxes compared to federal tax    rate		7,762			2,735			(21,902	)
Income from recast periods		—			—			32,120
Other permanent differences		3,397			6,051			21,661
U.S. state and local taxes, net of U.S. federal benefit		(2,476	)		(450	)		1,025
New York City UBT		(392	)		(514	)		268
Other rate changes		10,509			4,024			5,384
Revaluation of deferred taxes related to tax reform		—			4,776			19,681
Uncertain tax positions		(1,025	)		2,764			4,858
U.S. tax on foreign earnings, net of tax credits		3,166			14,405			36,566
Return-to-provision adjustments		(3,937	)		2,598			(6,296	)
Valuation allowance		4,015			2,567			(594	)
Other		805			3,499			2,410
Provision for income taxes	$	53,171		$	76,120		$	92,772

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,
	2019			2018
Deferred tax asset
Basis difference of investments	$	5,078		$	2,650
Deferred compensation		59,194			61,174
Excess interest expense		21,028			—
Other deferred and accrued expenses		20,285			15,911
Net operating loss and credit carry-forwards		73,072			50,114
Total deferred tax asset1		178,657			129,849
Valuation allowance		(71,931	)		(33,580	)
Deferred tax asset, net of valuation allowance		106,726			96,269
Deferred tax liability
Depreciation and amortization		28,096			18,734
Total deferred tax liability1		28,096			18,734
Net deferred tax asset	$	78,630		$	77,535

¹ Before netting within tax jurisdictions.

Summary of Gross Unrecognized Tax Benefits

A reconciliation of the beginning to the ending amounts of gross unrecognized tax benefits for the years ended December 31, 2019 and 2018 is as follows (in thousands):

Balance, December 31, 2017	$	7,063
Increases for prior year tax positions		4,754
Decreases for prior year tax positions		(1,565	)
Increases for current year tax positions		—
Decreases related to settlements with taxing authorities		—
Decreases related to a lapse of applicable statute of    limitations		—
Balance, December 31, 2018	$	10,252
Increases for prior year tax positions		2,500
Decreases for prior year tax positions		—
Increases for current year tax positions		—
Decreases related to settlements with taxing authorities		(2,271	)
Decreases related to a lapse of applicable statute of    limitations		—
Balance, December 31, 2019	$	10,481