Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Earnings Before Income Taxes and Income Tax Expense

Earnings before income taxes and income tax expense consist of:

	Years Ended December 31,
	2017		2016			2015
	(in thousands)
Earnings before income taxes:
United States	$	634,515	$	614,261		$	520,282
Foreign	139,395		108,904			110,817
Total	$	773,910	$	723,165		$	631,099
Income tax expense:
Partnership UBT	$	2,986	$	5,363		$	8,027
Corporate subsidiaries:
Federal	18,079		291			7,957
State and local	803		1,064			661
Foreign	29,365		28,158			26,822
Current tax expense	51,233		34,876			43,467
Deferred tax (benefit)	1,877		(6,557		)	1,330
Income tax expense	$	53,110	$	28,319		$	44,797

Difference Between the Effective Tax Rates and UBT Statutory Tax Rate

The principal reasons for the difference between the effective tax rates and the UBT statutory tax rate of 4.0% are as follows:

	Years Ended December 31,
	2017					2016					2015
	(in thousands)
UBT statutory rate	$	30,956		4.0	%	$	28,927		4.0	%	$	25,244		4.0	%
Corporate subsidiaries’ federal, state, local and foreign income taxes	22,162			2.9		17,907			2.5		31,223			4.9
2017 federal tax reform enactment	25,846			3.3		—			—		—			—
Effect of ASC 740 adjustments, miscellaneous taxes, and other	(5,155		)	(0.7	)	(1,070		)	(0.2	)	2,965			0.5
Income not taxable resulting from use of UBT business apportionment factors	(20,699		)	(2.6	)	(17,445		)	(2.4	)	(14,635		)	(2.3	)
Income tax expense and effective tax rate	$	53,110		6.9		$	28,319		3.9		$	44,797		7.1

Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Years Ended December 31,
	2017			2016		2015
	(in thousands)
Balance as of beginning of period	$	12,596		$	12,004	$	11,311
Additions for prior year tax positions	—			—		—
Reductions for prior year tax positions	(1,849		)	—		—
Additions for current year tax positions	—			592		693
Reductions for current year tax positions	—			—		—
Reductions related to closed years/settlements with tax authorities	(2,269		)	—		—
Balance as of end of period	$	8,478		$	12,596	$	12,004

Tax Effect of Significant Items Comprising the Net Deferred Tax Asset (Liability)

The tax effect of significant items comprising the net deferred tax asset (liability) is as follows:

	December 31,
	2017			2016
	(in thousands)
Deferred tax asset:
Differences between book and tax basis:
Benefits from net operating loss carryforwards	$	3,405		$	4,441
Long-term incentive compensation plans	21,204			25,263
Investment basis differences/net unrealized losses	6,079			2,750
Depreciation and amortization	2,026			2,222
Other, primarily accrued expenses deductible when paid	3,378			3,588
	36,092			38,264
Less: valuation allowance	(497		)	(462		)
Deferred tax asset	35,595			37,802
Deferred tax liability:
Differences between book and tax basis:
Intangible assets	6,103			6,302
Other	891			1,960
Deferred tax liability	6,994			8,262
Net deferred tax asset	$	28,601		$	29,540