Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Earnings Before Income Taxes and Income Tax Expense

Earnings before income taxes and income tax expense consist of:

	Years Ended December 31
	2024			2023			2022
	(in thousands)
Earnings before income taxes:
United States		$	1,075,305		$	714,732		$	689,278
Foreign		183,323			102,938			125,818
Total		$	1,258,628		$	817,670		$	815,096
Income tax expense:
Partnership UBT		$	12,458		$	7,838		$	5,996
Corporate subsidiaries:
Federal		899			2,855			1,457
State and local		1,345			914			931
Foreign		51,764			35,906			34,327
Current tax expense		66,466			47,513			42,711
Deferred tax		(1,323)			(18,462)			(3,072)
Income tax expense		$	65,143		$	29,051		$	39,639

Schedule of 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
	2024					2023					2022
	(in thousands)
UBT statutory rate		$	50,345	4.0	%		$	32,707	4.0	%		$	32,604	4.0	%
Corporate subsidiaries' federal, state, and local		2,236		0.2			4,538		0.6			1,460		0.2
Foreign subsidiaries taxed at different rates		42,384		3.4			36,788		4.5			32,664		4.0
FIN 48 reserve (release)		—		—			(2,838)		(0.3)			—		—
UBT business allocation percentage rate change		(634)		(0.1)			(1,049)		(0.1)			(98)		—
Deferred tax and payable write-offs		911		0.1			1,750		0.2			1,089		0.1
Foreign outside basis difference		126		—			3,414		0.4			(1,535)		(0.2)
Valuation allowance reserve (release)		(16)		—			(22,447)		(2.7)			—		—
Effect of ASC 740 adjustments, miscellaneous taxes, and other		3,474		0.3			3,553		0.4			5,366		0.7
Tax Credits		(29)		—			(1,604)		(0.2)			(5,275)		(0.6)
Income not taxable resulting from use of UBT business apportionment factors and effect of compensation charge		(33,654)		(2.7)			(25,761)		(3.2)			(26,636)		(3.3)
Income tax expense and effective tax rate		$	65,143	5.2	%		$	29,051	3.6	%		$	39,639	4.9	%

Schedule of 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
	2024			2023			2022
	(in thousands)
Balance as of beginning of period		$	—		$	2,838		$	2,838
Additions for prior year tax positions		—			—			—
Reductions for prior year tax positions		—			—			—
Additions for current year tax positions		—			—			—
Reductions for current year tax positions		—			—			—
Reductions related to closed years/settlements with tax authorities		—			(2,838)			—
Balance as of end of period		$	—		$	—		$	2,838

Schedule of 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:

	Years Ended December 31
	2024			2023
	(in thousands)
Deferred tax asset:
Differences between book and tax basis:
Benefits from net operating loss carryforwards		$	14,242		$	11,360
Long-term incentive compensation plans		11,295			12,519
Investment basis differences		12,977			11,890
Depreciation and amortization		3,647			3,706
Lease liability		5,940			4,324
Investment in foreign subsidiaries		—			33,427
Capital loss carryforward		34,069			—
Tax credits carryforward		5,300			5,710
Other, primarily accrued expenses deductible when paid		9,181			8,988
		96,651			91,924
Less: valuation allowance		(25,996)			(28,579)
Deferred tax asset		70,655			63,345
Deferred tax liability:
Differences between book and tax basis:
Intangible assets		12,254			11,454
Investment in foreign subsidiaries		5,697			—
Right-of-use asset		5,168			3,730
Other		2,485			3,020
Deferred tax liability		25,604			18,204
Net deferred tax asset		$	45,051		$	45,141