Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of Earnings Before Income Taxes and Income Tax Expense

Earnings before income taxes and income tax expense consist of:

	Years Ended December 31
	2025			2024			2023
	(in thousands)
Earnings before income taxes:
United States		$	881,162		$	1,075,305		$	714,732
Foreign		169,313			183,323			102,938
Total		$	1,050,475		$	1,258,628		$	817,670
Income tax expense:
Partnership UBT		$	6,125		$	12,458		$	7,838
Corporate subsidiaries:
Federal		1,717			899			2,855
State and local		951			1,345			914
Foreign		50,755			51,764			35,906
Current tax expense		59,548			66,466			47,513
Deferred tax		2,052			(1,323)			(18,462)
Income tax expense		$	61,600		$	65,143		$	29,051

Summary 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 statutory federal income tax rate are as follows:

	Year Ended December 31
	2025
	(in thousands)
U.S. Federal Statutory Tax Rate		$	—	—	%
State and local income tax (1)		9,411		0.9
Corporate subsidiaries' federal tax effects		2,013		0.2
Foreign tax effects:
United Kingdom
Statutory tax rate differential		19,203		1.8
Other		(109)		—
Luxembourg
Statutory tax rate differential		7,397		0.7
Other		8		—
Other foreign jurisdictions		23,677		2.3
Income tax expense and effective tax rate		$	61,600	5.9	%

(1)New York City UBT and Connecticut state taxes made up the majority (greater than 50%) of the tax effect in this category.

For the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, 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
	(in thousands)
UBT statutory rate		$	50,345	4.0	%		$	32,707	4.0	%
Corporate subsidiaries' federal, state, and local		2,236		0.2			4,538		0.6
Foreign subsidiaries taxed at different rates		42,384		3.4			36,788		4.5
FIN 48 reserve (release)		—		—			(2,838)		(0.3)
UBT business allocation percentage rate change		(634)		(0.1)			(1,049)		(0.1)
Deferred tax and payable write-offs		911		0.1			1,750		0.2
Foreign outside basis difference		126		—			3,414		0.4
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
Tax Credits		(29)		—			(1,604)		(0.2)
Income not taxable resulting from use of UBT business apportionment factors and effect of compensation charge		(33,654)		(2.7)			(25,761)		(3.2)
Income tax expense and effective tax rate		$	65,143	5.2	%		$	29,051	3.6	%

Summary 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
	2025			2024			2023
	(in thousands)
Balance as of beginning of period		$	—		$	—		$	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		$	—		$	—		$	—

Summary 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
	2025			2024
	(in thousands)
Deferred tax asset:
Differences between book and tax basis:
Benefits from net operating loss carryforwards		$	17,722		$	14,242
Long-term incentive compensation plans		12,645			11,295
Investment basis differences		10,369			12,977
Depreciation and amortization		4,914			3,647
Lease liability		4,906			5,940
Capital loss carryforward		33,843			34,069
Tax credits carryforward		4,986			5,300
Other, primarily accrued expenses deductible when paid		6,840			9,181
		96,225			96,651
Less: valuation allowance		(29,681)			(25,996)
Deferred tax asset		66,544			70,655
Deferred tax liability:
Differences between book and tax basis:
Intangible assets		10,033			12,254
Investment in foreign subsidiaries		6,534			5,697
Right-of-use asset		4,307			5,168
Other		3,304			2,485
Deferred tax liability		24,178			25,604
Net deferred tax asset		$	42,366		$	45,051

Summary of Net Cash Paid (Refunds Received) for Income Taxes

Upon adoption of the amendments under Improvements to Income Tax Disclosures applied for the year ended December 31, 2025, cash paid (net of refunds received) for income taxes consisted of the following:

	Year Ended December 31
	2025
Domestic:	(in thousands)
NYC UBT	$	7,654
Other state & local	6,145
Federal tax on partnership gross business income	6,741
	20,540
Foreign:
UK	15,762
Denmark	5,921
Luxembourg	9,727
Other	16,725
	48,135
Total cash paid for income taxes (net of refunds)	$	68,675

Total cash paid for income taxes for the years ended December 31, 2024 and 2023 prior to the adoption of ASU 2023-09 consisted of the following:

	Years Ended December 31
	2024		2023
Total cash paid for income taxes (prior to the adoption of ASU 2023-09)	$	51,799	$	57,216